Hamilton Lane's Private Assets Fund ("PAF") is a '40 Act registered, closed-end fund that provides qualified clients with single-allocation access to a diversified private equity portfolio, managed by one of the world's foremost private markets investment firms.
PAF is designed to generate capital appreciation over the medium and long term through direct co-investments and secondary investments in private assets globally. The Fund offers an investor-friendly structure – fully funded upfront with no capital calls – and seeks to provide quarterly limited liquidity through a tender offer mechanism, removing many of the traditional barriers associated with private markets investing.
Offering Details
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- Fund AUM: $6.17B
- Inception Date: January 2021
- Total Investments: 178
- General Partners: 163
- Since-Inception Annualized Return (Class R): 15.41% (net)*
- Liquidity: Quarterly tender offer repurchases targeting no more than 5% of Fund NAV (subject to Board discretion); 2.00% early repurchase fee applies to shares redeemed within the first year of purchase
- Tax Reporting: 1099-DIV
Please refer to the fund's prospectus for additional information, disclosures, and a detailed explanation of fees, risk factors, and terms. Past performance is not indicative of future results.
About the Investment
Hamilton Lane Private Assets Fund
The Hamilton Lane Private Assets Fund is a '40 Act registered, closed-end management investment company designed to provide individual investors with access to a core private equity portfolio through a single allocation. PAF's investment objective is to generate capital appreciation over the medium and long term through direct co-investments and secondary investments in private assets globally. The fund draws on Hamilton Lane's 34 years of institutional expertise and deep general partner relationships to identify, underwrite, and actively manage a high-conviction private equity portfolio.
As of March 2026, PAF holds 177 total investments across 163 general partners, with exposure spanning North America (72%), Europe (20%), Asia-Pacific (3%), and the rest of the world (5%).
Unlike traditional private equity vehicles, PAF operates as a '40 Act registered investment company, providing the oversight of an independent-majority Board of Trustees, simplified 1099-DIV tax reporting, and a continuous monthly offering structure accessible to qualified clients through their financial intermediaries.
The Case for Private Equity
Private equity has historically delivered compelling returns relative to public markets – yet access has traditionally been limited to institutions willing to accept 10–12 year capital lockups, recurring capital calls over a multi-year commitment period, complex K-1 tax administration, and high minimum investments. PAF is designed to solve these structural challenges while preserving the return potential that makes private equity compelling.Compared to a traditional private equity fund, PAF offers a meaningfully more accessible structure:
- Capital deployed from day one: Fully funded at subscription with no capital calls; no need to hold uninvested cash reserves awaiting future drawdowns
- Broad private equity exposure: A single allocation across direct co-investments and secondaries, with no need to select, vet, or manage relationships with multiple individual PE managers or funds
- Quarterly limited liquidity: Tender offer repurchases targeting up to 5% of Fund NAV per quarter, subject to Board discretion, versus the multi-year lockups typical of traditional PE
- Simplified tax reporting: Annual 1099-DIV instead of K-1s, significantly reducing administrative burden at tax time
- Accessible minimum: $25,000 minimum investment versus the institutional minimums required by most traditional private equity vehicles
- Institutional pedigree: The same Hamilton Lane investment team and process trusted by the world's largest sovereign wealth funds, pension funds, and endowments
What PAF Invests In
PAF constructs its portfolio across three private equity investment strategies: direct co-investments, LP-led secondaries, and GP-led secondaries. Portfolio construction is driven by top-down macroeconomic and market analysis, informing allocation across investment types, geographies, and sectors, with each individual opportunity subject to Hamilton Lane's proprietary screening, due diligence, and Investment Committee approval.
Hamilton Lane's investment selection for PAF is highly selective. The firm sources hundreds of billions of dollars in opportunities annually across direct co-investments and secondaries, investing in only a subset: an aggregate selection rate of approximately 3%. Every investment undergoes initial screening, full due diligence, and final review and approval by Hamilton Lane's Investment Committee before entering the portfolio.
Direct Co-Investments: Direct equity investments made alongside a general partner sponsor into the equity of a private company. PAF's co-investment activity focuses primarily on middle-market buyout transactions: companies with strong competitive positions, experienced management teams, and clear paths to value creation. These investments generally carry no additional management or performance fees at the underlying investment level and offer targeted exposure to specific companies and sectors.
