What changed in this filing

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Item 1. Business

2023-05-25 compared with 2022-05-26 · 166 added, 132 removed, 536 unchanged (36% of the section changed)

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We were founded in 1991 and have been dedicated to private markets investing for over three decades.

We currently have approximately 530 employees, including 180 investment professionals, operating across 20 global offices servicing our clients throughout the world.

We currently have over 600 employees, including 204 investment professionals, operating across 22 global offices servicing our clients throughout the world.

We offer a variety of investment solutions to address our clients’ needs across a range of private markets, including private equity, private credit, real estate, infrastructure, natural resources, growth equity, venture capital and impact.

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We offer investment advisory services to assist clients in developing and implementing their private markets investment programs.

Our investment advisory services include asset allocation, strategic plan creation, development of investment policies and guidelines, the screening and recommending of investments, legal negotiations, the monitoring of and reporting on investments and investment manager review and due diligence.

Our investment advisory services include asset allocation, strategic plan creation, development of investment policies and guidelines, the screening and recommending of investments, the monitoring of and reporting on investments and investment manager review and due diligence.

Our advisory clients include some of the largest and most sophisticated private markets investors in the world.

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We also provide comprehensive research and analytical services as part of our investment solutions, leveraging our large, global, proprietary and high-quality database for transparency and powerful analytics.

Our data, tracking over 47,000 funds and $19 trillion in commitments through March 31, 2022, as well as our benchmarking and forecasting models are accessible through our proprietary technology solution, Cobalt LP, on a stand-alone, subscription basis.

Our data, as well as our benchmarking and forecasting models, are accessible through our proprietary technology solution, Cobalt LP, on a stand-alone, subscription basis.

Our client and investor base is broadly diversified by type, size and geography.

Our client base primarily comprises institutional investors that range from those seeking to make an initial investment in alternative assets to some of the world’s largest and most sophisticated private markets investors.

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In addition, we believe we are a leading provider of private markets solutions for U.S.

labor union pension plans, and we serve numerous smaller public and corporate pension plans, sovereign wealth funds, financial institutions and insurance companies, endowments and foundations, as well as family offices and selected high-net-worth individuals.

Our intermediary clients, which also include registered investment advisers, enable us to provide our investment products to an expanded range of high-net-worth individuals and family offices.

Historically, this segment of investors has had limited options for gaining exposure to the private markets.

Hamilton Lane’s private wealth platform offers this segment access to private capital and its wealth creation potential.

Our differentiators include a global platform, a range of risk/return offerings via both semi-liquid and closed-end funds and multiple investment strategies.

We have a diversified revenue stream from a variety of client types in multiple geographic regions, with no single client representing more than 3% of management and advisory fee revenues.

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As of March 31, 2023, we had AUM of approximately $112 billion, reflecting a 16% compound annual growth rate (“CAGR”) from March 31, 2019, and our AUM increased in each fiscal year during this timeframe.

We had approximately $795 billion of AUA as of March 31, 2022, reflecting a 19% CAGR from March 31, 2018, and our AUA increased in each fiscal year during this timeframe.

We had approximately $745 billion of AUA as of March 31, 2023, reflecting a 15% CAGR from March 31, 2019.

Organizational Structure

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In connection with the IPO, we completed a series of transactions in order to effect a corporate reorganization, which we refer to collectively throughout this Form 10-K as the “Reorganization”.

As part of the Reorganization, we changed our structure to what is commonly referred to as an “Up-C” structure, which

provides our pre-IPO owners with the tax advantage of continuing to own interests in a pass-through structure and provides potential future tax benefits for both the public company and the legacy owners (through the tax receivable agreement) when they ultimately exchange their pass-through interests for shares of Class A common stock or, at our election, for cash.

As part of the Reorganization, we changed our structure to what is commonly referred to as an “Up-C” structure, which provides our pre-IPO owners with the tax advantage of continuing to own interests in a pass-through structure and provides potential future tax benefits for both the public company and the legacy owners (through the tax receivable agreement) when they ultimately exchange their pass-through interests for shares of Class A common stock or, at our election, for cash.

HLI has dual-class common stock, the rights of which are described in more detail below.

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Holders of Class B common stock are entitled to receive only the par value of the Class B common stock upon exchange of the corresponding Class B unit pursuant to the exchange agreement.

The exchange of a

Class B unit will result in the redemption and cancellation of the corresponding share of Class B common stock.

The exchange of a Class B unit will result in the redemption and cancellation of the corresponding share of Class B common stock.

Voting Rights

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We continue to build a scalable, cost-effective global institutional sales organization, which provides us with a strong local presence in several markets.

Our sales organization comprises our client and private wealth solutions groups, which are dedicated to marketing our services and products globally.

Our sales organization comprises our institutional client and private wealth solutions groups, which are dedicated to marketing our services and products globally.

In addition, we intend to increase our profile with influential intermediaries that advise individual and institutional clients, particularly small and medium-sized institutions and high-net-worth individuals and family offices.

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We view the implementation of technology into our workflows as critical to maintaining our market-leading position in private markets.

Given this status, we are often a sought-after partner for technology-oriented businesses that are developing cutting-edge and innovative solutions that will help grow and improve the industry.

Given this status, we are often a sought-after partner for technology-oriented businesses that are developing cutting-edge and innovative solutions that will help grow

and improve the industry.

We identify and develop strategic partnerships with, and/or opportunistically seek minority stakes in these companies and often, are either a client of these companies or share in a common vision that will provide strategic benefits to both parties.

Examples of these partnerships include Russell Investments Group (a leading outsourced chief investment officer function), Cobalt LP (benchmarking and diligence), Canoe Intelligence (document digitalization and processing), iCapital Network (high-net-worth fundraising portal), Fairwords (formerly known as Honcho) (governance/monitoring software), Novata (private company ESG data collection), TIFIN (tech-enabled wealth management platform), ADDX (Singapore digital securities exchange), CAIS (alternative investment retail platform), Stashaway (digital wealth management platform), Hazeltree (treasury and portfolio finance solutions), Securitize (digital/tokenized asset securities firm), Figure (digital fund management solutions) and Alta (digital marketplace for alternative investments).

Expand private markets solutions and products to defined contribution, retail and similar pools of investable assets.

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We have substantially grown our global presence, both in terms of clients and investments, by expanding our international offices as well as our client presence.

We have built a significant presence to serve clients in Europe, Latin America, the Middle East, Asia, Australia and Canada, and we have offices in London, Frankfurt, Milan, Zug, Tel Aviv, Hong Kong, Seoul, Singapore, Tokyo, Sydney and Toronto.

We have built a significant presence to serve clients in Europe, Latin America, the Middle East, Asia, Australia and Canada, and we have offices in Frankfurt, London, Milan, Stockholm, Zug, Mexico City, Tel Aviv, Hong Kong, Seoul, Shanghai, Singapore, Tokyo, Sydney and Toronto.

