Hamilton Lane Inc (HLNE) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Hamilton Lane fiscal second-quarter 2026 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, November 4, 2025.

女士們、先生們，早安，歡迎參加 Hamilton Lane 2026 財年第二季財報電話會議。（操作員指示）本次通話於2025年11月4日星期二進行錄音。

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

現在我將把會議交給股東關係主管約翰‧吳先生。請繼續。

Thank you, Danny. Good morning, and welcome to the Hamilton Lane Q2 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，丹尼。早上好，歡迎參加 Hamilton Lane 2026 財年第二季財報電話會議。今天，我將與聯合執行長埃里克·赫希和首席財務長傑夫·阿姆布里斯特一起出席。今天早些時候，我們發布了一份新聞稿和一份幻燈片演示文稿，這些內容都可以在我們的網站上找到。

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.

在討論本季業績之前，我們想提醒各位，我們將發表一些前瞻性聲明。前瞻性聲明討論了我們目前對財務狀況、經營業績、計劃、目標、未來業績和業務的預期和預測。這些前瞻性聲明並不保證未來的事件或業績，並且存在風險和不確定性，可能導致我們的實際結果與預測的結果有重大差異。

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 表格以及我們隨後向美國證券交易委員會提交的報告中的警示性聲明和風險因素。這些前瞻性聲明僅代表截至今日的觀點，除法律要求外，我們不承擔更新或修改其中任何內容的義務。

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. Our full financial statements 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.

我們也會參考一些我們認為對評估公司績效很重要的非GAAP指標。可以在 Hamilton Lane 網站股東專區提供的獲利簡報資料中找到這些非 GAAP 指標與 GAAP 指標的調整表。我們的完整財務報表將在提交 10-Q 表格時公佈。請注意，本次電話會議中的任何內容均不構成出售 Hamilton Lane 任何產品的要約或購買 Hamilton Lane 任何產品的要約邀請。

Let's begin with the highlights, and I'll start with our total asset footprint. At quarter end, our total asset footprint stood at just over $1 trillion and represents a 6% increase to our footprint year-over-year. While this number can and will swing quarter-to-quarter due to our AUA, it is worth noting that this is the first time the firm has crossed over the $1 trillion mark.

讓我們先從重點說起，我先從我們的總資產規模開始。截至季末，我們的總資產規模略高於 1 兆美元，比上年同期成長了 6%。雖然由於我們的資產管理規模 (AUA) 會逐季度波動，但值得注意的是，這是該公司首次突破 1 兆美元大關。

AUM stood at $145 billion and grew $14 billion or 11% compared to the prior year period. The growth came from both our specialized funds and customized separate accounts. AUA came in at $860 billion and grew $44 billion or 5% 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.

資產管理規模達 1,450 億美元，較上年同期成長 140 億美元，增幅達 11%。成長主要來自我們的專款和客製化獨立帳戶。AUA 達到 8,600 億美元，比上年同期成長 440 億美元，增幅為 5%。這主要源於市場價值的成長以及各種技術解決方案和後台業務的增加。

Total management and advisory fees for the year-to-date period were up 6% year-over-year. This year-over-year change includes the impact of $20.7 million of retro fees in the prior year period versus $800,000 in the current year period. Total fee-related revenue for the period, which is the sum of management fees and fee-related performance revenue was $321.6 million and represents 23% growth year-over-year.

今年迄今的總管理和諮詢費用年增 6%。與去年同期相比，這項變更包括去年同期 2,070 萬美元的追溯費用與本年同期 80 萬美元的追溯費用之間的差異。該期間的總費用相關收入（即管理費和費用相關業績收入總和）為 3.216 億美元，較去年同期成長 23%。

Fee-related earnings were $160.7 million year-to-date and represent 34% growth year-over-year. We generated fiscal year-to-date GAAP EPS of $2.98 based on $124.6 million of GAAP net income and non-GAAP EPS of $2.86 based on $155.7 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.

今年迄今為止，費用相關收入為 1.607 億美元，年增 34%。本財年迄今為止，我們根據 GAAP 淨收入 1.246 億美元，實現了 2.98 美元的 GAAP 每股收益；根據調整後淨收入 1.557 億美元，實現了 2.86 美元的非 GAAP 每股收益。本季我們也宣布派發每股 0.54 美元的股息，這將使我們有望實現比上個財年增長 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.

接下來，我將把電話交給艾瑞克。

Thank you, John, and good morning, everyone. We have had another very strong quarter. Our job is difficult but not complicated. Take care of the customer, build thoughtfully constructed portfolios, deliver strong risk-adjusted returns. We did all of those things this quarter, and the reward for that is being entrusted with more clients and more capital. Let me start here by recognizing the hard work and dedication of the entire team at Hamilton Lane. Our unrelenting focus on delivering for our clients has continued to fuel our growth and success.

謝謝你，約翰，大家早安。我們又迎來了一個非常強勁的季度。我們的工作雖然困難，但並不複雜。用心服務客戶，精心建構投資組合，實現穩健的風險調整後效益。本季我們完成了所有這些工作，因此獲得了更多客戶的信任和更多資金。首先，我要對漢密爾頓巷全體團隊的辛勤工作和奉獻精神表示感謝。我們始終堅持為客戶提供優質服務，這持續推動著我們的發展和成功。

As I said before, we're building Hamilton Lane for the long term. Every decision we make is about positioning ourselves for sustainable growth and success well into the future. This quarter was another great example of that approach. We extended our product offerings, including the launch of additional Evergreen products. And just yesterday, we announced a significant new strategic partnership.

正如我之前所說，我們建造漢密爾頓巷是為了長遠發展。我們所做的每一個決定都是為了在未來實現永續成長和成功。本季是這種做法的又一個很好的例子。我們擴大了產品範圍，包括推出更多 Evergreen 產品。就在昨天，我們宣布了一項重要的全新策略夥伴關係。

Let me dive into some initial details on that now. Guardian Life Insurance Company of America has partnered with Hamilton Lane to be their core strategic partner within the private equity markets. Guardian is one of the nation's largest life insurers and a leading provider of employee benefits. With this partnership, Hamilton Lane will take on the management of Guardian's current and future private equity portfolio.

現在讓我來詳細介紹一下這方面的一些初步細節。美國衛安人壽保險公司已與漢密爾頓巷公司建立合作關係，後者將成為其在私募股權市場的核心策略合作夥伴。Guardian是美國最大的壽險公司之一，也是領先的員工福利提供者。透過此次合作，Hamilton Lane 將接管 Guardian 當前和未來的私募股權投資組合的管理工作。

Hamilton Lane will oversee Guardian's existing private equity portfolio of nearly $5 billion, and Guardian will also commit to invest approximately $500 million per year for the next 10 years with Hamilton Lane. This commitment maintains Guardian's typical annual contribution to the asset class and supports its general account target allocation goals. This capital will be managed by Hamilton Lane through a separately managed account and, like most of our current SMAs, will include meaningful capital into our various investment funds.