LP-Led Secondaries: Purchases of pre-existing investor commitments to private equity portfolios, often acquired at a discount. LP-led secondary investments offer the potential to mitigate the J-curve effect, provide discounted entry valuations, and eliminate blind pool risk through exposure to seasoned, partially-realized portfolios.
GP-Led Secondaries: GP-led secondary transactions provide targeted exposure to mature, performing private equity assets. General partners tend to pursue these transactions in high-conviction assets where they see meaningful remaining value creation. Structures include single-asset continuation vehicles, multi-asset portfolio transactions, and structured secondaries, and may incorporate preferred return or downside protection features.
The portfolio targets an approximately equal split between direct co-investments and secondaries, with a geographic tilt toward North America and meaningful exposure to Europe and Asia-Pacific. By strategy, the portfolio targets predominantly buyout, with exposure to venture and growth. PAF does not invest in primary funds.
Meet Hamilton Lane
Hamilton Lane is one of the world's largest private markets investment management firms, dedicated exclusively to private markets for over 34 years. Founded in 1991 and publicly traded on NASDAQ (HLNE), the firm serves more than 2,900 clients globally, including sovereign wealth funds, pension funds, endowments, and high-net-worth individuals.
Hamilton Lane's investment process is multi-layered and selective, spanning initial screening, full due diligence, and Investment Committee approval. The team leverages their long-standing relationships with general partners across the globe to drive differentiated deal flow that individual investors and other market players might not be able to access. The firm deploys capital in approximately 3% of what it sources, reflecting a highly selective process built on decades of partnership and trust with the world's leading private equity managers.
About the Investment Team
Hamilton Lane Advisors, L.L.C. — Investment Adviser
Hamilton Lane Advisors, L.L.C. serves as the investment adviser to PAF. Registered as an investment adviser under the Investment Advisers Act of 1940 and headquartered in Conshohocken, Pennsylvania, Hamilton Lane manages capital across funds-of-funds, separate accounts, and direct investment funds on behalf of clients globally.
At the forefront of PAF’s portfolio construction is the guidance provided and the direction set by Hamilton Lane’s Evergreen Portfolio Committee (“EPC”), comprised of some of the most senior members of the firm. Potential investments for the Fund are appropriately diligenced by Hamilton Lane’s dedicated Direct Equity and Secondary investment teams and presented for approval to the Investment Committee, and the guidance set by the EPC is actioned and implemented by Hamilton Lane's Portfolio Management Group. The members of the EPC are:
The Fund is governed by a Board of Trustees comprising five trustees, a majority of whom are independent. The Fund's distributor and principal underwriter is Distribution Services, LLC.
Performance*
As of April 30, 2026, the PAF Class R share class has delivered a 15.41% annualized net return since inception, outperforming the MSCI World Index on a since-inception basis while exhibiting significantly lower realized monthly volatility.
Past performance is not indicative of future results. Performance figures are net of all fees and expenses and are inclusive of annual distributions. Since inception figures include the performance of the predecessor Hamilton Lane Evergreen Private Fund L.P. from September 1, 2020 through December 31, 2020, and the Hamilton Lane PAF from January 4, 2021 through the end of the reporting period. Please refer to the fund's prospectus for full performance disclosures.
Citations
1 Inclusive of $146.3B in discretionary assets under management and $871.5B in non-discretionary assets under supervision, as of December 31, 2025.
2 The 2025 capital committed includes all primary commitments that closed during 2025 for which Hamilton Lane retains a level of discretion, as well as nondiscretionary advisory client commitments for which Hamilton Lane performed due diligence and made an investment recommendation.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. For a prospectus that contains this and other information about the Fund, log into your Alto Account or visit www.hamiltonlane.com/paf. Please read the prospectus carefully before investing. Past performance is not a guarantee of future returns. Returns shown net of all fees and expenses. Investing in the Fund involves risk including loss of principal. The Fund operates as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. Shares are speculative and illiquid securities involving substantial risk of loss.Past performance is not indicative of future results. Please note that diversification does not ensure a profit or guarantee against loss; it is a method used to help manage investment risk. For additional fees and expenses, please review the fund's prospectus. Please refer to the fund's prospectus for additional information, disclosures, and a detailed explanation of fees, risk factors, and terms.
