Hamilton Lane closes FoF on $427m

The firm surpassed its $400m target for its eighth fund of funds.

Hamilton Lane has closed its eighth fund of funds on about $427 million, above its $400 million target, according to a statement.

Hamilton Lane Private Equity Fund VIII received strong interest from institutional investors and from a mix of new and existing investors, according to the statement. The Louisiana School Employees’ Retirement System reportedly committed up to $40 million to fund in November 2012.

Fund VIII will invest, “across strategies, vintage years and geographies” the statement said. Hamilton Lane has been managing fund of funds strategies since 1998. Its prior fund, Hamilton Lane Private Equity Fund VII, raised $262 million on a $500 million target. The fund launched in 2009 and received commitments from the Employees’ Retirement Fund of the City of Dallas and the City of Burlington Employees’ Retirement System, according to Private Equity International's Research and Analytics division.

Last month, Hamilton Lane closed its debut fund of funds in Brazil. HL Brazil closed on about R$150 million (€45 million; $64 million), according to a prior statement. The fund of funds had an R$500 million target and will invest in funds focused on the healthcare, education, natural resources, energy and essential consumer goods sectors in Brazil. As of mid-March, the fund had made six investments.

Hamilton Lane is also in market with its third flagship co-investment fund, which launched last year targeting $1 billion. The fund has collected roughly $340 million, according to PEI data.

Hamilton Lane has more than $29 billion in assets and more than $146 million in advisory assets, as of 31 December according to its website. The firm is based in Philadelphia.