Hamilton Lane 將負責管理 Guardian 現有的近 50 億美元的私募股權投資組合，Guardian 也將承諾在未來 10 年內每年向 Hamilton Lane 投資約 5 億美元。這項承諾維持了 Guardian 對該資產類別的年度典型投入，並支持其一般帳戶目標配置目標。這筆資金將由 Hamilton Lane 透過獨立管理的帳戶進行管理，並且像我們目前的大多數獨立管理帳戶一樣，會將相當數量的資金投入到我們的各種投資基金中。

Part of the earlier capital deployment will be $250 million being used as seed and investment capital to help further expand and accelerate our growing global Evergreen platform. To support the partnership's shared goals of accelerating growth and driving value creation, Guardian will receive HLNE equity warrants and additional financial incentives.

早期資本部署的一部分將包括 2.5 億美元，用作種子和投資資本，以幫助進一步擴展和加速我們不斷發展的全球 Evergreen 平台。為了支持雙方加速成長和推動價值創造的共同目標，Guardian 將獲得 HLNE 的股權認股權證和額外的財務激勵。

We will also partner with Guardian's registered broker-dealer and registered investment adviser, Park Avenue Securities, and look to deliver investment solutions for their clients and provide strategic support and education on the private equity markets for their 2,400 advisers who collectively cover approximately $58.5 billion of client assets as of December 31, 2024.

我們還將與 Guardian 的註冊經紀交易商和註冊投資顧問 Park Avenue Securities 合作，為他們的客戶提供投資解決方案，並為他們 2400 名顧問提供私募股權市場的策略支援和教育。截至 2024 年 12 月 31 日，這些顧問管理的客戶資產總額約為 585 億美元。

In addition, the Guardian investment professionals currently supporting the private equity portfolio are expected to join Hamilton Lane after the transaction closes. Overall, we believe this partnership is a testament to our ability to provide customized solutions to the world's leading institutions. In recent years, the convergence of private market asset management and the insurance industry have taken on a variety of partnership forms. This evolving and growing opportunity set has been a focus for us as we have been scaling our insurance solutions platform to over $119 billion.

此外，目前為私募股權投資組合提供支援的 Guardian 投資專業人員預計將在交易完成後加入 Hamilton Lane。總而言之，我們相信此次合作證明了我們有能力為世界領先的機構提供客製化解決方案。近年來，私募資產管理與保險業的整合呈現多種合作形式。隨著我們將保險解決方案平台規模擴大到超過 1,190 億美元，不斷湧現和發展的機會一直是我們的關注重點。

In 2024, we formalized this focus when we announced the forming of a dedicated insurance solutions team. Our aim was straightforward, bring greater intentionality to how we serve insurers, deepen our expertise and relationships and elevate our ability to execute at a strategic level for this sophisticated client set.

2024 年，我們正式確立了這個策略重點，宣布成立專門的保險解決方案團隊。我們的目標很明確，就是更有目的地服務保險公司，深化我們的專業知識和關係，並提升我們為這類成熟的客戶群提供策略層面服務的能力。

We believe the partnership with Guardian is a proof statement to these efforts. We are thrilled to have been selected by Guardian with this critical task of delivering for their policyholders with the goal that their private equity portfolio will continue to thrive. Jeff will provide some more specifics on the expected financial impact in his section shortly.

我們相信與 Guardian 的合作就是這些努力的最佳證明。我們非常榮幸被 Guardian 選中，承擔這項至關重要的任務，為他們的保單持有人提供服務，目標是確保他們的私募股權投資組合繼續蓬勃發展。Jeff 將在稍後的章節中提供更多關於預期財務影響的具體資訊。

Before I turn to our results, I'd like to share my perspective on the current popular narrative, that being that the industry is on some verge of a broader credit crisis. Today, we see no data to support this notion, particularly within the context of private credit. In fact, we are seeing a further reduction of what was already a very low bankruptcy rate.

在介紹我們的研究結果之前，我想分享我對當前流行觀點的看法，即該行業正處於更廣泛的信貸危機的邊緣。目前，我們沒有看到任何數據支持這種觀點，尤其是在私人信貸領域。事實上，我們看到原本就非常低的破產率進一步下降。

What we do see happening is simple. There have been a tiny number of high-profile bankruptcy filings, and the broader public market has extrapolated this to believe a credit crisis is looming. I will note with some irony that some of the parties were warning about the impending doom are some of the exact same parties with losses stemming from these recent bankruptcies, seemingly saying, well, yes, I have a problem, and I'm taking a large charge-off, but I'm likely not alone. I bet others also have problems.

我們看到的情況很簡單。雖然只有少數幾起備受矚目的破產申請，但更廣泛的公開市場卻據此推斷，一場信貸危機即將到來。諷刺的是，一些發出末日警告的各方，恰恰是那些因最近的破產而遭受損失的各方，他們似乎在說，好吧，是的，我遇到了問題，我正在進行大規模的沖銷，但我可能並不孤單。我敢肯定其他人也有同樣的問題。

Coming back to the data. Credit fundamentals are strong and defaults are low. Today, leverage levels remain prudent around 5 times and are down a full turn from 2022. Interest coverage also remains healthy at 2.8 times, having moved up 0.5 turn over the past two years. Today, the default rate sits at around 1%, below the historical average of 2.5% and well below the levels seen during the global financial crisis, where overall default rates peaked to near 10%. But even that statistic is noteworthy.

回到數據本身。信貸基本面強勁，違約率低。目前槓桿水平仍保持在 5 倍左右的謹慎水平，比 2022 年下降了一整倍。利息保障倍數也保持健康，為 2.8 倍，過去兩年提高了 0.5 倍。如今，違約率約為 1%，低於 2.5% 的歷史平均水平，也遠低於全球金融危機期間的水平，當時整體違約率峰值接近 10%。但即使是這個統計數據也值得注意。

In the midst of the global financial crisis, total bankruptcies and credit losses grew to 10%, but most of our managers were in the low single digits and still generated positive performance during that period. In fact, private credit as a whole posted positive annual returns each of the years from 2007 through 2010 at approximately 9% to 10% per annum. Top quartile private equity -- private credit managers were doing even better with returns over 12%.

在全球金融危機期間，破產和信貸損失總額增長至 10%，但我們大多數經理的損失率都保持在個位數，並且在此期間仍然取得了正業績。事實上，從 2007 年到 2010 年，私人信貸整體每年都取得了正的年回報率，約為每年 9% 至 10%。排名前四分之一的私募股權——私募信貸經理表現更佳，回報率超過 12%。

Private credit outperformed the S&P Leveraged Loan Index in each of those years. When we peer inside our own direct credit portfolio, we see more of the same, growing top line and cash flows, prudent leverage levels and near zero losses on investments. This is the power of having actual data on a large segment of the industry and not living and prognosticating via anecdotes.

在這些年份裡，私募信貸的表現均優於標普槓桿貸款指數。當我們檢視自己的直接信貸組合時，會發現情況大同小異，收入和現金流不斷增長，槓桿水平穩健，投資損失幾乎為零。這就是擁有行業內大部分實際數據，而不是依靠軼事進行生活和預測的力量。

Our database covers nearly 65,000 funds and 165,000 total private companies. We have great insight as to what is happening inside these entities. We have the visibility and we know the reality. This remains one of our strengths to customers, the ability to provide more clarity and transparency in an opaque world.

