Hamilton Lane EPS Beats Despite Softer C1Q26 Management Fees, Go Forward FRE Improves On Fundraising And FRPR

Research evidence excerpt

Hamilton Lane EPS Beats Despite Softer C1Q26 Management Fees, Go Forward FRE Improves On Fundraising And FRPR

Mar)

down from $1.2bn QoQ but still a healthy result all things considered during a more

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volatile period for the sector broadly in terms of private wealth distribution. HLNE Adj. EPS - 27E ($) 6.00 6.33 5.4%

pointed to ongoing progress in bringing institutional clients into the evergreen

channel to supplement wealth capital in this higher fee paying product suite, citing Quarterly Forecasts (FYE Mar)

that institutional investors have been accounting for ~25% of recent inflows into Adj. EPS ($)

these products. HLNE cited $265mm of net evergreen sales in April, still below the 2026A 2027E 2028E

Q1 1.32 1.43

$471mm in January and $591mm in February, but a helpful bounce back from the Q2 1.54 1.64

-$17mm in March. Management expressed confidence that the April total is not Q3 1.55 1.59

expected to be a run rate figure going forward, and was likely impacted by market Q4 1.49 1.67

volatility and a slew of adverse headlines on private credit and alts investments for FY 5.90 6.33

the wealth space in the months prior. HLNE continues to build out its evergreen Style Exposure

suite, recently adding CIF, a U.S. centric senior private credit product which was

seeded with $325mm from both HLNE and institutional investors. Hamilton Lane

also recited a number of anecdotes around specific institutional wins vis-a-vis the

evergreen channel, and highlighted insurance product progress on the back of the

previously announced Guardian partnership. In our April HLNE upgrade, we cited

the near-term expected inflows from the next vintage of HLNE’s PE Secondaries

drawdown product (the firm’s by far largest individual drawdown product with