In each of these places, we serve major institutional clients, and we review and commit capital to established local private markets funds on behalf of our clients.

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We believe that the general trend toward transparency and consistency in private markets reporting will create new opportunities for us.

We intend to use the advantages afforded to us by our proprietary databases, analytical tools and deep industry knowledge to drive our performance and provide our clients with customized solutions across private markets asset classes.

markets asset classes.

We expect that our data and analytical capabilities will play an important role in continuing to differentiate our products and services from those of our competitors.

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The investments take the form of a capital commitment, where the fund will call capital from investors over time as investments are made.

At the time we commit capital to a fund on behalf of our specialized funds or customized separate accounts, the investments that the fund will make are generally not known and investors typically have very little or no ability to influence

the investments that are made during the fund’s investment period.

Primary funds usually have a contractual duration of between 10 and 15 years, with the capital typically deployed over a period of four to six years.

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Our evergreen investment team utilizes the same investment process and allocation priority as our institutional single-strategy funds.

Lastly, our private market analytics team draws upon data analysis to form views at the industry level.

Lastly, our portfolio management group draws upon data analysis to form

views at the industry level.

Each of these teams, with the exception of private market analytics, has its own discrete investment committees, although there is significant overlap among committee members.

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Our operational due diligence (“ODD”) team is empowered with separate voting rights on each of the firm’s fund investment opportunities, which means that we will only proceed with investments that are approved by both our investment committee and our ODD team.

Each review completed by our ODD team results in a full report documenting each risk area and any existing

mitigating factors, our recommendations to each manager and our proprietary risk-rating system.

As investments are approved by the relevant investment committees, our allocation committee reviews each opportunity in light of the policies and procedures of the accounts that will be investing.

This committee generally serves to help ensure that investment opportunities are treated in accordance with our contractual obligations and fiduciary duties to our clients and are consistent with our allocation policy.

Each review completed by our ODD team results in a full report documenting each risk area and any existing mitigating factors, our recommendations to each manager and our proprietary risk-rating system.

As investments are approved by the relevant investment committees, our allocation committee reviews each opportunity in light of the policies and procedures of the accounts that will be investing and oversees the implementation of our allocation policies.

The allocation committee is composed of senior professionals throughout the organization.

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We calculate our AUM as the sum of:

(1) the NAV of our clients’ and funds’ underlying investments;

(1) the net asset value (“NAV”) of our clients’ and funds’ underlying investments;

(2) the unfunded commitments to our clients’ and funds’ underlying investments;

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Our AUA comprise assets from clients for which we do not have full discretion to make investments in their account.

We generally earn revenue on a fixed fee basis on our AUA client accounts for services including asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring and reporting on investments and investment manager review and due diligence.

We generally earn revenue on a fixed fee basis on our AUA client accounts for services including asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, monitoring and reporting on investments and investment manager review and due diligence.

Advisory fees vary by client based on the amount of annual commitments, services provided and other factors.

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Our fee-earning AUM is equal to the amount of capital commitments, net invested capital and NAV of our customized separate accounts and specialized funds depending on the fee terms.

Substantially all of our customized separate accounts and specialized funds earn fees based on commitments or net invested capital, which are not affected by market appreciation or depreciation.

The vast majority of our customized separate accounts and specialized funds earn fees based on commitments or net invested capital, which are not affected by market appreciation or depreciation.

Therefore, revenues and fee-earning AUM are not significantly affected by changes in market value.

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To enhance our access to markets where we do not currently have a local presence or that are dominated by captive client relationship models, we selectively engage highly respected third-party organizations to market our products and services.

For example, we use third-party distributors in Asia and Latin America.

For example, we selectively use third-party distributors in Asia and Latin America.

Our client and private wealth solutions groups are responsible for identifying and contacting prospective clients for our products and services.

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Client Service

Our client service group includes employees located in the United States, United Kingdom, Japan, Hong Kong, Brazil, Israel, South Korea, and Australia.

Our client service group includes employees located in the United States, United Kingdom, Italy, Israel, Japan, Hong Kong, South Korea, Singapore and Australia.

At the beginning of the engagement for each advisory account and customized separate account, a relationship manager is assigned as the principal contact person with that client.

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In addition, we may provide for investments in our specialized funds as part of our customized separate accounts, and therefore we also receive incentive fees or carried interest based on realized gains of investments in our specialized funds and/or management fees under the terms of such funds.

We generally reduce the management and/or incentive fees or carried interest on customized separate accounts to the extent that assets in the accounts are invested in our specialized funds so that our clients do not pay duplicate fees.

We generally reduce the asset-based and/or incentive fees or carried interest on customized separate accounts to the extent that assets in the accounts are invested in our specialized funds so that our clients do not pay duplicate fees.

Duration and Termination.

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Our customized separate accounts are often structured through contractual arrangements involving an investment management agreement between us and the client.

Alternatively, at the client’s request, we will establish a separate investment vehicle, generally structured as a limited partnership with the client as the sole limited partner and a wholly owned subsidiary of HLA as the general partner.

Alternatively, we will establish a separate investment vehicle, generally structured as a limited partnership with the client as the sole limited partner and a wholly owned subsidiary of HLA as the general partner.

Such limited partnerships are typically formed in Delaware or a non-U.S.

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In certain cases, we have formed investment vehicles utilizing other forms, including Delaware limited liability companies, Cayman unit trusts and/or Luxembourg companies.

Our capital commitment to such an investment vehicle is generally 1% of total

capital commitments but in certain cases may be higher or lower.

Our capital commitment to such an investment vehicle is generally 1% of total capital commitments but in certain

cases may be higher or lower.

We manage these investment vehicles under an investment management agreement between the investment vehicle entity and us, and we manage all aspects of the vehicles, utilizing the services of third parties as needed, including administrators and custodial banks.

Specialized Funds

Since 1997, we have sponsored 29 primary funds, six secondary funds, eight direct investment funds, seven strategic opportunities funds, two social and environmental impact funds and two Small Business Investment Company funds.

Since 1997, we have sponsored primary funds, secondary funds, direct investment funds, strategic opportunities funds, social and environmental impact funds and Small Business Investment Company funds.

The terms of each fund vary.

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In addition, we sponsor funds designed to provide investors periodic liquidity, which primarily invest in secondaries and direct investments (the “evergreen funds”).

One evergreen fund is marketed to investors outside of the United States on a private placement basis, and in the United States, we offer a similar vehicle for U.S.

One evergreen fund is marketed to investors outside of the United States, and in the United States, we offer a similar vehicle for U.S.

investors, which is registered under the Securities Act and as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

Additionally, we sponsor a credit-focused evergreen fund on a private placement basis, primarily outside of the United States.

