Hamilton Lane Inc (HLNE) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Hamilton Lane first quarter fiscal 2026 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, August 5, 2025.

女士們、先生們，早安，歡迎參加 Hamilton Lane 2026 財年第一季財報電話會議。（操作員指示）此通話於 2025 年 8 月 5 日星期二錄製。

I would now like to turn the conference over to John Oh, Head of Shareholder Relations. Please go ahead.

現在我想將會議交給股東關係主管 John Oh。請繼續。

Thank you, Constantine. Good morning, and welcome to the Hamilton Lane Q1 fiscal 2026 earnings call. Today, I will be joined by Erik Hirsch, Co-Chief Executive Officer; and Jeff Armbrister, Chief Financial Officer. Earlier this morning, we issued a press release and a slide presentation, which are available on our website.

謝謝你，康斯坦丁。早上好，歡迎參加 Hamilton Lane 2026 財年第一季財報電話會議。今天，我將與聯合執行長 Erik Hirsch 和財務長 Jeff Armbrister 一起出席。今天早些時候，我們發布了一份新聞稿和一份幻燈片演示，可在我們的網站上查閱。

Before we discuss the quarter's results, we want to remind you that we will be making forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. These forward-looking statements do not guarantee future events or performance and are subject to risks and uncertainties that may cause our actual results to differ materially from those projected.

在討論本季的業績之前，我們想提醒您，我們將做出前瞻性陳述。前瞻性陳述討論了我們對財務狀況、經營成果、計劃、目標、未來業績和業務的當前預期和預測。這些前瞻性陳述並不保證未來事件或表現，並且受風險和不確定性的影響，可能導致我們的實際結果與預測結果有重大差異。

For a discussion of these risks, please review the cautionary statements and risk factors included in the Hamilton Lane fiscal 2025 10-K and subsequent reports we file with the SEC. These forward-looking statements are made only as of today, and except as required, we undertake no obligation to update or revise any of them.

有關這些風險的討論，請查看 Hamilton Lane 2025 財年 10-K 報告以及我們向美國證券交易委員會提交的後續報告中包含的警示聲明和風險因素。這些前瞻性陳述僅截至今天作出，除非另有要求，否則我們不承擔更新或修改任何前瞻性陳述的義務。

We will also be referring to non-GAAP measures that we view as important in assessing the performance of our business. Reconciliation of those non-GAAP measures to GAAP can be found in the earnings presentation materials made available on the shareholders section of the Hamilton Lane website.

我們也會參考我們認為對評估業務績效很重要的非公認會計準則指標。這些非 GAAP 指標與 GAAP 指標的對帳可以在 Hamilton Lane 網站股東專區提供的收益報告資料中找到。

Our detailed financial results will be made available when our 10-Q is filed. Please note that nothing on this call represents an offer to sell or a solicitation of an offer to purchase interest in any of Hamilton Lane's products.

當我們提交 10-Q 報表時，我們將公佈詳細的財務結果。請注意，本次電話會議中的任何內容均不代表出售 Hamilton Lane 任何產品的要約或購買要約的邀請。

Let's begin with the highlights, and I'll start with our total asset footprint. At quarter-end, our total asset footprint stood at $986 billion and represents a 5% increase to our footprint year-over-year. AUM stood at $141 billion and grew $11 billion or 9% compared to the prior year period. The growth came from both our specialized funds and customized separate accounts. AUA came in at $845 billion and grew $35 billion or 4% relative to the prior year period. This stemmed primarily from market value growth and the addition of a variety of technology solutions and back-office mandates.

讓我們先從亮點開始，我將從我們的總資產足跡開始。截至季末，我們的總資產規模達到 9,860 億美元，年增 5%。資產管理規模達 1,410 億美元，較去年同期成長 110 億美元，增幅為 9%。成長來自於我們的專款和客製化的獨立帳戶。AUA 達到 8,450 億美元，比去年同期成長 350 億美元，增幅為 4%。這主要源自於市場價值的成長以及各種技術解決方案和後台任務的增加。

For this first quarter of fiscal year 2026, total management and advisory fees were down 4% year-over-year. However, this decrease was due primarily to the impact from retro fees, which were $21 million in fiscal Q1 of 2025 versus approximately $300,000 in this current reported quarter. Fee-related earnings for the quarter grew by 31% versus the prior year period. We generated quarterly GAAP EPS of $1.28 based on $54 million of GAAP net income and non-GAAP EPS of $1.31 based on $72 million of adjusted net income. We have also declared a dividend of $0.54 per share this quarter, which keeps us on track for the 10% increase over last fiscal year, equating to the targeted $2.16 per share for fiscal year 2026.

2026 財年第一季度，管理和諮詢費用總額較去年同期下降 4%。然而，這一下降主要是由於追溯費用的影響，2025 財年第一季的追溯費用為 2,100 萬美元，而本季報告的費用約為 30 萬美元。本季費用相關收益較去年同期成長了 31%。我們根據 5,400 萬美元的 GAAP 淨收入產生了 1.28 美元的季度 GAAP 每股收益，並根據 7,200 萬美元的調整後淨收入產生了 1.31 美元的非 GAAP 每股收益。我們也宣布本季派發每股 0.54 美元的股息，這使我們有望實現比上一財年增長 10% 的目標，相當於 2026 財年每股 2.16 美元的目標。

With that, I'll now turn the call over to Erik.