我們的資料庫涵蓋近 65,000 個基金和 165,000 家私人公司。我們對這些機構內部發生的事情有著深刻的了解。我們掌握了情況，也了解真相。在資訊不透明的世界中，我們依然能夠為客戶提供更清晰、更透明的訊息，這仍然是我們的優勢之一。

Let me turn now to a few business highlights, and I'll start with fee-earning AUM. Total fee-earning AUM stood at $76.4 billion and grew $6.7 billion or 10% relative to prior year period. Net quarter-over-quarter growth was $2 billion or 3%. Fee-earning AUM growth continues to be largely driven by our specialized fund platform.

現在讓我來介紹幾個業務亮點，首先是收費資產管理規模。總收費資產管理規模為 764 億美元，較上年同期成長 67 億美元，增幅達 10%。季度季淨增長20億美元，增幅為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驅動。

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 65 basis points. This is up 8 basis points or 14% since we went public in 2017.

具體來說，我們的半流動性 Evergreen 產品持續保持強勁的成長勢頭。募資、新產品推出和強勁的業績表現共同推動了基金總淨資產值的成長。我們的綜合收費率也持續受益於收費資產管理規模向高收費專業基金（尤其是我們的常青產品）的轉移。目前，我們的綜合費率為 65 個基點。自 2017 年上市以來，這一數字上升了 8 個基點，即 14%。

At quarter end, customized separate account fee-earning AUM stood at $40.8 billion and grew $1.4 billion or 4% over the last 12 months. Net quarter-over-quarter growth was $517 million or 1% with the gross contribution stemming from a mix of new client wins, free-up activity from existing clients, and contributions for investment activity. This was offset by returns of capital from exit activity and the timing mismatch of existing client legacy tranches rolling off and new tranches yet to come on.

截至季末，客製化獨立帳戶收費資產管理規模為 408 億美元，在過去 12 個月中成長了 14 億美元，增幅為 4%。淨環比成長 5.17 億美元，增幅 1%，總貢獻來自新客戶的增加、現有客戶的釋放活動以及投資活動的貢獻。退出活動帶來的資本返還以及現有客戶遺留批次到期和新批次即將到期之間的時間錯配抵消了這一損失。

That said, we continue to maintain large amounts of committed and contractual dry powder 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 scale 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. And further, these quarter end numbers do not reflect the impact of the Guardian partnership I discussed earlier.

儘管如此，我們仍然擁有大量已承諾和已簽訂合約的可用資金，以及大量已贏得並正在簽訂合約的業務儲備。正如我們過去所提到的，SMA 業務的規模和合約動態可能會導致資金何時到帳存在一些不確定性，但我們始終專注於贏得新業務。此外，這些季度末數據並未反映出我之前討論過的與《衛報》合作的影響。

Let's move now to specialized funds, and I'll spend a few moments and provide some updates on our closed-end fundraises and Evergreen platform. Specialized funds fee-earning AUM ended fiscal Q2 at $35.6 billion, having grown $5.3 billion over the last 12 months. This represents an increase of 17%. Quarter-over-quarter net growth was $1.5 billion or 4%. Specialized fund fee-earning AUM growth continues to be largely driven by our Evergreen platform, both in net inflows and net asset value growth, closes for certain closed-end funds in market and continued robust investment activity for those closed-end funds that derive their management fees on an invested capital basis.

現在讓我們來談談專款，我將花幾分鐘時間介紹我們的封閉式募資和 Evergreen 平台的最新情況。專業基金收費資產管理規模在第二財季末達到 356 億美元，在過去 12 個月中成長了 53 億美元。這相當於成長了17%。季度季淨增長15億美元，增幅為4%。專業基金收費資產管理規模的成長主要由我們的 Evergreen 平台推動，無論是淨流入或淨資產價值成長，都得益於市場上某些封閉式基金的關閉，以及那些按投資資本收取管理費的封閉式基金持續強勁的投資活動。

On the closed-end side of our lineup, we remain in market with our six equity opportunities funds. As a current reminder, this fund focuses on direct equity investments alongside leading general partners and offers two fee arrangements that either charge management fees on a committed capital basis and a 10% carry or on a net invested basis with a 12.5% (technical difficulty) the same arrangement and raised $2.1 billion. During the quarter, we held additional closes that totaled [$246 million] (technical difficulty) and brought the total amount raised to nearly $1.6 billion.

在封閉式基金方面，我們仍持有六隻股票機會基金。再次提醒，基金專注於與領先的普通合夥人進行直接股權投資，並提供兩種收費安排：一種是按承諾資本收取管理費，並收取 10% 的收益分成；另一種是按淨投資額收取管理費，並收取 12.5% 的收益分成。 （技術難題）同樣的安排已籌集了 21 億美元。本季度，我們額外完成了總額為 2.46 億美元的融資（技術困難），使融資總額接近 16 億美元。

Of the [$246 million] (technical difficulty) came in on a committed capital basis and $158 million came in on a net invested basis, which brings the total mix of capital raised to nearly 30% on committed and 70% on net invested. We have clear visibility into near-term expected closes that we expect will bring the total capital raise to over $2 billion, and we have a strong line of sight to exceed the prior fund over the coming months.

在（技術困難）的 2.46 億美元中，有 1.58 億美元是以承諾資本為基礎籌集的，另有 1.58 億美元是以淨投資為基礎籌集的，這使得籌集的資本總額中，承諾資本佔比接近 30%，淨投資資本佔比接近 70%。我們清楚地看到近期預期完成的交易將使總募資額超過 20 億美元，並且我們很有希望在未來幾個月內超越先前的基金規模。

Moving to our second infrastructure fund. We continue to make great progress with the second fund and have nearly doubled what was raised for our first fund. This is a good example of us launching a product, starting small, demonstrating strong performance, gaining trust from investors to support a larger product. As a quick refresher, the strategy for this product centers around direct equity and secondaries in the real assets and infrastructure space, and the fund generates management fees on a net invested basis.

接下來介紹我們的第二筆基礎設施基金。第二期基金的進展非常順利，我們籌集的資金幾乎是第一期基金的兩倍。這是一個很好的例子，說明我們如何推出一款產品，從小規模做起，展現出強勁的性能，贏得投資者的信任，從而支持推出更大規模的產品。簡單回顧一下，該產品的策略主要圍繞在實體資產和基礎設施領域的直接股權和二級市場投資，基金以淨投資額收取管理費。

During the quarter, we held additional closes that totaled $270 million of LP commitments, which now brings the total raise to over $1.1 billion in and alongside the fund. Again, at this point, we have nearly doubled the size of our first infrastructure fund, which speaks to our ability to execute new product launches and scale them effectively.