Capital Commitments.

Investors in our specialized funds, other than the evergreen funds, generally make commitments to provide capital at the outset of a fund and deliver capital when called upon by us, as investment opportunities become available and to fund operational expenses and other obligations.

The commitments are generally available for investment for three to six years, during what we call the commitment period.

However, our strategic opportunities funds have one- to two-year commitment periods and, in the case of one of our direct investment funds, the investors do not commit capital at the commencement of the fund but rather have the right to make their own investment decisions as to each investment opportunity that we present to them.

The commitments are generally available for investment for three to six years, during what we call the investment period.

However, our strategic opportunities funds have one- to two-year investment periods.

We typically have invested the capital committed to our funds, other than our strategic opportunities funds, over a three- to five-year period.

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Our capital commitment to the fund is generally 1% of total capital commitments.

HLA, to which we refer as the “Manager”, generally serves as the investment manager of our funds, including the evergreen funds.

HLA, which we refer to as the “Manager”, generally serves as the investment manager of our funds, including the evergreen funds.

The Manager is registered as an investment advisor under the Investment Advisers Act of 1940 (the “Investment Advisers Act”).

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The limited partners often have the right to remove the general partner for cause or effect an early dissolution by supermajority vote, or in certain cases by a simple majority vote.

In addition, the governing agreements of our funds typically require the suspension of the commitment period if, depending on the fund, between two and ten designated principals of the Manager cease to devote sufficient professional time to or cease to be employed by the Manager, often called a “key person event”, or in connection with certain other

events discussed under “—Duration, Redemption and Termination.” See “Risk Factors—Risks Related to our Business—Our ability to retain our senior management team and attract additional qualified investment professionals is critical to our success” included in Part I, Item 1A of this Form 10-K.

In addition, the governing agreements of our funds typically require the suspension of the investment period if, depending on the fund, between two and ten designated principals of the Manager cease to devote sufficient professional time to or cease to be employed by the Manager, often called a “key person event”, or in connection with certain other events discussed under “—Duration, Redemption and Termination.” See “Risk Factors—Risks Related to our Business—Our ability to retain our senior management team and attract additional qualified investment professionals is critical to our success” included in Part I, Item 1A of this Form 10-K.

Management Fees .

We earn management fees based on a percentage of limited partners’ capital commitments to, net invested capital or net asset value in, our specialized funds.

The management fee during the commitment period is often charged on capital commitments and after the commitment period (or a defined anniversary of the fund’s initial closing) is typically reduced by a percentage of the management fee for the preceding year or charged on net invested capital.

The management fee during the investment period is often charged on capital commitments and after the investment period (or a defined anniversary of the fund’s initial closing) is typically reduced by a percentage of the management fee for the preceding year or charged on net invested capital or net asset value.

In the case of certain funds, we charge management fees on capital commitments, with the management fee increasing during the early years of the fund’s term and declining in the later years.

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Incentive Fees.

Incentive fees comprise carried interest earned from our specialized funds and certain customized separate accounts structured as single-client funds in which we have a general partner commitment, and performance fees earned on certain other customized separate accounts.

The incentive fees charged by our specialized funds are generally referred to as “carried interest.” Our primary funds invest the majority of their capital in other private markets funds on a primary basis, and certain of our primary funds earn carried interest on these investments.

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In the case of certain of our direct investment funds, strategic opportunity funds and evergreen funds, we earn carried interest on a deal-by-deal basis.

If, upon the final distribution of any of our specialized funds from which we earn carried interest, we and our affiliates have received cumulative carried interest in excess of the amount to which we would be entitled from the profits calculated for such investments in the aggregate, or if the limited partners have not received distributions equal to those to which they are entitled, the general partner will typically return such part of any carried interest to the limited partners as is necessary to ensure that they receive the amounts to which they are entitled, less taxes on the carried interest.

If, upon the final distribution of any of our specialized funds from which we earn carried interest, we and our affiliates have received cumulative carried interest in excess of the amount to which we would be entitled from the profits calculated for such investments in the aggregate, or if the limited partners have not received distributions equal to those to which they are entitled, the carried interest recipient will typically return such part of any carried interest to the limited partners as is necessary to ensure that they receive the amounts to which they are entitled, less taxes on the carried interest.

We refer to these provisions as “clawbacks.” Most of our funds that provide for carried interest require a full return of capital and expenses to investors before any carried interest is paid to us, which minimizes the risk of a clawback obligation.

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Our specialized funds, other than our strategic opportunities funds and evergreen funds, generally terminate 10 to 14 years after either the first or last date on which a limited partner is admitted to the fund, or, in the case of certain funds, terminate on a specified anniversary date.

Our main primary, secondary and direct investment funds have an average term of approximately 12

Our main primary, secondary and direct investment funds have an average term of approximately 12 years.

Certain of our strategic opportunities funds terminate five years after the last date on which a limited partner may be admitted to the fund.

Our funds are generally subject to extension for up to two years at the discretion of the general partner and thereafter if consent of the requisite majority of limited partners or, in some cases, the fund’s advisory committee is obtained.

Our funds are generally subject to extension for up to two years at the

discretion of the general partner and thereafter if consent of the requisite majority of limited partners or, in some cases, the fund’s advisory committee is obtained.

Our evergreen funds do not have a fixed term.

Interests in our specialized funds, other than our evergreen funds, are not subject to redemption prior to termination of the funds.

Termination or dissolution of the funds and the suspension of their commitment periods, however, can generally be accelerated upon the occurrence of certain customary events, including key person events, bankruptcy and similar events and the occurrence of fraud, willful malfeasance or gross negligence and other similar events.

Termination or dissolution of the funds and the suspension of their investment periods, however, can generally be accelerated upon the occurrence of certain customary events, including key person events, bankruptcy and similar events and the occurrence of fraud, willful malfeasance or gross negligence and other similar events.

Such funds also may be terminated upon the affirmative vote, depending on the fund, of 75% to 85% of the total limited partner interests entitled to vote.

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The remaining portion of any positive balance in the notional account is carried forward to the following year.

If the incentive fee calculation results in a negative amount in a given

year, that amount is applied to reduce the balance in the notional account.

If the incentive fee calculation results in a negative amount in a given year, that amount is applied to reduce the balance in the notional account.

We are not required to repay any negative balance in the notional account.

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We also own or have the rights to copyrights that protect the content of our solutions.

We believe that the “Hamilton Lane” trade name, logo and website are material to our operations.

We believe that the “Hamilton Lane” trade name, logos and website are material to our operations.

Legal and Compliance

Our general counsel reports to our chief executive officer.

Our attorneys are embedded in our legal corporate, customized separate accounts, commingled funds and investment teams.