說完這些，我現在將電話轉給艾瑞克。

Thank you, John, and good morning, everyone. Our growth story continues with another solid quarter, and that growth is coming across the totality of the business, clients, assets, revenues, deal flow and people. The Hamilton Lane team is executing well across all fronts, and our results this quarter are certainly reflective of that. Turning now to fee-earning AUM.

謝謝你，約翰，大家早安。我們的成長故事延續了另一個穩健的季度，並且成長涵蓋了業務、客戶、資產、收入、交易流和人員的整體。Hamilton Lane 團隊在各方面都表現出色，本季的業績也充分反映了這一點。現在來談談收費資產管理規模 (AUM)。

Total fee-earning AUM stood at $74 billion and grew $6.7 billion or 10% relative to the prior year period. Net quarter-over-quarter growth was $2.4 billion or 3%. Fee-earning AUM growth continues to be largely driven by our specialized fund platform. Specifically, our semi-liquid evergreen products continue to experience strong momentum. The combination of our fundraising, new product additions and strong performance has driven the growth of total fund net asset value. Our blended fee rate also continues to benefit from the shift of fee-earning AUM towards higher fee rate specialized funds, most notably our evergreen products. Today, our blended fee rate stands at 64 basis points.

總收費資產管理規模達 740 億美元，較去年同期成長 67 億美元，成長 10%。淨季季增 24 億美元，成長 3%。收費資產管理規模的成長仍然主要由我們的專業基金平台所推動。具體來說，我們的半液態常青產品持續保持強勁勢頭。我們的募集資金、新產品的推出以及強勁的業績相結合，推動了基金淨資產總額的成長。我們的混合費率也持續受益於收費型資產管理規模向費率較高的專項基金的轉變，最顯著的是我們的常青產品。今天，我們的混合費率為 64 個基點。

At quarter-end, customized separate account fee-earning AUM stood at $40 billion and grew $2.1 billion or 5% over the last 12 months. Net quarter-over-quarter growth was $937 million or 2% with the gross contribution stemming from a mix of new client wins. These wins came from both U.S. and non-U.S. prospects and the mandates ranged across geographies and sub-asset classes. We also continue to see re-up activity from existing clients and contributions for investment activity. These gains were offset by fee-based decreases from exit activity and the migration from committed to invested capital in certain accounts.

截至季末，客製化獨立帳戶收費資產管理規模為 400 億美元，在過去 12 個月中成長了 21 億美元，增幅為 5%。淨季度環比成長 9.37 億美元，成長 2%，總貢獻來自於贏得一系列新客戶。這些勝利來自美國和非美國的潛在客戶，並且授權範圍跨越地理和子資產類別。我們也繼續看到現有客戶的重新活動和投資活動的貢獻。這些收益被退出活動的費用減少以及某些帳戶中從承諾資本到投資資本的轉移所抵消。

We maintain large amounts of committed and contractual dry powder to continue to deploy, along with a strong backlog of business that has been won and is now in the contracting phase. As we've mentioned in the past, the sale and contracting dynamic in our SMA business can lead to some unpredictability as to when these dollars come on, but we simply remain focused on winning new business.

我們保留了大量已承諾和已簽訂合約的資金以繼續部署，同時也保留了大量已贏得併目前處於簽約階段的業務積壓。正如我們過去提到的那樣，SMA 業務中的銷售和承包動態可能會導致這些資金何時到來的不可預測性，但我們仍然專注於贏得新業務。

Moving now to specialized funds. Fee-earning AUM ended fiscal Q1 at $34 billion, having grown $4.6 billion over the last 12 months. This represents an increase of 16%. Quarter-over-quarter net growth was $1.4 billion or 4%, largely driven by our Evergreen platform. No material drawdown fund closes have occurred in the past nine weeks since our last quarterly update. We are slated to have a series of closings on our drawdown funds following summer's end.

現在轉向專款。截至第一財季，收費資產管理規模達到 340 億美元，過去 12 個月成長了 46 億美元。這意味著增長了 16%。本季淨成長率為 14 億美元，增幅為 4%，主要得益於我們的 Evergreen 平台。自從我們上次季度更新以來的九週內，沒有發生重大提款基金關閉的情況。我們計劃在夏季結束後對提取的資金進行一系列的關閉。

Quickly running through the various drawdown funds in market. On our last call, we highlighted that we held a close for our sixth equity opportunities funds that would be reflected in this reported quarter. As a reminder, that close totaled $181 million of LP commitments and brought the total amount raised to nearly $1.3 billion.

快速跑通市場上各種回撤資金。在我們上次電話會議上，我們強調，我們已經關閉了第六隻股票機會基金，這將反映在本報告季度。值得一提的是，此次收盤的 LP 承諾總額達到 1.81 億美元，使籌集的總金額達到近 13 億美元。

Of the $181 million, $51 million came in on committed capital management fee basis, while $131 million came in on a net invested capital basis. The $51 million generated $290,000 in retro fees for the quarter. We expect to remain in market into calendar 2026.