Risk Considerations
Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. For a prospectus that contains this and other information about the Fund, log into your Alto Account or visit hamiltonlane.com/en-us/strategies/evergreen/us-private-wealth/private-assets-fund. Please read the prospectus carefully before investing. Past performance is not indicative of future results. Investing in the Fund involves risk including loss of principal.
Illiquidity and transfer restrictions. Shares are speculative and illiquid securities involving substantial risk of loss. The Fund's shares are not listed on any securities exchange and it is not anticipated that a secondary market for shares will develop. Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted. The Fund is appropriate only for investors who can tolerate a high degree of risk, do not require a liquid investment, and for whom the Fund does not constitute a complete investment program.
Repurchase limitations. The Fund offers quarterly repurchases targeting a minimum of 5% of outstanding shares. There is no guarantee that investors will be able to sell shares in the amount or at the time they desire. The Board may elect to repurchase less than the full amount requested and may under certain circumstances postpone, suspend, or terminate a repurchase offer.
Private Equity and Valuation Risk. The Fund invests primarily in private equity assets, which are inherently illiquid and difficult to value. Portfolio company valuations are estimates and subject to significant uncertainty; actual realized values may differ materially from reported valuations.
Private Markets Risk. Investments in private companies involve greater risk than publicly traded securities, including limited financial disclosure, reduced regulatory oversight, and exposure to operational, competitive, and market risks specific to each portfolio company.
Leverage Risk. The Fund may use leverage, which can magnify both gains and losses and increase the risk of loss of principal.
Concentration Risk. Although the Fund holds 178 investments across 163 general partners, private equity portfolios may still be subject to sector, geographic, or vintage year concentration that can amplify the impact of adverse conditions in any particular area.
Repurchase Offer Risk. The Board may repurchase less than the full amount requested by shareholders, and may postpone, suspend, or terminate a repurchase offer under certain circumstances. An early repurchase fee of 2.00% applies to shares redeemed within the first year of purchase.
Management and Key Person Risk. The Fund's performance depends on the expertise and judgment of Hamilton Lane's investment team. The loss of key personnel could adversely affect the Fund's operations and results.
Market and Economic Risk. The value of the Fund's investments may be adversely affected by changes in economic conditions, interest rates, credit markets, geopolitical events, and other macroeconomic factors outside the Fund's control.
Distributions. There is no guarantee that the Fund will achieve its investment objective or distribute income to shareholders. Distributions may be funded in part from the return of capital, which would reduce a shareholder's investment basis.
This is a summary only. Investors should read the fund's prospectus for a complete description of all risks before making an investment decision.
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Neither Alto Securities, LLC (“Alto Securities”) nor any of its affiliates provide any investment advice or make any investment recommendations to any persons, ever, and no communication herein or otherwise shall be construed as investment advice or a recommendation about any specific security offering, investment, asset, or fund. Private securities are intended for highly sophisticated investors and involve substantial risks. These risks include but are not limited to a lack of operating history, leverage, liquidity of the portfolio, segregated portfolio fund risk, diversification and concentration risk, and long-term investment risk. Past performance does not indicate future results; all investments carry inherent risks. Diversification does not eliminate risk, and returns on investments are not guaranteed. It is advisable to consult with financial professionals and conduct due diligence before making a decision. Furthermore, there is a risk that investors may receive little or no return on their investment or may lose part or all of their investment. However, there needs to be assurance that the managers will successfully achieve the investment objective offered or deliver positive returns.
Investing in private securities carries a high risk and is considered speculative. Private securities are illiquid and do not trade like public markets. Illiquidity can result in investors having to sell their private securities at a price lower than their initial investment. This may lead to realized losses when exiting a position, and investors should be prepared for this possibility. An offering's investment objectives are not guaranteed to succeed under all market conditions. A fund's interest income may be affected by various factors, including investment performance, realized and projected market returns, fluctuations in market interest rates, and other pertinent factors.
Concerning any reference to high-net-worth individuals and institutions, it is essential to note that these investors often have substantial financial resources and longer investment horizons, which may differ from those of individual investors. Before participating in these opportunities, potential investors should carefully consider their financial circumstances, risk tolerance, and investment objectives.
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