Most of our customized separate account clients and certain of our advisory clients rely on us to review, analyze and negotiate the terms of the documents relating to primary, secondary and direct investments.

Working together with our investment teams, our attorneys negotiate directly with fund managers and deal sponsors and their counsel the terms of all limited partnership agreements, subscription documents, side letters, purchase agreements and other documents relating to primary, secondary and direct investments.

Our attorneys also review and make

recommendations regarding amendments and requests for consents presented by the fund managers from time to time.

In addition, our legal team is responsible for preparing, reviewing and negotiating all documents relating to the formation and operation of our funds.

Our attorneys are embedded in our corporate legal, relationship management and investment teams.

Most of our customized separate account clients, certain of our advisory clients and our specialized funds rely on us to review, analyze and negotiate the terms of the documents relating to primary, secondary and direct investments.

Working together with our investment teams, our attorneys, using outside law firms as needed, negotiate directly with fund managers and deal sponsors and their counsel the terms of all limited partnership agreements, subscription documents, side letters, purchase agreements and other documents relating to primary, secondary and direct investments.

Our attorneys also review and make recommendations regarding amendments and requests for consents presented by the fund managers from time to time.

In addition, our legal team is responsible for preparing, reviewing

and negotiating all documents relating to the formation and operation of our specialized funds.

We utilize the services of outside counsel as we deem necessary.

Our compliance team is led by our chief compliance officer, who reports to our chief risk officer.

Our compliance team is led by our chief compliance officer, who reports to our vice chairman and head of strategic initiatives.

Our chief compliance officer has day-to-day management responsibility for the compliance team.

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subsidiaries and operations.

In addition, the compliance team is responsible for all regulatory matters relating to Hamilton Lane Securities, LLC, our SEC- and Financial Industry Regulatory Authority (“FINRA”)-registered broker-dealer affiliate through which we offer interests in our specialized funds.

In addition, the compliance team is responsible for all regulatory matters relating to Hamilton Lane Securities LLC, our Securities and Exchange Commission (“SEC”)- and Financial Industry Regulatory Authority (“FINRA”)-registered broker-dealer affiliate through which we offer interests in our specialized funds.

Risk Management

Risk management oversight and direction across the firm is provided by the Risk Management Committee.

This committee is responsible for the governance of risks across our operations globally and is composed of some of the most senior professionals at the firm across the spectrum of departments.

Risk management oversight and direction across the firm is provided by various committees.

Significant risk matters are ultimately raised to the firm’s executive committee.

The executive committee is composed of some of the most senior professionals at the firm, including our chief risk officer, across the spectrum of departments.

Regulatory Environment

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We provide investment advisory and other services and raise funds in a number of countries and jurisdictions outside the United States.

In many of these countries and jurisdictions, which include the European Union (“EU”), the European Economic Area (“EEA”), the individual member states of each of the EU and EEA, Australia, Canada, Hong Kong, Israel, Japan, Singapore, South Korea and the United Kingdom (“U.K.”), we and our operations, and in some cases our personnel, are subject to regulatory oversight and requirements.

In many of these countries and jurisdictions, which include the European Union (“EU”), the European Economic Area (“EEA”), the individual member states of each of the EU and EEA, Australia, Canada, China, Hong Kong, Israel, Japan, Mexico, Singapore, South Korea, Switzerland and the United Kingdom (“U.K.”), we and our operations, and in some cases our personnel, are subject to regulatory oversight and requirements.

In general, these requirements relate to registration, licenses for our personnel, periodic inspections, the provision and filing of periodic reports, and obtaining certifications and other approvals.

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We have also obtained a MiFID II license for one of our EU-based (non-U.K.) subsidiaries to replace the MiFID II license held by our U.K.-based subsidiary, which is no longer valid after Brexit.

While we believe that taking these steps will help to ensure that we are able to continue to conduct business in the U.K.

and the EU after Brexit, there remains some uncertainty as to the full extent to which our business could be adversely affected by, among other things, the legal status of the U.K.

in relation to the EU, the political conditions in the U.K., the trade relations of the U.K.

vis-à-vis other countries and the economic outlook in the U.K.

See “Risk Factors—Risks Related to Our Business—Our international operations are subject to certain risks, which may affect our revenue” and “Risk Factors—Risks Related to Our Industry—Regulation of investment advisors outside the United States could adversely affect our ability to operate our business.” included in Part I, Item 1A of this Form 10-K for more information on the risks we face in connection with Brexit.

Our Culture and Focus on Diversity, Equity & Inclusion

Fostering a diverse, equitable and inclusive environment is core to our corporate mission to enrich lives and safeguard futures, and we leverage our status as a global leader in the private markets to promote diversity and inclusion to the benefit of employees, clients, the community and our industry overall.

Our organization is focused on doing the right thing, acting with integrity, pursuing excellence in all that we do and promoting equity and inclusion from within.

Our organization is focused on doing the right thing, acting with integrity, pursuing excellence in all that we do

and promoting equity and inclusion from within.

This starts with a commitment to our employees to create a workplace environment where they can thrive both professionally and personally, and where our employees feel comfortable bringing their whole selves to the workplace.

Any employee found to have exhibited any inappropriate conduct or behavior against others will be subject to disciplinary action, up to and including termination.

Formed in 2016, our Diversity, Equity & Inclusion Council (“DE&I Council”) aims to raise awareness about the importance and benefits of fostering an inclusive work environment and culture.

We know that smart teams do great things, but diverse teams can do truly incredible things, and the way to affect change is to help create it.

That is why one of our corporate values is “Promoting Equity and Inclusion from Within.”

This is articulated in one of our corporate values, “Promoting Equity and Inclusion from Within.”

We believe that our strong culture is a key factor driving our success in developing and maintaining high-quality relationships with current/prospective employees, clients, prospects, business partners and the communities within which we live and work.

In early 2021, we became a signatory to the newly announced Diversity in Action Initiative of the Institutional Limited Partners Association (“ILPA”).

This effort focuses on foundational actions that limited partner and general partner organizations are taking to advance diversity, equity and inclusion, both internally and throughout the industry more broadly.

With approximately 540 employees worldwide as of March 31, 2022, we are proud that our culture has been recognized annually for the last 10 years by Pensions & Investments (“P&I”) magazine, a leading investment publication, as a “Best Place to Work in Money Management” since P&I created their list in 2012.

We are one of just six firms to hold this distinction.

In addition, Hamilton Lane has been recognized by the Central Penn Business Journal as a “Best Place to Work in Pennsylvania,” also for the last 10 consecutive years.

In early 2021, we became a signatory to the Diversity in Action Initiative of the Institutional Limited Partners Association (“ILPA”).

This effort focuses on foundational actions that limited partner and general partner organizations are taking to advance DE&I, both internally and throughout the industry more broadly.

