Hamilton Lane: Initiation of Coverage- Reinventing Its Distribution Strategy — How Will Its Innovation Shape Private Market Leadership? 

Hamilton Lane’s first quarter of fiscal 2026 showcased a multifaceted financial performance, marked by both growth and areas of concern. The company’s total asset footprint has seen a 5% year-on-year increase, reaching $986 billion, indicating robust growth across both specialized funds and customized separate accounts. These asset categories contributed significantly to the near $11 billion increase in Assets Under Management (AUM), now totaling $141 billion, reflecting a substantial 9% growth year-over-year.