Hamilton Lane Private Infrastructure Fund (HLPIF) is a '40 Act registered, closed-end fund providing individual investors with single-allocation access to a diversified private infrastructure portfolio managed by Hamilton Lane Advisors, LLC.
HLPIF is designed to generate capital appreciation and income over the medium and long term through direct co-investments and secondary investments in private infrastructure assets globally. The Fund offers an investor-friendly structure – fully funded upfront with no capital calls – and seeks to provide limited liquidity through quarterly repurchase offers, removing many of the traditional barriers associated with private markets investing.
Offering Details
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- Fund AUM: $189.1M
- Inception Date: February 2024
- Total Investments: 39
- General Partners: 31
- Since-Inception Annualized Return (Class R): 21.12% (net)**
- Liquidity: Quarterly repurchase offers targeting no less than 5% of Fund shares outstanding (subject to Board discretion); 2.00% early repurchase fee applies to shares redeemed within the first year of purchase
- Tax Reporting: Form 1099-DIV
Information presented above is as of April 30, 2026.
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 Infrastructure Fund
The Hamilton Lane Private Infrastructure Fund is a '40 Act registered, closed-end management investment company designed to provide individual investors with access to a diversified private infrastructure portfolio through a single allocation. HLPIF's investment objective is to generate capital appreciation and income over the medium and long term through direct co-investments and secondary investments in private infrastructure assets globally. To pursue that objective, the Fund draws on Hamilton Lane's 25 years of dedicated infrastructure investing expertise and deep general partner relationships to identify, underwrite, and actively manage a high-conviction portfolio of infrastructure assets.
As of April 30, 2026, HLPIF holds 39 total investments across 31 general partners, with exposure spanning North America (68%), Western Europe (26%), Asia-Pacific (5%), and the rest of the world (<1%).
Unlike traditional private infrastructure vehicles, HLPIF operates as a '40 Act registered investment company, providing the oversight of an independent-majority Board of Trustees and a continuous monthly offering structure accessible to investors through their financial intermediaries.
The Case for Private Infrastructure
Infrastructure is the backbone of the modern economy. AI, clean energy, supply chain modernization, and digital connectivity are driving unprecedented demand for physical assets that provide essential goods and services to society. Infrastructure investors have historically sought what few asset classes can consistently offer: physical assets with high barriers to entry, monopolistic characteristics, contracted and recurring cash flows, strong margins, and limited sensitivity to commodity price or volume risk. These hallmarks make private infrastructure a natural complement to traditional public market portfolios.
Despite this appeal, private infrastructure has historically been accessible only to the largest institutional investors. HLPIF provides individual investors access to the same institutional-quality opportunities Hamilton Lane has built over 25 years of dedicated infrastructure investing through a single, fully-funded investment with no capital calls.
Four structural themes are driving demand for infrastructure investment at an unprecedented scale:
- Power & Energy: Meeting soaring global demand will require 16.6 terawatts of new generation capacity by 2040¹
- Supply Chain & Logistics: An estimated $36 trillion in investment is needed to shore up transport infrastructure globally by 2040²
- Digitization: AI and advanced computing are expected to require $19 trillion in infrastructure investment by 2040²
- Environmental: The global waste management market is estimated to reach $1.1 trillion in value by 2031³
At the same time, capital has increasingly concentrated in large-cap infrastructure funds. As of 2024, 97% of infrastructure transactions involved assets with enterprise values below $2.5 billion.⁴ This is the segment where HLPIF operates.
What HLPIF Invests In
HLPIF pursues a focused Core Plus and Value Add strategy within private infrastructure, targeting middle market assets with contracted cash flows, high barriers to entry, and defined value creation potential. The Fund invests through two primary paths: direct equity co-investments and infrastructure secondaries. It does not invest in public securities or primary fund commitments.
Direct Co-Investments: HLPIF makes equity investments directly alongside experienced general partner sponsors in asset-heavy, traditional infrastructure businesses. These co-investments target the middle market, with holding periods typically of four to six years. Because co-investments are structured alongside the GP, they generally carry no underlying management or performance fees, increasing net returns to investors. Hamilton Lane's infrastructure co-investment deal flow has grown more than 8x since 2020, reaching over $14 billion in 2025.⁵
Diversified Secondaries — LP-Led: LP-led secondaries are purchases of another investor's existing stake in an infrastructure fund, often at a discount to prevailing NAV. Because these represent mature, largely funded positions, Hamilton Lane can underwrite into a known book of assets – reducing blind pool risk, mitigating the J-curve, and shortening the path to distributions relative to a primary fund commitment.