With approximately 600 employees worldwide as of March 31, 2023, we are proud that our culture has been recognized annually for the last 11 years by Pensions & Investments (“P&I”) magazine, a leading investment publication, as a “Best Place to Work in Money Management” since P&I created the list in 2012.

We are one of just five firms to hold this distinction.

In addition, we have been recognized by the Central Penn Business Journal as a “Best Place to Work in Pennsylvania,” also for the last 11 consecutive years.

Most recently, Hamilton Lane was named to Forbes’ inaugural Financial All-Stars list in 2023.

Talent Acquisition and Retention

In 2020, our Human Resources Department, in conjunction with the firm’s DE&I Council, introduced a new strategic plan, called HL All, aimed at expanding upon existing efforts to intentionally embed diversity, equity and inclusion into the fabric of the firm’s values, culture, and recruiting and retention practices.

In 2020, our Human Resources Department, in conjunction with the firm’s DE&I Council, implemented a strategic plan, called HL All, aimed at expanding upon existing efforts to intentionally embed DE&I into the fabric of the firm’s values, culture, and recruiting and retention practices.

The five-pillar strategy of HL All includes (i) workforce diversity, (ii) training and development, (iii) workplace inclusion, (iv) culture and accountability and (v) supplier diversity.

HL All outlines enhanced recruiting and retention efforts, including an emphasis on ongoing training, accountability and inclusivity.

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This award is given annually to an outstanding institutional limited partner who has demonstrated a commitment to encouraging and supporting female investors in the private equity industry.

As of March 31, 2022, 49% of our employees were minorities or women and 44% of departments were led by minorities or women.

As of March 31, 2023, 53% of our employees were women or ethnically underrepresented professionals, 60% of departments were led by women or ethnically underrepresented professionals and 51% of investment team roles were held by women or ethnically underrepresented professionals.

As of March 31, 2023, approximately 42% of our employees were women and 32% of senior leadership roles were held by women.

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In addition to formalizing a DE&I strategy with clear objectives and aspirations for increasing the diversity of our workforce, we have recently focused on a number of other human capital initiatives.

For example, we completed the implementation of pay-for-performance, which involved the introduction of a common set of job competencies providing each individual job profile with a clear understanding of expectations for the role, a new performance measurement and reporting process, a standardized compensation structure and various training modules to facilitate these transitions.

In support of our DE&I strategy, we launched the Hamilton Lane Emerging Talent Internship program, designed to introduce women and people of color to Hamilton Lane and to the opportunities in the private markets.

Finally, we completed the final implementation phase of a software program for financial management and human capital management, which provides a platform to deliver our human capital processes, allowing enhanced data analysis, better controls through trackable and auditable transactions, and employee and manager self service.

In support of our DE&I strategy, we launched the Hamilton Lane Emerging Talent Internship program, designed to introduce women and ethnically underrepresented students to Hamilton Lane and to the opportunities in the private markets.

Finally, we have a software program for financial management and human capital management, which provides a platform to deliver our human capital processes, allowing enhanced data analysis, better controls through trackable and auditable transactions, and employee and manager self service.

Our success is because of our people, our colleagues across the globe who bring their authentic selves to work every day.

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We believe responsible and sustainable investing is a global business imperative and is key to building long-term value in a rapidly changing and increasingly complex world.

Many nations, communities and individuals are demanding that companies prioritize ESG issues, as well as

advance more diverse, equitable and inclusive workplaces.

Many nations, communities and individuals are demanding that companies prioritize ESG issues, as well as advance more diverse, equitable and inclusive workplaces.

Investment sectors cannot afford to sit on the sidelines of these issues, and that certainly holds true for the private markets.

As a global leader in our asset class, Hamilton Lane has consistently been at the forefront of industry changes, often helping to influence and drive them.

And our commitment to responsible and sustainable investing practices is no exception.

And our commitment to responsible and sustainable

investing practices is no exception.

In fact, one needs to look no further than our mission statement – we enrich lives and safeguard futures – to see that the notion of investing responsibly is core to our culture and values.

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Our Continued Commitment to ESG & Sustainability Issues

Hamilton Lane has long been focused on ESG issues, and has been formally issuing our ESG Questionnaire to fund managers since 2010.

Hamilton Lane has long been focused on ESG issues, and has been formally issuing our ESG diligence questionnaire to fund managers since 2010.

Our RIC was established in 2012, and each of our investment teams factor ESG considerations into their investment processes.

We raised our first dedicated Impact Opportunities Fund in 2019 and our second Impact Opportunities Fund in 2021, with each fund seeking to make direct investments in businesses with a focus on environmental and social impact.

In 2020, we appointed a long-tenured, senior member of our organization to the newly-created position of Director of ESG & Sustainability.

We raised our first dedicated Impact Opportunities Fund in 2019 and launched our second Impact Opportunities Fund in 2021, with each fund seeking to make direct investments in businesses with a focus on environmental and social impact.

Educating our internal teams remains a core pillar of our approach to sustainability and responsible investing.

We work with each investment team to learn, educate, discuss and integrate best practices across functional areas, including due diligence, investment memoranda development, monitoring and reporting.

Since 2020, we have had a long-tenured, senior member of our organization serving as Director of ESG & Sustainability.

This individual is focused on bringing more cohesion, consistency, centralization and employee training to our efforts and leads our RIC.

In addition, each of our distinct investment teams (specialized funds, direct investments, secondaries, real assets) has ESG task force champions that lend to our ESG efforts and liaise with the dedicated ESG team.

We are actively growing our dedicated ESG team and resources.

As a financial services company, we do not burn fossil fuels on site to operate our business, and thus we do not have material Scope 1 emissions.

The majority of our carbon footprint is comprised of Scope 2 emissions (power purchased to run our offices) and select portions of Scope 3 emissions that we are able to capture (business car, rail and air transport and employees commuting to our offices).

We have measured the carbon footprint associated with the energy usage at our global offices, our business travel and the commuting of our global employees and have committed to carbon neutrality for our operations going back to 2019.

We have partnered with climate and sustainable development expert, Climate Impact Partners, to offset the unavoidable emissions of our 2019 and 2020 operations and intend to continue doing so going forward.

The partnership seeks to offset carbon dioxide emissions by supporting projects with third-party verified carbon credits as well as societal benefit, including a wind power project in India and two world-leading clean cooking projects in Bangladesh and Ghana.

These clean cooking projects not only cut carbon emissions, helping tackle climate change, but also improve lives by halving fuel bills for families and reducing exposure to toxic fumes.

By cutting fuel requirements, the projects also help reduce deforestation.

We have partnered with climate and sustainable development expert, Climate Impact Partners, to offset the emissions of our calendar 2019 - 2021 operations, we are currently working toward offsetting emissions from our calendar 2022 operations, and we intend to continue doing so going forward.