本季度，我們又完成了部分募資，獲得了總計 2.7 億美元的有限合夥人承諾，使得該基金及其後續基金的總募資額超過了 11 億美元。再次強調，目前我們的第一筆基礎設施基金規模已接近其最初規模的兩倍，這充分體現了我們有效執行新產品發布和規模化推廣的能力。

Capital continues to flow in, and we will look to wrap up fundraising for this fund in the coming months. This fund has also deployed meaningful capital, and we expect to be back in market sometime in late 2026 or early calendar 2027.

資金持續流入，我們將在未來幾個月內完成基金的募款工作。該基金也已投入大量資金，我們預計將於 2026 年底或 2027 年初重返市場。

Before I move on to Evergreen, a quick word on the secondaries front. We have just launched the fundraising effort for our next flagship secondaries fund, and we expect to have a first close in the first half of calendar 2026. We have a demonstrated track record of growing this platform by raising larger successive funds.

在介紹常青藤之前，先簡單談談中學方面的問題。我們剛啟動了下一支旗艦二級市場基金的募款工作，預計將於 2026 年上半年完成首次募款。我們擁有透過持續籌集更大規模資金來發展該平台的成功經驗。

We believe we are well positioned to continue this trend given the continued secular growth dynamics in the secondary market, underpinned by active portfolio management by both LPs and GPs and our strong investment track record with our current vintage secondaries fund having generated a net multiple of 1.4x and a net IRR of 44.1% for our investors as of June 30, 2025. We look forward to providing you with future updates on that front.

我們相信，鑑於二級市場持續的長期成長勢頭，以及有限合夥人和普通合夥人積極的投資組合管理，再加上我們強大的投資業績記錄，我們有能力繼續保持這一趨勢。截至 2025 年 6 月 30 日，我們目前的二級市場基金已為投資者創造了 1.4 倍的淨收益倍數和 44.1% 的淨內部收益率。我們期待未來能就此方面向您提供更多最新消息。

Turning now to the Evergreen platform. For the quarter ending September 30, 2025, we took in over $1.6 billion in net inflows across our entire suite of Evergreen products. This was our largest quarter ever. This success came from a combination of three things: expanded product offerings, robust fundraising and strong performance. The $1.6 billion figure includes initial subscriptions to our newly launched Global Secondaries, Global Venture and Asia funds, all of which began accepting capital during the third calendar quarter. At quarter end, total Evergreen AUM reached $14.3 billion.

現在來看 Evergreen 平台。截至 2025 年 9 月 30 日的季度，我們整個 Evergreen 產品系列的淨流入資金超過 16 億美元。這是我們有史以來業績最好的一個季度。這項成功源自於三方面的共同作用：擴大產品供應、強而有力的籌款和強勁的業績。16 億美元的數字包括我們新推出的全球二級市場基金、全球創投基金和亞洲基金的初始認購額，所有這些基金都在第三季開始接受資金。截至季末，Evergreen 的總資產管理規模達到 143 億美元。

At our 2024 Shareholder Day, we laid out a straightforward strategy to drive continued growth in our Evergreen platform, plan focused on expanding our then existing lineup of three funds and maintaining conviction in our ability to launch scalable new products. 18 months later, that vision has materialized. Our Evergreen suite has grown from 3 funds to 11 and AUM has nearly doubled to over $14 billion.

在2024年的股東日上，我們闡述了一項旨在推動Evergreen平台持續成長的明確策略，該計畫的重點是擴展我們當時現有的三隻基金，並堅信我們有能力推出可擴展的新產品。 18個月後，這個願景已成為現實。我們的 Evergreen 系列基金已從 3 隻增加到 11 隻，資產管理規模幾乎翻了一番，超過 140 億美元。

We've also become more agile in bringing products to market, leveraging our scale to accelerate both launch and growth. While our initial three funds each took nearly two years to reach $500 million in AUM, our newer global infrastructure and secondary offers have already surpassed or on track to hit that milestone in under 12 months.

我們在產品上市方面也變得更加靈活，利用我們的規模優勢來加速產品發布和成長。雖然我們最初的三支基金都花了近兩年時間才達到 5 億美元的資產管理規模，但我們新的全球基礎設施和二級市場發行在不到 12 個月的時間內就已經超過或即將達到這一里程碑。

I will also reiterate, we continue to see strong support from institutional investors for these products. Due to some of the structural advantages of Evergreen funds, we continue to see some migration away from drawdown funds and into this product line. Before I move on from Evergreen, currently, there remains over $1 billion of Evergreen AUM that is not yet earning management fees due to the timing of initial subscriptions and fee holidays that were put in place with the launch of several of our new funds over the last 12 months.

我還要重申，我們繼續看到機構投資者對這些產品的強勁支持。由於常青基金的一些結構性優勢，我們持續看到一些投資者從提取式基金轉向這條產品線。在我離開 Evergreen 之前，目前 Evergreen 管理的資產規模仍有超過 10 億美元尚未產生管理費，這是由於過去 12 個月中，隨著我們推出幾隻新基金，初始認購的時間安排和費用假期所致。

And while these funds are not earning management fees yet, we are still eligible to generate performance fees for those funds that have a performance fee element. We expect that over half of that current $1 billion will move into specialized fund fee-earning AUM during the calendar fourth quarter of 2025 and the remainder to move over during calendar 2026 as the fee holidays lap for those respective funds.

雖然這些基金目前還沒有獲得管理費，但我們仍然有資格從那些包含業績費成分的基金中獲得業績費。我們預計，目前這 10 億美元中的一半以上將在 2025 年第四季度轉移到專門的基金收費資產管理規模 (AUM) 中，其餘部分將在 2026 年隨著這些基金的費用假期結束而轉移。

Now moving on to some technology updates. This quarter saw three recent announcements around our strategic technology balance sheet portfolio and our proprietary Hamilton Lane Private Market indices. First up is an exciting partnership regarding our proprietary private market indices and benchmarks. We are proud to announce a partnership with Bloomberg, where users now have access to a suite of Hamilton Lane Private Market indices and benchmarks via the Bloomberg Terminal and Bloomberg data license.

接下來介紹一些技術的最新進展。本季我們發布了三項與戰略技術資產負債表組合和我們專有的漢密爾頓巷私募市場指數相關的公告。首先，我們與一家公司就其專有的私募市場指數和基準達成了一項令人興奮的合作。我們很榮幸地宣布與彭博社建立合作夥伴關係，用戶現在可以透過彭博終端機和彭博資料授權存取一系列 Hamilton Lane 私人市場指數和基準。

While the revenue opportunity is in the early stages will be modest, more importantly, we now have a unique opportunity to reach a wider and increasingly growing private market audience, leveraging Bloomberg's global reach and scale. We see this as a large brand enhancer, particularly with the RIA community. Bloomberg remains a clear leader in financial news, data and analytics.

雖然在初期階段，收入機會可能不大，但更重要的是，我們現在擁有一個獨特的機會，可以利用彭博社的全球影響力和規模，接觸到更廣泛、不斷增長的私募市場受眾。我們認為這對品牌提升大有裨益，尤其是在RIA（註冊投資顧問）領域。彭博社在財經新聞、數據和分析領域仍保持著絕對領先地位。

Bloomberg terminals are found in nearly every corner of financial services and investment management. Bloomberg's clients range from the very largest global institutions to individuals and their advisers. The latter has served as a key segment of growth for private markets, and this partnership will now embed Hamilton Lane's brand and our indices into their workflows. They will demand better tools to measure performance across strategies, vintages and geographies.