Single-Asset Secondaries — GP-Led: GP-led secondaries tend to occur when a fund manager creates a new vehicle to hold one or more of its highest-conviction assets, offering existing investors the choice to sell out or stay in. Hamilton Lane seeks these transactions at inflection points in value creation, where assets have demonstrated their quality but are viewed to have meaningful upside ahead.
By strategy, the current portfolio is weighted toward Core Plus (56%), with meaningful Value Add exposure (40%) and a small Core allocation (4%). HLPIF does not invest in primary funds.
About 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.
Within infrastructure specifically, Hamilton Lane brings 25 years of dedicated investing experience, $87.9 billion in assets under management and supervision, and relationships with 190 general partners (as of 9/30/2025). From 2021 through Q3 2025, the team screened $172 billion in direct co-investment and secondary opportunities, approving just 1.7%.⁸ HLPIF investors benefit directly from this platform, with deal flow allocated to HLPIF alongside Hamilton Lane's specialized infrastructure funds and dedicated separate accounts.
About the Investment Team
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 PIF’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 Infrastructure & Real Assets investment team 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 HLPIF Class R share class has delivered a 21.12% net annualized return since inception.
Past performance is not indicative of future results. Performance figures are net of all fees and expenses and are inclusive of annual distributions. The share class performance prior to September 27, 2024 reflects the performance of Hamilton Lane Private Infra Fund DE Holdings LLC and is not direct past performance of the subsequently formed Hamilton Lane Private Infrastructure Fund. Please refer to the fund's prospectus for full performance disclosures.
Citations
- IRENA, June 2023
- "The infrastructure moment, investing in the expanding foundations of modern society," McKinsey, September 2025.
- Transparency Market Research, November 2023.
- Hamilton Lane data, as of December 31, 2024.
- Hamilton Lane internal data, as of December 31, 2025. 2025 figure is proforma. Includes co-investment opportunities seen by the infrastructure investment team only, across all sizes, sectors, and regions.
- Inclusive of $142.0B in discretionary assets under management and $905.3B in non-discretionary assets under supervision, as of March 31, 2026.
- 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.
- Hamilton Lane internal data, as of Q3 2025. Covers direct co-investment and secondary deal flow reviewed by the infrastructure investment team from January 2021 through September 2025.
*No minimum investor qualification requirement unless investors elect to enter the Fund directly, where accredited investor requirements must be met.
**The share class performance prior to September 27, 2024 reflects the performance of Hamilton Lane Private Infra Fund DE Holdings LLC and is not direct past performance of the subsequently formed Hamilton Lane Private Infrastructure Fund. Performance is inclusive of annual distributions. Past performance is not a guarantee of future returns. Returns shown net of all fees and expenses.
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-infrastructure-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.
The Fund operates as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended.
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.
Limited operating history. The Fund has limited operating history. The shares have no history of public trading. Past performance of related predecessor vehicles is not direct past performance of the Fund and may not be representative of future results.
Non-diversification risk. Although the Fund is allocated across sectors and geographies, it is a non-diversified fund and subject to risks associated with concentrated investments in a specific industry or sector. This may result in greater volatility than a more broadly diversified investment.
Valuation risk. The valuations reported by portfolio fund managers, upon which the Fund determines its monthly net asset value, may be subject to later adjustment or revision. Such adjustments may not affect repurchase proceeds already received by shareholders who tendered prior to the revision.
Infrastructure-specific risks. Infrastructure assets are subject to regulatory, operational, and construction risks. Changes in government policy, environmental regulations, or economic conditions affecting essential services industries may adversely impact the value of the Fund's investments.
Leverage and other investment risks. The Fund may engage in the use of leverage, hedging, and other speculative investment practices that may accelerate losses.
Distribution uncertainty. The amount of distributions the Fund may pay, if any, is uncertain. The Fund may pay distributions in significant part from sources unrelated to the Fund's performance, such as offering proceeds, borrowings, or amounts from the Fund's affiliates subject to repayment by investors.
Downside protection. In this context, "downside protection" refers strictly to a strategic investment goal and is not meant to imply any guarantee against loss, including the loss of the entire principal amount invested.
Past performance is not indicative of future results. 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.
Hamilton Lane Advisors LLC is the Advisor to the Hamilton Lane Private Infrastructure Fund. Hamilton Lane Private Infrastructure Fund is distributed by Distribution Services, LLC, 190 Middle Street, Suite 301, Portland ME 04101. Distribution Services, LLC and Hamilton Lane are unaffiliated.
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