The partnership seeks to offset carbon dioxide emissions by supporting projects with third-party verified carbon credits as well as societal benefit, including a wind power project in India, two world-leading clean cooking projects in Bangladesh and Ghana and the Aqua Clara water filter project in Kenya.

This water filter project reduces emissions by removing the current practice of using fire to boil and clean water and promotes health, safety and improved quality of life within the population.

In 2022, we worked with a third party on data verification and calculation before purchasing offsets.

This expanded our data collection to include emissions stemming from remote working and other sources and allowed us to officially list the firm as carbon neutral for our calendar 2021 operations.

We are also exploring multiple avenues to reduce our carbon intensity in line with the Task Force on Climate-Related Financial Disclosures (“TCFD”) recommendations.

Last year, we moved into our new headquarters in Conshohocken, Pennsylvania, a suburb of Philadelphia.

The office is pursuing a Silver LEED (Leadership in Energy and Environmental Design) certification and has been awarded a Fitwel certification.

We have also made a pledge to reach net-zero emissions by 2050 or sooner across all discretionary assets under management.

As an important first step towards this goal, we became a signatory to Initiative Climate International (“iCI”) in 2022.

iCI is affiliated with the PRI and is composed of a platform of leading private equity investors dedicated to understanding and reducing carbon emissions of private equity-backed companies.

It was founded to help ensure the private equity industry plays its part in meeting the goals of the Paris Agreement on Climate Change (the “Paris Agreement”).

Its members commit to active engagement with portfolio companies to manage and reduce emissions and to promote sustainability.

Our corporate headquarters in Conshohocken, Pennsylvania, a suburb of Philadelphia, was awarded a Silver LEED (Leadership in Energy and Environmental Design) certification as well as a Fitwel certification.

The LEED certification demonstrates the value we place on locating our headquarters in an energy and resource-efficient building.

The Fitwel certification demonstrates our commitment to the health and wellness of our employees.

We incorporated ESG considerations into our design and furnishing choices, and the office offers increased spaces designated for personal wellness, mental health and well-being and employee connectivity.

The Fitwel certification demonstrates our commitment to the health and wellness

of our employees.

We incorporated ESG considerations into our design and furnishing choices, the office offers spaces designated for personal wellness, mental health and well-being and employee connectivity, and we have taken steps to reduce paper and single-use plastics consumption and other waste.

HL Green, an employee-led initiative formed in 2019, plans to continue researching and advising on opportunities for the firm to engage employees in practices that help protect the environment and promote sustainability both in the office and beyond.

In 2021, we partnered with a consortium of investors to form Novata, a public benefit corporation created to provide a technology platform that helps private equity firms and private companies navigate the complex ESG landscape.

The platform simplifies the process for selecting ESG reporting metrics, provides a secure database to collect and store data and enables its users to make informed investment decisions and report to key stakeholders using insights and analytics tools.

We worked with Novata to digitize our fund ESG diligence questionnaire and our annual ESG/DE&I survey, both of which we are now issuing through Novata’s platform.

Next, we plan to begin collecting ESG and impact data for a number of our products with Novata.

In 2023, we became signatories to the ESG Data Convergence Initiative, an organization with the goal of creating a critical mass of meaningful, performance-based ESG data from private companies by converging on a standardized set of ESG metrics for private markets.

The standard will allow general partners and portfolio companies to benchmark their current positions and generate progress toward ESG improvements, while enabling greater transparency and more comparable portfolio information for limited partners and investment managers.

In our role as investment manager, we will encourage the general partners with whom we work to use this framework.

Safeguarding Futures

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The RIC meets separately when an investment has significant ESG risk and/or when compliance with corporate ESG policy is not straightforward.

We fully integrate ESG into all of our due diligence processes.

As part of our standard process, we rate general partners on their approach to ESG, which allows us to help our clients understand how their general partners are performing while also allowing us to identify the areas in which to engage with the general partners.

Further, the RIC meets to approve all investments that are considered for Hamilton Lane’s impact funds.

We fully integrate ESG into all of our due diligence processes and utilize third-party risk rating and identification metrics to understand the geographic, social and environmental risks across industries and investments.

As part of our standard process, we rate general partners based on their approach and integration of ESG, the risk profile of their track record and the risk profile of the proposed strategy, helping our clients understand how their general partners are performing while also allowing us to identify the areas in which to engage with the general partners.

Our proprietary rating system seeks to benchmark general partners to best practices, which means that the standards we expect from our general partners are continuously increasing.

In 2022, we continued to embed ESG throughout our due diligence processes, including the integration of ESG, earlier, through the inclusion of EU Sustainable Finance Disclosure Regulation (“SFDR”) ratings and ESG factors in our screening and meeting memoranda.

Further, we have introduced a proprietary ESG Organizational Rating Framework as an extension of the ESG rating system, comprised of 23 variably weighted ESG-related questions.

General partners are ranked on a scale of one to five to produce an aggregated organizational ESG score.

Included in our overall approach to ESG is our ongoing focus on diversity and social inclusion both at the general partner and underlying portfolio company level.

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By incorporating ESG factors across our investment process and increasing the level of available information, we are aiming to help our clients better understand and meet their responsible investing objectives.

We use our best efforts not to invest discretionary capital in companies that operate in excluded sectors, as further detailed in our ESG investment guidelines below.

Post-investment, we monitor general partners and their developing portfolios and direct investment portfolio companies to ensure adherence to ESG policies and commitments.

We are in the process of implementing technology solutions to actively monitor ESG incidents in products and client portfolios.

We have implemented technology solutions to actively monitor ESG incidents in products and client portfolios.

This new technology allows us to become aware of ESG risks sooner and engage our investment teams and the general partners with whom we have invested, depending on a materiality assessment.

We have procedures in place for our evergreen and closed-end products for materiality evaluation, escalation and engagement, and we are working to develop procedures with respect to discretionary client portfolios.

To further increase our monitoring of ESG metrics, Hamilton Lane began issuing our detailed annual ESG/DE&I survey to all managers with whom we have invested discretionary capital as an annual exercise in 2020, so our teams can assess whether managers are meeting their ESG goals year over year, and where they may be lagging.

This provides another avenue for potential engagement to improve ESG integration in the industry.

We ultimately seek to standardize ESG reporting capabilities across our platform.

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Furthermore, given the risks they pose to our planet and collective well-being, we do not directly invest through our discretionary capital in thermal coal, oil sands, or non-sustainable forestry practices.

• Social—Employee diversity, workplace conditions, supply chain practices, consumer protections and broader societal impacts are criteria that we evaluate and consider in our investment process.

Furthermore, given the risks they pose to our neighbors around the world, we do not directly invest through our discretionary capital in companies with material operations in controversial weapons (defined as chemical/biological, nuclear, cluster munitions and landmines), abusive lending practices, tobacco/nicotine products, pornography, or companies that support animal cruelty, child labor, human trafficking or forced labor.

