Hamilton Lane targets $650m for secondaries

The global investment advisor’s previous secondaries vehicle collected $591m toward a $600m target in 2009.

Hamilton Lane has raised about $113 million for its third secondaries fund, which is targeting $650 million, according to documents filed with the US Securities and Exchange Commission.

Fund III has attracted commitments from five investors, according to the filing, which does not list a placement agent in connection with the fundraise.

The firm’s previous secondaries fund closed on $591 million in August 2009 and attracted commitments from limited partners including the Employees’ Retirement Fund of the City of Dallas, the Public Employee Retirement System of Idaho and Austria-based Bank Gutmann.

Hamilton Lane’s secondary vehicle will compete for commitments with a number of secondary funds also in market, including Paul Capital’s recently launched tenth fund targeting $2 billion and Chicago-based RCP Advisors’ second secondaries fund, which has a $300 million target.

Last week, French alternatives group AXA Private Equity raised more than twice as much capital for its latest secondaries fund as it originally planned, with $8 billion in commitments across AXA Secondary Fund V and its sidecar. The fund trumps the previous benchmark set by Lexington Partners, which held a final close for its Lexington Capital Partners VIII fund on $7 billion last year.

Hamilton Lane also participates in secondary transactions through its seventh fund of funds, which targets co-investments in addition to primary partnerships.

The firm has been building out its London office since late 2011, hiring former director at Alliance Trust Equity Partners Richard Hope as a vice president in January and former head of fund investment at Dunedin Capital Partners Jim Strang as a principal last November.

Founded in 1991, Hamilton Lane focuses solely on private equity and has more than $150 billion of assets under management, with roughly half of its client base in the US and half overseas.