在這 1.81 億美元中，有 5,100 萬美元是以承諾資本管理費為基礎的，而 1.31 億美元是以淨投資資本為基礎的。這 5,100 萬美元為本季帶來了 29 萬美元的追溯費用。我們預計將在 2026 年繼續留在市場上。

Our second infrastructure fund has raised nearly $775 million of commitments in and alongside the fund. As a quick refresher, the strategy for this product centers around direct equity and secondaries in the real assets and infrastructure space and generates management fees on a net invested basis. We will remain in market with this fund through the second half of calendar 2025.

我們的第二個基礎設施基金已在該基金內和基金外籌集了近 7.75 億美元的承諾資金。簡單回顧一下，該產品的策略圍繞著實體資產和基礎設施領域的直接股權和二級市場，並根據淨投資產生管理費。到 2025 年下半年，我們將繼續在市場上投資該基金。

Our annual strategic opportunities fund, which is our closed-end direct credit strategy, continues to take an additional capital. And to date, we've raised over $363 million for this current series. As a reminder, this product charges management fees on a net invested basis and is effectively perpetually fundraising as when we close the sleeve, we immediately open another.

我們的年度策略機會基金（即我們的封閉式直接信貸策略）持續吸收額外資本。到目前為止，我們已經為本系列籌集了超過 3.63 億美元。提醒一下，該產品按淨投資額收取管理費，並且實際上在持續籌集資金，因為當我們關閉套筒時，我們會立即打開另一個。

Lastly, we remain in market with our third impact fund. This fund focuses on investing directly into private companies that have a measurable environmental and social impact, and it generates management fees on a committed capital basis. Recall that our first 2 funds in this strategy totaled nearly $100 million and $373 million of commitments, respectively. To date, we've raised over $175 million of investor commitments, and we expect to remain in market into calendar 2026.

最後，我們將繼續在市場上推出第三隻影響力基金。該基金專注於直接投資具有可衡量的環境和社會影響的私人公司，並根據承諾資本產生管理費。回想一下，我們這項策略中的前兩隻基金的承諾總額分別接近 1 億美元和 3.73 億美元。迄今為止，我們已籌集了超過 1.75 億美元的投資者承諾資金，我們預計將在 2026 年繼續留在市場上。

Turning now to our Evergreen platform. It has been about 6 years since we've launched our first evergreen product, and we are very pleased with the progress to date. We continue to grow across every axis, assets, relationships, products, clients and performance.

現在轉向我們的 Evergreen 平台。自從我們推出第一款常青產品以來已有大約 6 年了，我們對迄今為止的進展感到非常滿意。我們在資產、關係、產品、客戶和績效等各個方面都持續成長。

As of June 30, we are approaching over $12.5 billion in total Evergreen AUM. This represents growth of nearly 65% over the last 12 months. Looking at the net flows for the quarter, we took in nearly $1.2 billion across the platform. This marked our first quarter surpassing $1 billion in net inflows with June being our second highest month since we began.

截至 6 月 30 日，我們的 Evergreen AUM 總額已接近 125 億美元。這意味著過去 12 個月的成長幅度接近 65%。從本季的淨流量來看，我們整個平台的營收接近 12 億美元。這標誌著我們第一季的淨流入量超過 10 億美元，其中 6 月是我們成立以來第二高的月份。

This growth has been partially fueled by our strong fund performance. From the start, we've laid out clear return expectations for our partners. And so far, we've met them. Our partners value the experience we deliver, which comes from being thoughtful about how we build portfolios and manage flows. It is consistent intentional work that leads to these results.

這一成長部分得益於我們強勁的基金表現。從一開始，我們就為合作夥伴制定了明確的回報期望。到目前為止，我們已經見過他們了。我們的合作夥伴重視我們提供的經驗，而這種經驗源自於我們對如何建立投資組合和管理流程的深思熟慮。正是持續刻意的努力才帶來了這些成果。

Also fueling growth is the continued execution of our global distribution strategy. Our success has come from a combination of strategic partnerships, technology, a growing in-house distribution team and brand expansion. We also continue to expand the number of relationships across wealth managers. It is this all-encompassing approach that has laid the foundation of what we believe to be driving the success we're seeing now with these 6 new product offerings we've launched over the last 12 months.

我們持續實施的全球分銷策略也推動了成長。我們的成功源於策略合作夥伴關係、技術、不斷成長的內部分銷團隊和品牌擴張的結合。我們也將繼續擴大與財富管理機構的關係數量。我們相信，正是這種包羅萬象的方法奠定了基礎，推動了我們在過去 12 個月內推出的這 6 款新產品的成功。

As a quick refresher, we launched infrastructure products for US and non-US investors, a multi-strategy product for European investors, a secondaries product for US investors and a dedicated venture and growth product for US investors.

簡單回顧一下，我們為美國和非美國投資者推出了基礎設施產品，為歐洲投資者推出了多策略產品，為美國投資者推出了二級產品，並為美國投資者推出了專門的風險投資和成長產品。

Most recently, we announced the launch of what we believe to be a first-of-its-kind fund, focused solely on Asian private market investments. Our significant Asian presence continues to yield substantial and differentiated deal flow that we believe investors will find additive. And while our success has been strong, we will continue to reiterate that we are, A, still at the very beginning of this journey, and B, building and orienting the firm to be running a marathon and not a sprint.