• Social—Board composition and employee diversity, workplace conditions, supply chain practices, consumer protections and broader societal impacts are criteria that we evaluate and consider in our investment process.

Furthermore, given the risks they pose to our neighbors around the world, we do not directly invest through our discretionary capital in companies that derive revenue from or support controversial weapons (defined as chemical/biological, nuclear, cluster munitions and landmines), abusive lending practices, pornography, animal cruelty, child labor, human trafficking or forced labor.

• Governance—Ownership structures, voting rights, compensation, accounting practices and processes for dealing with conflicts of interest are critical to our underwriting process.

Sound governance is the bedrock for implementing responsible investing across the “E” and the “S” components of ESG.

• The above exclusions represent areas where we see an intolerable level of risk to proceed with investment.

Outside of those exclusions, our guiding philosophy is that investing with managers who can mitigate ESG risk and promote sustainability is preferable to divestment from entire sectors.

Special consideration and enhanced scrutiny are given to investments in areas with potentially higher ESG risks, such as mining, fossil fuel production, deforestation, alcohol, gambling and companies with operations in regions with a history of ESG abuses.

Furthermore, we have been a signatory to the United Nations Principles for Responsible Investment (“PRI”) since 2008 and, recently, Managing Director Ana Lei Ortiz has served as a PRI Private Equity Advisory Committee Member.

We also helped develop the PRI Limited Partners’ Responsible Investment Due Diligence Questionnaire.

In addition, we participate every year in the PRI’s annual Transparency Assessment (which has recently become mandatory).

It is designed to provide feedback to signatories to support ongoing learning and

development, as well as to be a key step in building a common language and industry standard for reporting and responsible investment activities.

In the 2019/2020 reporting cycle, we received an “A+” grade for our performance in the Indirect Private Equity category and an “A” grade in the Strategy & Governance category.

We have also made a pledge to reach net-zero emissions by 2050 or sooner across all discretionary assets under management.

As an important first step towards this goal, we became a signatory to Initiative Climat International (“iCI”) in 2022.

iCI is affiliated with the PRI and is composed of a platform of leading private equity investors dedicated to understanding and reducing carbon emissions of private equity-backed companies.

It was founded to help ensure the private equity industry plays its part in meeting the goals of the Paris Agreement on Climate Change (the “Paris Agreement”).

Its members commit to active engagement with portfolio companies to manage and reduce emissions and to promote sustainability.

Hamilton Lane’s approach to impact investing moves beyond our integrated ESG procedures, and targets investments that have intentionality around non-financial environmental or social goals.

We place emphasis on measurable and reportable impact through a variety of matrices.

The same rigorous underwriting, shared intelligence, data and resources are utilized across Hamilton Lane’s investment and research activities, but with a view towards impact.

From initial ESG screening to monitoring and reporting, the impact assessment is overseen by the RIC.

The impact assessment consists of an initial impact screening, full impact due diligence and post-close monitoring and reporting of identified impact metrics.

Furthermore, we have been a signatory to the United Nations Principles for Responsible Investment (“PRI”) since 2008 and also helped develop the PRI Limited Partners’ Responsible Investment Due Diligence Questionnaire.

In 2023, we became a member of the Responsible Investment Association Australasia (“RIAA”), which champions responsible investing and a sustainable financial system in Australia and New Zealand.

RIAA is dedicated to ensuring capital is aligned with achieving a healthy society, environment and economy.

Finally, we are an Influencer member of Pensions for Purpose (“PfP”), whose mission is to encourage ESG and impact investing at pension funds and increase knowledge sharing among market participants, and we have endorsed the ILPA Principles, which are aimed at improving the private equity industry for the long-term benefit of all industry participants and beneficiaries.

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A purely exclusionary approach is not sufficient to solve these problems, but rather a holistic one is required.

We will seek to invest meaningfully into climate solutions and areas where we and our investment partners can drive significant de-carbonization and will endeavor to invest in the fossil fuel production sector only through managers who realize and are working to de-risk these assets in ways aligned with the Paris Agreement.

On behalf of our clients, we will seek to invest meaningfully into climate solutions and areas where we and our investment partners can drive significant de-carbonization and will endeavor to invest in the fossil fuel production sector only through managers who realize and are working to de-risk these assets in ways aligned with the Paris Agreement.

Additionally, we seek to avoid oil and natural gas-related assets (upstream, midstream, or downstream) unless the general partner or deal sponsor has indicated a full understanding of the climate-related risks involved, and has adopted a comprehensive ESG policy that includes the ability to measure and report on climate-related risks and mitigation efforts being undertaken in the portfolio.

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Building a better future means joining together in our efforts through increased engagement and continued sharing of ideas, concerns and personal experiences.

As one of our core values states, we strive to “Do the Right Thing,” a value we leaned on especially in 2020 as protests against social injustice and Black Lives Matter movements spread across the United States and around the world.

One of the first steps our organization took was to heed the advice of those leading the movements:

That is, to begin listening and reflecting on our actions and opportunities for being an ally.

Then, and with the recognition that there would be much more work to do, we took some initial, but meaningful, action.

As noted above, in an effort to further expand our commitment to promoting and supporting a more diverse workforce, we announced the adoption of a new corporate value – “Promoting Equity and Inclusion from Within,” as well as:

• A new strategic plan aimed at expanding upon existing efforts to intentionally embed diversity, equity and inclusion into the fabric of the firm’s values, culture, and recruiting and retention practices.

As one of our core values states, we strive to “Do the Right Thing”.

We understand that being an ally means that we must listen and reflect on our actions and opportunities.

We also adopted the core value of “Promoting Equity and Inclusion from Within” in an

effort to further expand our commitment to promoting and supporting a more diverse workforce.

In practice, this has coalesced into the following initiatives:

• A strategic plan aimed at expanding upon existing efforts to intentionally embed DE&I into the fabric of the firm’s values, culture, and recruiting and retention practices.

The plan outlines enhanced recruiting and retention efforts, including an emphasis on ongoing training, accountability and inclusivity.

• Employees were granted extra volunteer time off to use toward any activity in support of the social justice movement.

• We began to identify ways in which our employees could listen to and learn from each other.

• We have identified ways in which our employees can listen to and learn from each other.

Our Diversity, Equity & Inclusion Speaker Series, which launched in 2017 as a means to provide outside perspectives on DE&I issues, shifted its focus to activism and social justice, hosting speakers on topics such as corporate responsibility, general awareness of racism and implementing effective approaches to racial equality.

• Our DE&I Council also launched a new series called Social Justice Chats (“#SJChats”), a series of employee-facilitated small group conversations about racial and social inequities, barriers and constructs.