彭博終端幾乎遍佈金融服務和投資管理的各個角落。彭博的客戶涵蓋了全球最大的機構、個人及其顧問。後者一直是私募市場成長的關鍵組成部分，而這項合作將把 Hamilton Lane 的品牌和我們的指數融入他們的工作流程中。他們將要求使用更好的工具來衡量不同策略、年份和地理的績效。

This new partnership will now be able to deliver on those demands and will raise the bar for how private markets are now benchmarked. And it will put the Hamilton Lane name and logo in front of thousands of terminal users around the globe. This marks an important and significant step in making Hamilton Lane benchmarks broadly available to this growing population of private market investors, expanding access to data and driving even greater transparency across the asset class.

這項新的合作關係將能夠滿足這些需求，並將提高私人市場的衡量標準。這將使 Hamilton Lane 的名稱和標誌出現在全球數千名終端用戶面前。這標誌著漢密爾頓巷基準數據向不斷增長的私人市場投資者群體廣泛普及邁出了重要且意義重大的一步，擴大了數據獲取管道，並推動了整個資產類別的透明度進一步提高。

Let's now move on to news regarding Securitize. On October 28, Securitize announced that it had entered into a definitive business combination agreement with Cantor Equity Partners II, a special purpose acquisition company. On closing of the transaction, which is expected in the first half of 2026, Securitize will become a publicly traded company.

接下來我們來看看一些關於Securitize的新聞。10 月 28 日，Securitize 宣布與特殊目的收購公司 Cantor Equity Partners II 達成最終業務合併協議。交易預計將於 2026 年上半年完成，屆時 Securitize 將成為上市公司。

As a refresher, Securitize builds trusted regulated technology that turns traditional financial assets into digital tokens to be issued, traded and serviced on chain. Hamilton Lane has cultivated a deep relationship with Securitize, having partnered initially in 2022 to tokenize several of our own offerings and then subsequently participating in a strategic fundraise in May of 2024 that was led by BlackRock.

作為回顧，Securitize 建立了值得信賴的受監管技術，將傳統金融資產轉化為可在鏈上發行、交易和服務的數位代幣。Hamilton Lane 與 Securitize 建立了深厚的合作關係，最初於 2022 年與 Securitize 合作，將我們自己的幾項產品代幣化，隨後參與了 2024 年 5 月由 BlackRock 牽頭的策略性融資活動。

Together, we've shared in the vision of making the private markets more accessible to a broader set of investors. Securitize has established itself as a leader in tokenizing real-world assets, and we are proud to deepen our strategic partnership as they embark on this exciting new chapter. At the proposed pre-money valuation of the business combination, we expect to see a mark of more than 2 times our initial investment. This outcome further demonstrates our ability to partner with and successfully invest our balance sheet capital into companies that we believe will transform our asset class for continued growth and scale.

我們共同的願景是讓更多投資者更容易進入私募市場。Securitize 已成為現實世界資產代幣化的領導者，我們很榮幸能與他們深化戰略合作夥伴關係，共同開啟這一激動人心的新篇章。根據擬議的合併前估值，我們預計該業務合併的回報將超過我們初始投資的 2 倍。這一結果進一步證明了我們有能力與我們認為能夠改變我們資產類別並實現持續成長和規模的公司建立合作關係，並成功地將我們的資產負債表資本投資於這些公司。

Wrapping up this section with an exciting announcement regarding Novata. On October 7, Novata announced a key strategic acquisition of Atlas Metrics, which expands Novata's global reach and unites two complementary companies to meet the growing demand from investors and corporates for trusted, efficient and scalable sustainability data solutions.

本節最後，我們將發布一個關於Novata的令人興奮的消息。10 月 7 日，Novata 宣布對 Atlas Metrics 進行一項重要的策略性收購，這將擴大 Novata 的全球影響力，並將兩家互補的公司聯合起來，以滿足投資者和企業對值得信賴、高效且可擴展的可持續發展數據解決方案日益增長的需求。

The combined entity will now support more than 400 clients and over 13,000 private companies worldwide, equipping investors, banks and corporates with the tools they need to collect, report and act on sustainability data. As part of this acquisition, Hamilton Lane was proud to invest additional capital in a fundraising round in support of the acquisition and continued strategic initiatives, and we did this alongside of S&P Global, Modi Ventures and the Ford Foundation.

合併後的實體將為全球 400 多家客戶和 13,000 多家私人公司提供支持，為投資者、銀行和企業提供收集、報告和利用永續發展數據所需的工具。作為此次收購的一部分，Hamilton Lane 很榮幸能在融資輪中追加投資，以支持此次收購和持續的戰略舉措，我們與 S&P Global、Modi Ventures 和福特基金會共同完成了這項工作。

We continue to support efforts that increase both data transparency and analytic capabilities for our asset class and are proud to support Novata in their mission to empower private market sustainability. Novata has achieved tremendous growth since our initial investment in partnership back in 2021. The shared vision and focused execution, we believe Novata can continue to grow and scale, and we are excited for the opportunities ahead.

我們將繼續支持提高我們資產類別的數據透明度和分析能力的各項舉措，並很榮幸能夠支持 Novata 實現其增強私募市場可持續性的使命。自 2021 年我們首次投資合作以來，Novata 取得了巨大的成長。我們相信，憑藉共同的願景和專注的執行力，Novata 能夠繼續發展壯大，我們對未來的機會感到興奮。

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

接下來，我會把電話交給傑夫，讓他來介紹財務狀況。

Thank you, Erik, and good morning, everyone. I'll begin with some commentary on our business during the first half of fiscal 2026, and then I'll provide some additional details on the Guardian Life partnership and the potential impacts for our business.

謝謝你，艾瑞克，大家早安。首先，我將對我們 2026 財年上半年的業務進行一些評論，然後我將提供有關 Guardian Life 合作關係及其對我們業務的潛在影響的一些更多細節。

For the first half of fiscal 2026, management and advisory fees were up 6% from the prior year period. However, this includes the impact of $20.7 million of retro fees from specialized funds, namely the final close for our sixth secondary fund in the prior year period versus $800,000 of retro fees in this quarter stemming from our latest direct equity fund.

2026 財年上半年，管理和諮詢費用比去年同期成長 6%。然而，這其中包括來自專業基金的 2,070 萬美元追溯費用的影響，即去年我們第六隻二級基金的最終募集費用，而本季我們最新的直接股權基金產生的追溯費用為 80 萬美元。

Total fee-related revenue was up 23%, largely driven by fee-related performance revenue recognized in the first half of fiscal 2026 versus a minimal amount during the first half of fiscal 2025. Specialized funds revenue increased by $12 million or 8% compared to the prior year period. Growth in specialized fund revenue was driven by continued growth in our Evergreen platform, which continues to be a key driver of specialized fund fee-earning AUM. Again, the year-over-year growth here was impacted by the retro fee element that I just alluded to.