最近，我們宣布推出我們認為是首創的基金，專注於亞洲私人市場投資。我們在亞洲的重要影響力持續帶來大量差異化的交易流，我們相信投資者會發現這些交易流具有附加價值。儘管我們取得了巨大的成功，但我們仍將重申，A 我們仍處於這一旅程的起步階段；B 我們正在建立和引導公司跑一場馬拉松，而不是短跑。

And with that, I'll now pass the call to Jeff to cover the financials.

說完這些，我現在將電話轉給傑夫處理財務事宜。

Thank you, Erik, and good morning, everyone. For this first quarter of fiscal 2026, we continue to generate solid growth in our business. Management and advisory fees were down 4% from the prior year period. However, this includes the impact of $21 million of retro fees from specialized funds, namely the final close for our sixth secondary fund in the prior year period versus $290,000 of retro fees in this quarter stemming from our latest direct equity fund.

謝謝你，艾瑞克，大家早安。2026 財年第一季度，我們的業務持續保持穩健成長。管理和諮詢費用較去年同期下降了 4%。然而，這包括來自專案基金的 2,100 萬美元追溯費用的影響，即去年同期我們第六個二級基金的最終收盤價，而本季我們最新的直接股票基金的追溯費用為 290,000 美元。

As a reminder, investors that come into later closes during a fundraise pay retroactive fees dating back to the fund's first close. Specialized funds revenue decreased by $7 million or 8% compared to the prior year period due to the retro fee impact I just detailed.

提醒一下，在募集資金期間後期結束的投資人需要支付追溯至基金首次結束的追溯費用。由於我剛才詳述的追溯費用影響，專款收入與去年同期相比減少了 700 萬美元，即 8%。

And while specialized fund revenue was down due to the retro fee comparison, specialized fund fee earning AUM increased due primarily to a $4.5 billion increase in our Evergreen platform relative to the prior year period. Overall, specialized fund fee rates continue to remain strong and again, largely due to the continued growth in Evergreen fee-earning AUM.

雖然由於追溯費用比較導致專款收入下降，但專款費用收入 AUM 有所增加，這主要歸因於我們的 Evergreen 平台相對於去年同期增加了 45 億美元。總體而言，專項基金費率持續保持強勁，這在很大程度上是由於 Evergreen 收費型 AUM 的持續成長。

Moving on to customized separate accounts. Revenue increased $1 million or 3% compared to the prior year period due to the addition of new accounts, re-ups from existing clients and continued investment activity. Revenue from our reporting, monitoring, data and analytics offerings increased by over $1 million or 20% compared to the prior year period as we continue to produce strong growth in our technology solutions offering.

繼續客製化單獨的帳戶。由於新帳戶的增加、現有客戶的重新簽約以及持續的投資活動，收入與去年同期相比增加了 100 萬美元或 3%。由於我們的技術解決方案產品持續保持強勁成長，我們的報告、監控、數據和分析產品的收入與去年同期相比增加了 100 多萬美元，即 20%。

Lastly, the final component of our revenue is incentive fees, which totaled $42 million for the quarter. This amount includes $29 million of fee-related performance revenues stemming primarily from the quarterly crystallization of performance fees from our US private assets Evergreen fund as we detailed on our last call.

最後，我們收入的最後一部分是獎勵費，本季總計 4,200 萬美元。這筆金額包括 2,900 萬美元的費用相關績效收入，主要來自我們美國私人資產 Evergreen 基金的季度績效費用結晶，正如我們在上次電話會議上詳細說明的那樣。

Let's turn now to our unrealized carry balance. Balance is up 6% from the prior year period even while having recognized $97 million of incentive fees, excluding fee-related performance revenues during the last 12 months. The unrealized carry balance now stands at approximately $1.3 billion.

現在讓我們來看看未實現的結轉餘額。儘管已確認了 9,700 萬美元的激勵費用（不包括過去 12 個月的費用相關績效收入），但餘額仍比去年同期增加了 6%。目前未實現的結轉餘額約為 13 億美元。

Moving to expenses. Total expenses decreased $8 million compared with the prior year period. Total compensation and benefits decreased by $9 million, driven primarily by lower incentive fee-related compensation. This was offset with higher compensation associated with increased headcount and equity-based compensation. G&A increased slightly by $742,000. We continue to see growth in revenue-related expenses, including the third-party commissions related to our U.S. Evergreen product being offered on wirehouses that we've discussed on prior calls.

轉向開支。總支出與去年同期相比減少了 800 萬美元。總薪酬和福利減少了 900 萬美元，主要原因是與激勵費用相關的薪酬減少。但這一增長被員工人數增加和股權薪酬增加帶來的更高薪酬所抵消。一般及行政開支略有增加，為 742,000 美元。我們繼續看到與收入相關的支出的增長，包括我們在之前的電話會議上討論過的與我們在大型證券公司提供的美國 Evergreen 產品相關的第三方佣金。

Relative to the fourth quarter of fiscal year 2025, we saw a decrease in G&A. This was due to some onetime and timing benefits we experienced this quarter. We will continue to emphasize that while overall G&A expenses has increased over time, the bulk of the increase stems from these revenue-related expenses, which is a good thing and can be an indicator of growth to come. We continue to successfully offset this with cost savings and expense discipline in other parts of the business where we have discretion.