These developments speak to Hamilton Lane’s acknowledgment of the present moment and important progress underway, as well as to our long-standing commitment to advancing women and other underrepresented groups within the private markets industry.

• Our DE&I Council also hosts outside speakers offering perspectives and conversations around allyship, racial and social inequities, barriers and constructs.

In 2022, Hamilton Lane officially became a member of the National Association of Investment Companies (“NAIC”), the largest network of diverse-owned private equity firms and hedge funds.

Through education, advocacy and industry events, NAIC is focused on increasing the flow of capital to high-performing diverse investment managers often underutilized by institutional investors.

We believe this membership reflects our commitment to the promotion of excellence and inclusion in the private markets.

We also moved our vendor risk management program to a third-party platform that offers detailed diligence protocols, customizable questionnaires, contract review mechanisms and an ability to track specific data categories, including ESG metrics.

This will allow us to survey our vendors for their statistics and commitment to diversity.

These initiatives speak to Hamilton Lane’s acknowledgment of the present moment and important progress underway, as well as to our long-standing commitment to advancing women and other underrepresented groups within the private markets industry.

Social Best Practices

The year 2020 will be widely remembered as one of tragedy, upheaval and transformation.

We hope it will also be recognized as a year that enhanced awareness of social inequities, and provoked deep reflection and conversation among individuals, communities and companies around the world.

Hamilton Lane has long prioritized both our internal diversity efforts across our global teams and the health of the communities in which we invest and operate.

We seek to partner with managers who share our dedication to these issues and exhibit best practices, including:

In 2022, we partnered with Ownership Works, a nonprofit organization that works with companies and investors to provide all employees with the opportunity to build wealth through equity, and our chief executive officer serves on its board of directors.

We also joined as a member firm of Out Investors, a global network with a mission to make the investing industry more welcoming for LGBTQ+ professionals.

In addition, we seek to partner with managers who share our dedication to these issues and exhibit best practices, including:

• An official DE&I policy statement at the managing and portfolio company levels

• A focus on expanding diversity of decision-making within the managing and portfolio company management

• A focus on expanding diversity of decision-making within portfolio company management

• A diverse board composition

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We also seek to invest in diverse organizations and partner with managers who share a commitment to DE&I.

As of March 31, 2022, we invested $11.1 billion in discretionary and advisory capital to diverse funds over the two years prior to that date, with a diverse manager being one where there is 25% or more diversity in at least two of the following four categories:

ownership level, investment committee, carried interest or investment team.

As of December 31, 2022, we invested $11.7 billion in discretionary and advisory capital to diverse funds over the two years prior to that date, with a diverse manager being one where there is 25% or more diversity in at least two of the following four categories:

ownership level, carried interest, investment committee or investment team.

Promoting Equity and Inclusion from Within

In today’s world, humans are intertwined in a way unlike any other time in our history.

Across the globe,

nations, communities and individuals are demanding that companies prioritize ESG and sustainability issues, as well as advance more diverse, equitable and inclusive workplaces.

Across the globe, nations, communities and individuals are demanding that companies prioritize ESG and sustainability issues, as well as advance more diverse, equitable and inclusive workplaces.

It is our view that the more diverse professionals we can attract to our asset class, the more our industry can thrive.

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That authentic commitment is demonstrated by the meaningfully diverse representation across our organization.

As of March 31, 2022, 49% of our employees were minorities or women and 41% of senior leaders were minorities or women.

Those figures are well above the averages for our industry.

As of March 31, 2023, 53% of our employees and 45% of senior leaders were women or ethnically underrepresented professionals.

We know that talent is everywhere, but that not all talent has access.

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We are guided by a genuine belief that in order to diversify and, therefore, improve the composition of our asset class, we must advocate for, educate and include women and ethnically diverse candidates early and often.

Our partnerships with organizations such as Girls Who Invest, Women Societies Alliance, Cristo Rey Philadelphia, Big Brothers Big Sisters and Philadelphia Financial Scholars, as well as initiatives such as the Hamilton Lane Women’s Exchange (“HLWE”), our annual Undergraduate Women’s Private Equity Summit, our Emerging Talent Program and our targeted campus recruiting program, are a testament to this belief.

Our partnerships with organizations such as Girls Who Invest, Women Societies Alliance, Cristo Rey Philadelphia, Big Brothers Big Sisters and Philadelphia Financial Scholars, as well as initiatives aimed at expanding our recruiting efforts at diverse colleges and universities, the Hamilton Lane Women’s Exchange (“HL WE”), our annual Undergraduate Women’s Private Equity Summit and our Emerging Talent Program, are a testament to this belief.

In early 2021, Hamilton Lane became a signatory to ILPA’s newly announced Diversity in Action Initiative.

This effort focuses on foundational actions that limited partner and general partner organizations are taking to advance DE&I, both internally and throughout the industry more broadly.

Hamilton Lane is honored to join our founding co-signatories in this important effort across our industry, and we remain committed to creating and maintaining an inclusive and collaborative workplace across the world.

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• DE&I Speaker Series—interview series intended to promote and encourage the honest discussion of issues related to diversity and inclusion within our firm and broader industry

• HLWE—creating experiences designed to bring Hamilton Lane women together to support their development and success

• HL WE—creating experiences designed to bring Hamilton Lane women together to support their development and success

• Mentoring Program—formal program designed to help employees foster relationships with more experienced colleagues and/or peers in different departments for professional and personal development and growth

• #SJChats—employee-facilitated small group sessions discussing a variety of racial inequality and social justice topics

At Hamilton Lane, we remain fully committed to Diversity, Equity & Inclusion.

At Hamilton Lane, we remain fully committed to DE&I.

Our success is because of our people – our colleagues across the globe who bring their authentic selves to work every day.

Together, we believe diverse perspectives lead to informed decisions designed to benefit our clients, our employees and our competitive edge.

Cybersecurity

Our cybersecurity programs and strategies are continuously evolving in response to new and emerging threats.

When our employees returned to the office in April 2022, we bolstered our systems to accommodate

the shift from fully remote connectivity to a hybrid work model.

With the increase in phishing attacks around the world, we expanded and augmented our email security systems in response to that potential threat.

User education in tandem with these security systems have helped deter attacks.

We have also updated and expanded our cybersecurity policies, replaced and upgraded our firewalls, and moved security services to the endpoint in addition to the network edge.

Available Information

Our website is located at www.hamiltonlane.com, and the Shareholders page of our website is located at http://ir.hamiltonlane.com.

We are subject to the informational requirements of the Exchange Act and file or

furnish reports, proxy statements and other information with the SEC.

We are subject to the informational requirements of the Exchange Act and file or furnish reports, proxy statements and other information with the SEC.

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements, statements of changes in beneficial ownership and amendments to those reports are available for free on the Shareholders page of our website as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business