與費用相關的總收入成長了 23%，這主要是由於 2026 財年上半年確認的費用相關業績收入比 2025 財年上半年的金額少得多。專款收入比上年同期成長了 1,200 萬美元，增幅為 8%。專業基金收入的成長得益於我們 Evergreen 平台的持續成長，該平台仍然是專業基金收費資產管理規模的關鍵驅動因素。同樣，這裡的同比增長也受到了我剛才提到的追溯費用的影響。

Moving on to customized separate accounts. Revenue increased $2 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 $3 million or 21% compared to the prior year period as we continue to produce strong growth in our technology solutions offering.

接下來是自訂獨立帳戶。由於新增帳戶、現有客戶續約以及持續的投資活動，營收比去年同期增加了 200 萬美元，增幅為 3%。由於我們的技術解決方案產品持續強勁成長，我們的報告、監控、數據和分析產品的營收比去年同期成長了 300 多萬美元，增幅達 21%。

Lastly, the final component of our [group] revenue is incentive fees, which totaled $91 million for the period. This amount includes fee-related performance revenues, or FRPR, stemming primarily from the quarterly crystallization of performance fees from our US private assets Evergreen fund with additional contributions coming from our more recently launched evergreen funds.

最後，我們集團收入的最後一個組成部分是激勵費用，該期間總計為 9,100 萬美元。該金額包括與費用相關的業績收入（FRPR），主要來自我們美國私募資產常青基金的季度業績費，以及我們最近推出的常青基金的額外貢獻。

Let's turn now to our unrealized carry balance. The balance is up 14% from the prior year period, even while having recognized $102 million of incentive fees, excluding fee-related performance revenues during the last 12 months. The unrealized carry balance now stands at approximately $1.4 billion.

現在讓我們來看看未實現的持有餘額。即使在過去 12 個月中確認了 1.02 億美元的激勵費用（不包括與費用相關的業績收入），餘額仍比上年同期增長了 14%。目前未實現的帳面餘額約為 14 億美元。

Moving to expenses. Fiscal year-to-date total expenses increased $20 million or 11% compared with the prior year period. Total compensation and benefits increased $13 million or 10% due primarily to an increase in headcount and equity-based compensation. This was offset with lower incentive fee compensation due to a decrease in non-FRPR incentive fee revenue compared to the prior year period.

轉到費用部分。本財年迄今的總支出比去年同期增加了 2,000 萬美元，增幅達 11%。由於員工人數增加和股權激勵，總薪酬和福利增加了 1,300 萬美元，增幅達 10%。由於非 FRPR 激勵費用收入較去年同期下降，因此激勵費用補償也相應減少。

G&A increased by $7 million. We continue to see growth in revenue-related expenses, including the third-party commissions related to our US Evergreen product being offered on wirehouses that we've discussed on prior calls. We will continue to emphasize that while overall G&A expense 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.

一般及行政費用增加700萬美元。我們持續看到與收入相關的支出成長，包括與我們在美國常青證券產品相關的第三方佣金，該產品在各大券商處銷售，我們在之前的電話會議中討論過。我們將繼續強調，雖然整體管理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，可以預示著未來的成長。我們繼續透過在業務的其他方面（在我們擁有自主權的領域）節省成本和嚴格控制開支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 and exclude the impact of equity-based compensation in the calculation of FRE. With that, fiscal year-to-date FRE came in at $161 million and was up 34% relative to the prior year period. FRE margin for the quarter came in at 50% compared to 46% for the prior year period and benefited from strong fee-related performance revenues in the period.

現在我們轉到FRE。另外提醒一下，FRE 現在將包括與費用相關的業績收入，並在 FRE 的計算中排除股權激勵的影響。由此，本財年迄今的 FRE 達到 1.61 億美元，比上年同期成長 34%。本季 FRE 利潤率為 50%，而去年同期為 46%，這得益於本季強勁的費用相關業績收入。

Before I wrap up and end with some balance sheet commentary, I wanted to take this opportunity to provide some additional detail on the Guardian Life partnership that Erik discussed earlier on. First, I'll reiterate that this partnership is a testament to our capabilities as a trusted private equity solutions provider, and we are excited to work with Guardian.

在結束並對資產負債表進行一些評論之前，我想藉此機會提供一些關於埃里克之前討論過的 Guardian Life 合作關係的更多細節。首先，我要重申，此次合作證明了我們作為值得信賴的私募股權解決方案提供商的能力，我們很高興能與 Guardian 合作。

As Erik highlighted, in exchange for the capital that we will be managing on behalf of Guardian, Guardian will receive HLNE equity warrants and additional financial incentives, which will primarily be revenue share arrangements related to their seed capital to advance shared objectives of growth and value creation.

正如 Erik 所強調的那樣，作為我們將代表 Guardian 管理的資本的交換，Guardian 將獲得 HLNE 的股權認股權證和額外的財務激勵，這些激勵主要包括與其種子資本相關的收入分成安排，以推進共同的成長和價值創造目標。

The revenue associated with the partnership will come in two forms. First, we expect to generate management fees from the capital that will be invested in our Evergreen funds more immediately, and this will get captured in specialized funds. Second, the separate account that we will manage going forward will generally mirror that of a standard institutional separate account by way of portfolio construction and fee schedule and will be captured in separate account management fees. We expect this will scale as the portfolio gets deployed over time. In both cases, we have the ability to generate performance fees commensurate with the associated strategies.

這次合作帶來的收入將以兩種形式出現。首先，我們預計將從投資於我們的常青基金的資本中更快獲得管理費，而這些費用將計入專業基金中。其次，我們今後管理的獨立帳戶在投資組合建構和收費標準方面，整體上將與標準的機構獨立帳戶保持一致，並將體現在獨立帳戶管理費中。我們預計隨著投資組合的逐步部署，這種情況會逐漸擴大。無論哪種情況，我們都有能力獲得與相關策略相稱的績效報酬。

As for the warrants, based on our current fully diluted share count as of September 30, 2025, the total dilution expected from the Guardian warrants is less than 1%. The warrant package will be governed by both a vesting schedule that aligns with the term of the partnership and tiered exercise prices that are based off of a reference price that was set by the HLNE 20-day volume-weighted average price as of the closing price on October 31, 2025. Additional information regarding the warrant package will be included in our 10-Q filing.

至於認股權證，根據我們截至 2025 年 9 月 30 日的當前完全稀釋股份數量，Guardian 認股權證預計造成的總稀釋量不到 1%。認股權證方案將受制於與合夥期限一致的歸屬時間表和基於參考價格的分級行權價格，該參考價格由截至 2025 年 10 月 31 日 HLNE 20 天成交量加權平均價格確定。有關認股權證方案的更多資訊將包含在我們的 10-Q 文件中。

I'll wrap up now with some commentary on our balance sheet. Our largest asset continues to be our investment 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 expect that we will continue to invest our balance sheet capital alongside our clients. 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.