相對於 2025 財年第四季度，我們的 G&A 費用有所下降。這是因為我們本季獲得了一些一次性和時間性的好處。我們將繼續強調，雖然整體 G&A 費用隨著時間的推移而增加，但大部分成長源於這些與收入相關的費用，這是一件好事，可以作為未來成長的指標。我們繼續透過在我們有自由裁量權的其他業務部分節省成本和嚴格控制費用來成功抵消這一影響。

Let's move now to FRE. And just a quick reminder, FRE will now include the fee-related performance revenues that we detailed on the last call. And in addition, we will now be excluding the impact of equity-based compensation in the calculation of FRE.

現在讓我們轉到 FRE。簡單提醒一下，FRE 現在將包括我們在上次電話會議中詳述的費用相關績效收入。此外，我們現在將在計算 FRE 時排除股權薪酬的影響。

With that, FRE for the quarter came in at $84 million and was up 31% relative to the prior year period. FRE margin for the quarter came in at 51% compared to 45% for the prior year period and benefited from strong fee-related performance revenues in the quarter and more muted G&A growth.

其中，本季的 FRE 達到 8,400 萬美元，較去年同期成長 31%。本季的 FRE 利潤率為 51%，而去年同期為 45%，這得益於本季度強勁的費用相關績效收入和較為溫和的 G&A 成長。

I'll wrap up now with some commentary on our balance sheet. Our largest asset continues to be our investments alongside our clients in our customized separate accounts and specialized funds. Over the long term, we view these investments as an important component of our continued growth, and we will continue to invest our balance sheet capital alongside our clients.

現在我將對我們的資產負債表做一些評論。我們最大的資產仍然是我們與客戶一起在客製化的獨立帳戶和專案基金中進行的投資。從長遠來看，我們將這些投資視為我們持續成長的重要組成部分，我們將繼續與客戶一起投資我們的資產負債表資本。

In regard to our liabilities, we continue to be modestly levered, and we'll continue to evaluate utilizing our strong balance sheet in support of continued growth for the firm.

就我們的負債而言，我們繼續保持適度的槓桿率，並將繼續評估利用我們強勁的資產負債表來支持公司的持續成長。

With that, we will now open up the call for questions.

現在，我們將開始提問環節。

(Operator Instructions) Ken Worthington, JPMorgan.

（操作員指示） 摩根大通的肯‧沃辛頓。

I wanted to first dig into the DBS Private Banking relationship. It seems possibly like this is a different spin on distribution for your wealth products. Maybe first, describe what you're doing here? And is there something different? And if there is something different, what is the opportunity to kind of do more of this over time? And are you delivering just asset management solutions? Or is there some component of technology, data or administration that goes along with the relationship?

我想先深入了解星展私人銀行的關係。這似乎可能是對您的財富產品分銷的一種不同解讀。也許首先，描述一下你在這裡做什麼？還有什麼不同嗎？如果有什麼不同，那麼隨著時間的推移，有什麼機會可以做更多這樣的事情？您是否只提供資產管理解決方案？或者是否存在與這種關係相伴隨的技術、數據或管理的某些組成部分？

Sure. Ken, it's Erik. Happy to take that. I think this is simply us doing more of what we've been doing, which is identifying a variety of strategic relationships, utilizing technology, different types of distribution where we can offer our products, services, technology and data in a variety of fashions. I think when you look at the success that we're having in both institutional traditional drawdown world as well as Evergreen, more retail-oriented world, I think it's a combination of factors that's driving that. And I've noted its expansion of relationships. It's expanding within those relationships. It's adding new partnerships that we think are different.

當然。肯，我是埃里克。很高興接受這個。我認為這只是我們在做的事情的進一步發展，即確定各種戰略關係，利用技術，不同類型的分銷，以便我們能夠以各種方式提供我們的產品、服務、技術和數據。我認為，當你看到我們在機構傳統提取領域以及常青、更注重零售的領域所取得的成功時，我認為這是多種因素共同推動的結果。我注意到它的關係不斷擴展。它在這些關係中不斷擴展。它增加了我們認為不同的新合作關係。

One of the things that we're seeing, particularly when we're now talking about accessing the retail investor is that we need to meet the customer where they are and these customers are not homogeneous. They are looking to transact in different ways. Some want to exist in a digital world, and so we're going to have to transact with them in more of a tokenized fashion. Some are going to continue to transact very traditionally through wealth advisers. Others are going to access through different technology platforms. And for Hamilton Lane, we're simply focused on making sure that we are having our goods and services available in all of those various channels.

