Hamilton Lane: Model Update

Research evidence excerpt

Hamilton Lane: Model Update

Kenneth B. Worthington, CFA AC North America Equity Research

(1-212) 622-6613 17 July 2026 J P M O R G A N

kenneth.b.worthington@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Hamilton Lane is an asset manager with sales growth above that

of the broader peer set in a highly valued asset class with a stable

business model. Its private market investing approach is a

desirable area of the market without the fee pressure and shift to

passive seen in more traditional asset managers. Unlike

alternative asset managers, HLNE generates the vast majority of

its earnings from management fees, which are more stable than

incentive fee earnings, though we note that as of C1Q25 results,

HLNE is following peers in including FRPR in its FRE

YTD 1m 3m 12m reporting. We see the potential for HLNE to outperform as it

Abs -36.0% -1.5% -17.5% -43.5% launches the next vintage of its flagship Secondaries Fund,

Rel -55.9% -2.7% -26.9% -77.0%

activates fees on funds in fee holiday, and moves more funds

Company Data onto the wirehouse platforms as they reach critical mass.

Shares O/S (mn) 54

Valuation52-week range ($) 161.13-71.88

Market cap ($ mn) 4,679.17 Our December 2026 price target is $150. We value Hamilton

Exchange rate 1.00 Lane on P/E at 20x our calendar 2027 estimate. HLNE currently

Free float (%) 92.1%

3M ADV (mn) 0.98 trades at a ~11.5x multiple, which is modestly below the broader

3M ADV ($ mn) 84.6 alternative asset management peer set despite continued

Volatility (90 Day) 47 expectations of steady asset and earnings growth.

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 6|1|0

Key Metrics (FYE Mar) Performance Drivers

$ in millions FY26A FY27E

Financial Estimates

Investment advisory/ Mgt. Fees 585 689