最後，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與客戶共同投資於我們客製化的獨立帳戶和專業基金。從長遠來看，我們認為這些投資是我們持續成長的重要組成部分，我們預計我們將繼續與客戶一起投資我們的資產負債表資本。關於我們的負債，我們仍然保持適度的槓桿率，我們將繼續評估如何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.

接下來，我們將開始接受提問。

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作說明）Alex Blostein，高盛。

Congrats on the Guardian announcement. Maybe we could start there. I heard your comments around just the structure of the arrangements, but maybe you could help us with the actual fees that are likely to hit P&L. I heard the geography of different line items. But as you sort of think about the $5 billion that's going to come over, maybe help us with the fee structure there and also with the $500 million a year that's going to get allocated over time. So maybe we can start there.

恭喜《衛報》宣布這項消息。或許我們可以從那裡開始。我聽到了你對安排結構的評論，但也許你能幫我們分析一下可能會影響損益表的實際費用。我聽到了不同項目類別的地理位置資訊。但考慮到將有 50 億美元流入，或許可以幫我們制定收費結構，以及每年將分期撥付的 5 億美元。或許我們可以從這裡開始。

Thanks, Alex. It's Erik. I think you should expect that the vast majority of the revenue that we're generating is on the $5 billion that will be coming in over the next 10 years because the existing $5 billion is basically a monitoring assignment. Those are dollars already in the ground in a variety of partnerships.

謝謝你，亞歷克斯。是埃里克。我認為你應該預料到，我們創造的絕大部分收入將來自未來 10 年即將到來的 50 億美元，因為現有的 50 億美元基本上是一項監測任務。這些都是已經透過各種合作項目投入專案的資金。

And so if you look at the $5 billion that will be coming over, we clearly called out the $250 million going into Evergreen. And then the SMA portion, I think, again, hard to predict exactly what the next decade looks like. But that's going to be a mix of primary funds and a bunch of our specialized funds at whatever the prevailing fee rate is for those vehicles.

因此，如果你看一下即將流入的 50 億美元，我們已經明確指出其中 2.5 億美元將投入 Evergreen。至於 SMA 部分，我認為，同樣很難準確預測未來十年的發展趨勢。但那將是主要基金和我們眾多專業基金的組合，費用是根據這些基金的現行收費標準收取。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

I wanted to ask about the Bloomberg partnership and more broadly partnerships on the data side. I was hoping you could elaborate a bit around that. What's the scope for more broadly enhanced monetization of your data sets as you look out from here as well as indices? And what's the scope for creating investable index products as you think about looking at over time?

我想詢問一下彭博社的合作關係，以及更廣義的數據方面的合作關係。我希望你能就此詳細闡述。從長遠來看，您的資料集以及指數在更廣泛的層面上實現貨幣化方面有哪些發展空間？從長遠來看，您認為創建可投資指數產品的空間有多大？

Yeah. Thanks, Mike. It's Erik. So the Bloomberg arrangement is going to be a revenue share model where that will grow over time as that installed base continues to grow and usage grows. I think we've been very tactical and selective at where we've been partnering. We view our data to be valuable. And so simply just running out and licensing it here, there and everywhere has not been part of our strategy.

是的。謝謝你，麥克。是埃里克。因此，彭博社的合作模式將採用收入分成模式，隨著用戶基數和使用量的持續成長，分成比例也會隨之成長。我認為我們在選擇合作夥伴方面一直非常注重策略和選擇性。我們認為我們的數據很有價值。因此，簡單地到處購買授權並不是我們的策略的一部分。

I think we've been thoughtful about where we see both chances for revenue and, as I mentioned in my script, real chance for brand enhancement. And I think for us, this was a big opportunity for brand just given the number of RIAs who are regularly daily, minute by minute using Bloomberg terminals and Bloomberg data.

我認為我們已經認真考慮過哪些地方既有獲利機會，而且正如我在演講稿中提到的，還有哪些地方有真正的品牌提昇機會。我認為，對我們來說，這是一個提升品牌知名度的絕佳機會，因為有大量的註冊投資顧問 (RIA) 每天每分鐘都在使用彭博終端和彭博數據。

And as we think about that world increasingly needing and wanting more private market benchmarks and information, we're going to be the provider of that. And we think that is a huge brand enhancer for us. I think investable indices, I don't see that as a focus. I know some have spoken of that. I haven't seen traction for that.

考慮到世界越來越需要和想要更多的私人市場基準和信息，我們將成為這些基準和資訊的提供者。我們認為這對我們的品牌提升大有裨益。我認為可投資指數不是重點。我知道有些人談到這一點。我還沒看到這方面有進展。

I think trying to sort of synthetically replicate what happens inside of private market portfolios using publicly listed securities has been tried by many smart people, and generally, they've all failed. And so I don't see that as our focus today. I think it's really around data as an education tool, data as a brand enhancer and data for making better investment in portfolio selections.

我認為，很多聰明人都嘗試過用上市證券來人為複製私募市場投資組合內部發生的事情，但總的來說，他們都失敗了。所以我覺得這不是我們今天的重點。我認為關鍵在於將數據作為教育工具、將數據作為品牌提升工具以及將數據用於更好地進行投資組合選擇。

Ken Worthington, JP Morgan.

Ken Worthington，摩根大通。

Erik, I wanted to dig a bit further into the SMA business. Can you talk about how the pipeline is developing and at what rate that pipeline is growing? And then if we think about your sales force and the sales effort, to what extent do you have as many resources today sort of allocated to SMAs versus what you've had in the past, given the superior economics you see in Evergreen and the customized funds part of the business?

艾瑞克，我想更深入地了解SMA業務。您能談談這條管道的開發情況以及它的發展速度嗎？那麼，如果我們考慮一下您的銷售團隊和銷售工作，考慮到 Evergreen 及其客製化基金業務的卓越經濟效益，您目前在 SMA 方面投入的資源與過去相比有多少呢？

Thanks, Ken. So none of our sales team are organized by -- around SMAs, in particular, specialized funds. Think of the vast majority of the sales organization organized in geographic territories where they're owning that geography, getting to know all the respective players in that geography and figuring out what problem that customer is struggling with and then how we can be the solutions provider for that.

謝謝你，肯。因此，我們的銷售團隊沒有一個是按 SMA（特別指專業基金）進行組織的。想像一下，絕大多數銷售組織都是按地理區域劃分的，他們負責該區域內的所有相關人員，了解該區域內的所有參與者，弄清楚客戶正在面臨的問題，然後思考我們如何才能成為該問題的解決方案提供者。

I think what we've been finding is that given the multitude of products that we have in the market, those have been, in many cases, better solutions for a lot of customers. And so that's why you've seen such strong growth coming from that specialized funds. That said, the pipeline and even what you sort of see in kind of one but not contracted is billions of dollars. And so that will all just flow in over time as we get through contracting phase and the pipeline is robust.