我們看到的一件事，特別是當我們現在談論接觸散戶投資者時，我們需要在客戶所在的地方與他們會面，而這些客戶並不是同質的。他們正在尋求以不同的方式進行交易。有些人希望存在於數位世界中，因此我們必須以更標記化的方式與他們進行交易。有些人將繼續透過財富顧問進行非常傳統的交易。其他人將透過不同的技術平台進行訪問。對 Hamilton Lane 來說，我們只是專注於確保我們的商品和服務能夠透過各種管道提供。

Okay. I guess I respect that, but it does seem like this is different here. Like what you're doing through the wirehouses is delivering a product and you're a solutions-based company. This seems to be a solution. So again, it seems to be different. And it's in Asia, it would seem like there might be potentially more to do similarly to this elsewhere. And it also seems to me like products maybe can come and go, but the relationship sort of persists. So am I just reading too much into what this is?

好的。我想我尊重這一點，但這裡的情況似乎確實有所不同。就像您透過大型證券公司所做的那樣，您是一家提供解決方案的公司。這似乎是一個解決方案。所以再次看來，情況似乎有所不同。而且它是在亞洲，似乎在其他地方可能有更多類似的事情要做。在我看來，產品或許可以來來去去，但這種關係卻依然存在。那麼我是不是對此過度解讀了呢？

No, it's Erik again. I don't. I think this is differentiated. It's a differentiated platform and the services that we're offering through that are more customized around what they and their client at the end of the day is looking for. And I think this sort of goes to my earlier point of the clients and the customers are not all looking for the same thing in the same fashion.

不，又是艾瑞克。我不知道。我認為這是有所區別的。這是一個差異化的平台，我們透過該平台提供的服務更加客製化，以滿足他們和他們的客戶最終的需求。我認為這與我之前的觀點相符，即客戶和顧客並不都以同樣的方式尋找相同的東西。

And so I think you should expect to see that you will see additional announcements as we are simply aligning with different kinds of distribution partners who are accessing their own type of customer that is comfortable operating on their particular platform. And yes, we agree that we can expand. We can do more. We can do more of these. All of that, we see as a fantastic opportunity in front of us.

因此，我認為您應該會看到更多公告，因為我們只是與不同類型的分銷合作夥伴保持一致，他們正在接觸自己類型的客戶，這些客戶可以在他們的特定平台上舒適地運作。是的，我們同意我們可以擴大。我們可以做得更多。我們可以做更多這樣的事。我們認為這一切都是擺在我們面前的絕佳機會。

Just administratively, how far along is fund -- Secondary Fund VI invested, have you started to more actively market Fund VII?

從管理角度來看，基金－二級基金 VI 的投資進度如何？您是否已經開始更積極地推銷基金 VII？

So we have not started -- this Erik again. We've not started to actively market the next fund. We are more than halfway through. So while we're putting up significant amounts of activity on the secondary investment side. We are deploying capital in that space across a multitude of vehicles, including the traditional commingled secondary fund as well as a number of those activities are flowing into Evergreen and SMAs. But we're investing at a good clip. We continue to see tremendous deal flow, really unique opportunities. We've been generating significant performance there. And so the fundraising for the next fund will be coming in the near future.

所以我們還沒開始——又是這個艾瑞克。我們還沒有開始積極推銷下一檔基金。我們已經完成了一半以上。因此，我們在二級投資方面投入了大量精力。我們正在透過多種工具在該領域部署資本，包括傳統的混合二級基金，許多此類活動都流入 Evergreen 和 SMA。但我們的投資速度很快。我們繼續看到大量的交易流，真正獨特的機會。我們在那裡取得了顯著的業績。因此，下一輪基金的募集將在不久的將來開始。

Michael Cyprys, Morgan Stanley.

摩根士丹利的邁克爾·賽普里斯。

This is Steph on for Mike. Maybe just diving into the customized separate account growth. Nice to see that organic growth accelerating. I recall last quarter, you had called out elongated sales cycle. Just curious how would you rank order some of the drivers of the reacceleration this quarter between new sales, re-ups or investment activity? And then how to think about that pipeline here as we look out?

這是史蒂芬 (Steph) 代替邁克 (Mike)。也許只是深入研究定制的獨立帳戶增長。很高興看到有機成長正在加速。我記得上個季度，您曾提到延長銷售週期。我只是好奇，您如何對本季重新加速的一些驅動因素進行排序：新銷售、再銷售或投資活動？那麼，當我們觀察時，該如何看待這裡的管道呢？

Thanks for the question. It's Erik. So it's all of that. And I think what I said last quarter, and I will reiterate again, the sales cycle for SMAs is not short. So I think people should be confident in the fact that the flows that we're seeing coming in this quarter were certainly not started in the sales cycle in this quarter. So we're not identifying marketing to and closing and doing that in a couple of month time period. Process takes longer than that.

謝謝你的提問。是埃里克。就是這樣。我認為我上個季度說過，我將再次重申，SMA 的銷售週期並不短。因此，我認為人們應該有信心，我們在本季看到的流量肯定不是在本季的銷售週期中開始的。因此，我們不會確定行銷目標，也不會在幾個月的時間內完成行銷。這個過程需要更長的時間。

And so what I've been saying is, we have a huge pipeline of business that we are both working on. And in a number of cases, we've already won that we're just simply moving through the contracting phase. And so that just takes time with some of these customers and then we start to activate. So this quarter, what you saw was brand-new wins getting contracted and activated. You're seeing existing customers re-up getting contracted and activated, and you're seeing an increase in investment activity, which was also causing that fee basis to go up.

