Hamilton Lane INC Q3 FY2026 earnings call

• Total asset footprint was over $1 trillion, AUM at $146 billion (+8% YoY), AUA at $871 billion (+6% YoY).
• Partnership with Guardian closed; Hamilton Lane will oversee ~$5B of Guardian's private equity portfolio, with expected $500M annual commitments for 10 years and $250M into Evergreen.
• Total fee-earning AUM stood at $79.1 billion, up $8.1 billion or 11% YoY, with blended fee rate at 67 basis points, shifting towards higher fee rate specialized funds.
• Specialized funds: Evergreen platform driving growth; closed-end funds like secondaries and venture evergreen funds, direct equity and infrastructure funds with significant capital raises.
• Customized separate accounts: Fee-earning AUM growth from new client wins, re-ups, offset by step-downs and exits; substantial dry powder and pipeline.
• Hamilton Lane Innovations: Investment in Pluto Financial Technologies to enhance private market liquidity.

Total asset footprint stood at over $1 trillion, a 6% year-over-year increase. AUM was $146 billion, growing $11 billion or 8% compared to the prior year. AUA came in at $871 billion, up $50 billion or 6% relative to the prior year. Management and advisory fees for the year-to-date period were up 11% year over year. Fee-related revenue was $57 million, representing 31% year-over-year growth. Fee-related earnings were $254.6 million year to date, a 37% year-over-year growth. Specialized funds fee-earning AUM ended fiscal Q3 at $38.1 billion, having grown $6.9 billion over the last twelve months (22% increase). Quarter-over-quarter net growth was $2.4 billion or 7%. Customized separate accounts fee-earning AUM stood at $41.1 billion, growing $1.3 billion or 3% over the last twelve months. Quarter-over-quarter net growth was $280 million or 1%. The Evergreen platform delivered over $1.2 billion of net inflows for the quarter ended December 31, 2025, with total Evergreen AUM reaching over $16 billion, a 70% year-over-year growth.

• Dividend of $0.54 per share declared, on track for 10% increase to $2.16 per share for FY2026.
• Partnership with Guardian's initial financial impact to be recognized in FY2026.
• Expect continued growth in Evergreen AUM and inflows.

• Forward-looking statements subject to risks and uncertainties; actual results may differ from projections, refer to 10-Ks and SEC filings.
• Private credit market volatility could impact performance, but international credit Evergreen Fund remains solid.
• AI disruption potential on software businesses, but granular due diligence mitigates broad risks.

Q: Ken Worthington on product roadmap for wealth in 2026 A: Erik Hirsch on focusing on scaling existing products, not launching at prior pace Q: Alex Blostein on software exposure A: Erik Hirsch on diversified portfolios, no concentration in software Q: Michael Cyprys on exit activity and Evergreen platform A: Erik Hirsch on improving exit environment, Evergreen as portfolio construction tool Q: Alex Bond on Evergreen institutional base A: Erik Hirsch on institutional use for portfolio construction, not redemption focus Q: Brennan Hawken on wealth channel and model portfolios A: Erik Hirsch on differentiated products, model portfolios in dialogue but not sea change Q: Mike Brown on secondary funds A: Erik Hirsch on secondary space undercapitalized, room for growth, positive investor sentiment Q: Mike Brown on AI disruption and software A: Erik Hirsch on granular due diligence, not broad AI risks