Hamilton Lane reported third-quarter earnings of $1.55 per share, surpassing the consensus estimate of $1.28 and improving from $1.25 in the year-ago period. Fee-related earnings rose 12% year-over-year, driven by strong performance fees in the secondaries and co-investment strategies. Total assets under management and supervision increased to $1.0 trillion as of September 30, 2025, up 8% from the prior quarter, reflecting robust inflows across private equity, infrastructure and real assets. The firm’s discretionary AUM reached $145.4 billion, while non-discretionary AUM stood at $859.8 billion. CFO Jeff Farestter highlighted that operating expenses as a percentage of revenue improved by 50 basis points, supporting a 15% expansion in adjusted operating margin compared with Q3 fiscal 2025.

Hamilton Lane closed its Infrastructure Opportunities Fund II with $1.5 billion of capital commitments and secured an additional $400 million alongside the Fund in related vehicles, exceeding its $1.25 billion target by approximately 20%. The Fund has deployed roughly 40% of its capital across 14 unique middle-market infrastructure transactions, including stakes in Cold-Link Logistics, Flexential and Dispatch Energy. More than 30 new investors from Asia, the Middle East, the Americas and Europe participated, complementing a high re-up rate from IOF I limited partners. Global Head of Infrastructure Brent Burnett emphasized that the megatrends of digitization, power delivery and supply-chain optimization underpin the strategy, and that the platform’s 25-year track record and 200 GP relationships position the firm to identify attractive co-investment and secondary opportunities for clients.