所以我一直在說的是，我們都在致力於一個龐大的業務管道。在很多情況下，我們已經取得了勝利，只是進入了簽約階段。因此，這只需要花一些時間與這些客戶溝通，然後我們就開始採取行動。因此，本季度，您看到的是全新的勝利得到簽約和激活。您會看到現有客戶重新簽約並激活，並且投資活動增加，這也導致費用基礎上升。

Okay. Great. And then maybe just one more for me on cap markets. Some of the GPs are noting that the DPI drought that's seen some signs of relief here, especially if this better macro persists. I think your incentive fees been lighter over the last two quarters or so. Just curious what's that pipeline you're seeing and then how to think about the incentive fee trajectory into the back half of this year and next year?

好的。偉大的。然後我可能還想再問一個關於資本市場的問題。一些 GP 注意到，DPI 乾旱已經出現了一些緩解的跡象，特別是如果這種更好的宏觀經濟持續下去的話。我認為過去兩個季度左右你們的激勵費用有所減少。只是好奇您看到的管道是什麼樣的，然後如何看待今年下半年和明年的激勵費用軌跡？

Sure. It's Erik. I would certainly agree with the comments that you've been hearing from others, which is to the extent that a positive macro backdrop continues to exist, that's going to make exit opportunities more plentiful. I would say that if you look at our data, average hold periods are right now hovering around 5 years. So a lot of the transactions are not yet actually at that age.

當然。是埃里克。我當然同意你從其他人那裡聽到的評論，即只要積極的宏觀背景繼續存在，退出機會就會更加豐富。我想說的是，如果你看一下我們的數據，平均持有期目前徘徊在 5 年左右。因此，很多交易實際上尚未達到那個年齡。

So I think it's a combo. It's aging of the assets, which we're certainly seeing because time is marching forward, combined with a better economic environment. For us, we have seen -- so while the last 2 quarters have been a little light relative to historical averages, if you look prior to that, we had pulled out a fair amount of carry that had already come through the system. So I don't find that particularly surprising. But yes, I would echo that if we continue to see the macro remain at or better to where it is now, I would expect to see exit activity increasing in the back half of the year.

所以我認為這是一個組合。這是資產老化的問題，我們確實看到了這一點，因為時間在前進，再加上經濟環境的改善。對我們來說，我們已經看到——儘管過去兩個季度相對於歷史平均水平來說有些輕鬆，但如果你看一下之前的情況，我們已經從系統中抽取了相當多的收益。所以我並不覺得特別奇怪。但是的，我同意，如果我們繼續看到宏觀經濟保持在目前的水平或更好，我預計今年下半年退出活動將會增加。

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作員指示）高盛的 Alex Blostein。

Well, I was hoping you guys could double-click into the Evergreen fund. And specifically, I was curious on the institutional demand you guys have seen within that product, both in terms of the existing base, if you think about the sort of fee-paying AUM in the evergreen products, how much of that is comprised from maybe some of the smaller institutional accounts? And as you think about the growth forward, is that all sort of new incremental demand you're seeing to the firm? Or do you think some of that is coming out of whether separate accounts or other specialized vehicles?

好吧，我希望你們能夠加入 Evergreen 基金。具體來說，我很好奇你們在該產品中看到的機構需求，無論是從現有基礎來看，如果您考慮常青產品中的付費 AUM 類型，其中有多少可能來自一些較小的機構帳戶？當您考慮未來的成長時，您是否看到公司出現了各種新的增量需求？或者您認為其中一些資金來自獨立帳戶或其他專用工具？

Sure, Alex. It's Erik. I'll take that. I think what we said last call was that if you look at the totality of our flows, about 15% or so was coming from institutional investors into Evergreen and the 85% was coming from traditional retail wealth. I don't -- I'm sure that will move quarter-to-quarter. But I think if you look at the sort of the larger trend, we're not seeing any sort of significant change in how people are utilizing the products from nine weeks ago to today.

當然，亞歷克斯。是埃里克。我會接受的。我認為我們上次所說的是，如果你看一下我們的總資金流，大約 15％ 左右來自 Evergreen 的機構投資者，而 85％ 來自傳統的零售財富。我不知道——我確信這會逐季度改變。但我認為，如果從更大的趨勢來看，我們並沒有看到從九週前到今天人們使用產品的方式發生任何顯著變化。

And I think if you drill in and look at the institutional customer who is utilizing the evergreen product, I think you're seeing a multitude of types. One is a smaller customer that historically probably accessed the asset class via a fund-to-funds vehicle. They are too small for an SMA. And so their choices to date since most of us don't really offer fund-to-fund vehicles anymore, was to either go into something like a co-investment fund or a secondary fund that while it provides a nice amount of diversification is not nearly as diversified as some of our evergreen products.

我認為，如果你深入研究並觀察使用常青產品的機構客戶，你會看到多種類型。一個是較小的客戶，過去可能透過基金對基金工具來取得資產類別。它們對於 SMA 來說太小了。因此，由於我們大多數人實際上不再提供基金對基金工具，因此他們迄今為止的選擇是要么進入共同投資基金或二級基金之類的基金，雖然它提供了相當程度的多樣化，但遠不如我們的一些常青產品那麼多樣化。

And so those clients either were sitting on the sidelines and doing nothing and now are reemerging, or in some cases, they're deciding to toggle from one type of product offering to something else. The other type of customer that we're seeing on the institutional side is actually a larger institutional customer who is seeing that the evergreen product is a portfolio management tool. If you're thinking as a CIO of a plan sponsor or sovereign wealth fund, endowment foundation, et cetera, and you wanted to put on a, for example, a credit overweight into your portfolio in the private markets.

因此，這些客戶要么袖手旁觀，無所作為，現在又重新出現，要么在某些情況下，他們決定從一種產品轉向另一種產品。我們在機構方面看到的另一種類型的客戶實際上是較大的機構客戶，他們認為常青產品是一種投資組合管理工具。如果您是計劃發起人或主權財富基金、捐贈基金會等的首席資訊官，並且您想在私人市場的投資組合中增加信貸權重。

Doing that with the drawdown fund takes a lot of time because by the time you identify the managers they actually call down the capital, you build up the exposure, years could have passed. In fact, years likely would have passed. And so it became very hard to tactically operate into toggle your portfolio. With these evergreen products being fully invested, it gives you a real portfolio tool that if you wanted to put on an overweight or take off of an overweight, you can do that now with real ease and simplicity.

使用提取基金來做到這一點需要花費大量時間，因為當你確定經理人時，他們實際上會提取資本，你就會累積風險敞口，而這可能需要數年的時間。事實上，可能已經過去好幾年了。因此，透過戰術操作來切換你的投資組合變得非常困難。透過對這些常青產品進行充分投資，它為您提供了一個真正的投資組合工具，如果您想增加或減少超重，您現在可以輕鬆簡單地做到這一點。

Again, I'm going to go back to my, it's a marathon, not a sprint. And part of that is you're in early stages of educating and having customers see how these products can be used, how they can be used tactically. And so I think we're going to continue to watch this evolve. But I don't see this as pure cannibalization. I see this as really market expansion primarily, and we think that's a very good thing.

再說一次，我要回到我的主題，這是一場馬拉松，而不是短跑。其中一部分是，您正處於教育的早期階段，讓客戶了解如何使用這些產品，如何策略性地使用它們。所以我認為我們將繼續關注這一事態的發展。但我並不認為這是純粹的蠶食。我認為這主要是真正的市場擴張，我們認為這是一件非常好的事情。

Yeah. That's helpful. One just quick cleanup question for you guys on the expenses for the quarter. I think I heard you say on G&A, there was a little bit of a onetime helper, but I think last quarter was also particularly elevated. So maybe kind of help us frame what G&A outlook could look like for the firm as you look into the back half of fiscal or rather calendar 2025? And any framework to kind of think about G&A growth from there?

是的。這很有幫助。我只想向大家簡單問一下關於本季費用的問題。我想我聽到你說過，在 G&A 方面，有一點一次性的幫助，但我認為上個季度也特別高。那麼，當您展望 2025 財年下半年或更確切地說是 2025 年曆時，也許您可以幫助我們描繪出公司的 G&A 前景是什麼樣的？有沒有什麼框架可以考慮從那裡開始的 G&A 成長？

Yeah. This is Jeff Armbrister. Thanks for the question. So we're thinking about it internally that this is about a $33 million per quarter expense. I mean that being said, remember, we've got a portion of that, that is tied to the revenue on PAF and from the commissions from the wirehouses that are associated with that.

是的。這是傑夫·阿姆布里斯特。謝謝你的提問。因此，我們內部認為這大約是每季 3,300 萬美元的支出。我的意思是，請記住，我們已經獲得了其中的一部分，這與 PAF 的收入以及與之相關的證券公司的佣金有關。

But we've been able to generate savings and through our initiatives and cost expense controls, which have been very helpful and offset those increased commissions as well. And as we think about the onetime impact, it's about a couple of million dollars.

但是，透過我們的措施和成本費用控制，我們已經能夠實現節約，這非常有幫助，也抵消了增加的佣金。當我們考慮一次性影響時，它大約有幾百萬美元。

So all in all, I think we've been outperforming that $33 million kind of target that we've had, but we expect that there will continue to be some increases as we continue to generate revenue from the wirehouses and pay those associated commissions.

總而言之，我認為我們已經超越了 3300 萬美元的目標，但我們預計，隨著我們繼續從大型經紀公司創造收入並支付相關佣金，收入將繼續增長。

Thank you. There are no further questions at this time. I'd like to turn the call over to Erik Hirsch, Co-Chief Executive Officer, for closing comments. Sir, please go ahead.

謝謝。目前沒有其他問題。我想將電話轉給聯合首席執行官埃里克·赫希 (Erik Hirsch) 來做最後評論。先生，請繼續。

Great. Thank you, everyone, for the time. We're very pleased with the quarter. We are very optimistic about what we see ahead of us, and the Hamilton Lane team continues to operate strongly. So we look forward to the next call. Thank you very much.

偉大的。謝謝大家抽出時間。我們對本季的表現非常滿意。我們對未來充滿樂觀，漢密爾頓巷隊將繼續保持強勁勢頭。因此我們期待下一次通話。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。