我認為我們發現，鑑於市場上產品眾多，在許多情況下，這些產品對許多客戶來說都是更好的解決方案。所以，這就是為什麼你會看到這些專業基金實現瞭如此強勁的成長。也就是說，這條管道，甚至你看到的那些尚未簽訂合約的管道，價值數十億美元。因此，隨著我們度過收縮階段，管道暢通，所有這些都會隨著時間的推移而逐步實現。

But from a relative market positioning today, if you think about where we were with SMAs 5 or 10 years ago, we had very few specialized funds. Today, we have a lot more specialized funds, and we're finding that those are able to meet the needs for the customer base, which, as you know, is a good thing for the business model given the superior fee model on those funds.

但從今天的相對市場定位來看，如果你想想 5 年前或 10 年前 SMA 的發展狀況，我們當時的專業基金非常少。如今，我們擁有更多專業化的基金，我們發現這些基金能夠滿足客戶群的需求，正如您所知，鑑於這些基金的收費模式優越，這對商業模式來說是一件好事。

Okay. Great. And I don't know if I'm allowed to do a follow-up, but I'll take a shot at it. In terms of Guardian, the warrants, you mentioned that the commitments will come over the next decade. Are the warrants being awarded over the next decade? Or are they more front-end loaded? And you mentioned like a rev share. Are the warrants attached to the rev share? Or was that separate?

好的。偉大的。我不知道我是否可以進行後續報道，但我會嘗試一下。關於 Guardian 的認股權證，您提到這些承諾將在未來十年內兌現。未來十年內會頒發這些認股權證嗎？還是它們更注重前期投入？你也提到了類似收益分成之類的東西。認股權證是否與收益份額掛鉤？還是那是另一回事？

Ken, this is Jeff Armbrister. So the warrants are front-end loaded, but there is some period of time for additional warrants to be provided. The rev share is not tied to the warrants. They are two separate pieces. So that's how you should think about it.

肯，我是傑夫·阿姆布里斯特。因此，認股權證是前期集中發放的，但會留出一段時間來提供額外的認股權證。收益分成與認股權證無關。它們是兩個獨立的部分。所以你應該這樣想。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

The core fee rate on specialized funds ex retro ticked up nicely quarter-over-quarter, likely benefited from the scaling of the Evergreen funds. But were there any other factors that impacted the fee rate? And how should we be thinking about that specialized fee rate going forward? Thanks.

專業基金（不含追溯費用）的核心費率較上季穩定上升，可能得益於 Evergreen 基金的規模擴大。但有其他因素影響收費標準嗎？那麼，今後我們該如何看待這種特殊收費標準呢？謝謝。

Yeah, Brennan, it's Erik. I think this is just what we've been saying, which is as the mix of assets is changing and coming heavier into specialized funds, particularly Evergreen, given that that comes at a higher fee rate, you're going to see that overall rate continue to blend up. We believe that that will continue over time. So if you just look at relative flows and relative fee rates, stronger flows in specialized funds, both drawdown and Evergreen continues to be robust. All of those are charging at a higher fee rate than the current blended overall rate that we're showing. And so to the extent that those flows continue, that will continue to lift the overall fee rate.

是的，布倫南，我是艾瑞克。我認為這正是我們一直在說的，隨著資產組合的變化，專業基金（尤其是 Evergreen 基金）的佔比越來越高，鑑於 Evergreen 基金的費率較高，你會看到整體費率繼續上升。我們相信這種情況會持續下去。所以，如果只看相對資金流動和相對費率，專業基金的資金流動更為強勁，無論是回撤還是常青基金都保持穩健。所有這些收費標準都高於我們目前顯示的綜合費率。因此，只要這些資金流動持續下去，就會繼續推高整體費率。

(Operator Instructions) Alex Bond, KBW.

（操作員說明）Alex Bond，KBW。

Just wanted to ask about how you're thinking about sales incentives or fee holidays on a forward basis for both your more tenured Evergreen funds as well as the newer funds. Curious how often this is something you all revisit and then also how this may evolve as more competing Evergreen funds enter the market? And also if you think this is something you may need to extend or enhance as competition continues to increase there? Thank you.

我想問一下，對於你們較老的常青基金和較新的基金，你們是如何考慮提前發放銷售激勵措施或費用減免的？很好奇大家多久會重新審視這個問題，以及隨著更多競爭性的常青基金進入市場，這種情況又會如何發展？另外，如果您認為隨著競爭日益激烈，您可能需要擴展或改進這方面的內容呢？謝謝。

Alex, it's Erik. Thanks for the question. I would look at it through a different lens. I see this really as when you are launching a brand-new product that's just got some Hamilton Lane balance sheet, seed capital in it, and you are trying to attract that first round of adopters, enticing them is important. It's a fund that's going to have short -- relatively short history, relatively short performance history and getting the folks in for the first, say, 6 to 12 months, which is generally the time frame you're talking about, has become more normalized where you're giving them financial incentive, which is a management (technical difficulty).

Alex，我是Erik。謝謝你的提問。我會從不同的角度來看這個問題。我認為這就像當你推出一款全新的產品，而該產品只有 Hamilton Lane 的資產負債表和種子資金，而你正在努力吸引第一批用戶時，吸引他們就顯得非常重要。這是一個歷史相對較短、業績記錄也相對較少的基金。為了吸引投資者，通常會在最初的6到12個月內（也就是你通常所說的這段時間）給予他們經濟激勵，這已經成為一種管理模式。（技術難題）

As Jeff said, where that -- those are still being calculated and paid, and that was part of the driver of the FRPR that you saw this quarter. So I'm not seeing anything on the horizon that would cause us to have to go back and do that with established funds. I'm not seeing anything on the horizon that would cause us to need to do that for longer periods of time than we're already doing. I think what's happening, normal market becoming a lot more standard for that, again, as I said, that first 6 or 12 months on a brand-new offering.

正如傑夫所說，那些款項仍在計算和支付中，這也是本季度FRPR的部分驅動因素。因此，我目前看不到任何跡象表明我們需要動用現有資金來做這件事。我目前看不到任何跡象表明我們需要比現在更長的時間去做這件事。我認為現在的情況是，正常的市場環境正在變得更加標準化，就像我之前說的，對於一個全新的產品來說，前 6 個月或 12 個月都是如此。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

It sounds like from the Guardian deal, there's also some folks from Guardian joining Hamilton Lane. Can you speak about the potential impact on the expense side from that? And then a little bit more broadly, it sounds like this deal is one where the overall economics are going to scale over time. Is that right? Is it right to think about this as probably a pretty modest impact initially? And then as you continue to build and deploy that $5 billion, things are going to scale?

聽起來像是《衛報》那筆交易的結果，也有一些《衛報》的人加入了漢密爾頓巷。您能談談這可能會對費用方面造成的影響嗎？更廣泛地說，這筆交易的整體經濟效益似乎會隨著時間的推移而擴大。是這樣嗎？是否可以認為這最初的影響相當有限？然後，隨著你繼續投入和部署這50億美元，規模會擴大嗎？

Yeah, Brennan, it's Erik again. So yes, to answer the second part of that question first, that's the way to think about it because we're going to be building that $500 million per year. The initial impact will be higher in that first year because a lot of that capital going into the Evergreen products and so again, higher fee rate. But yes, you're going to continue to see that stacking. And so we think that's beneficial.

是的，布倫南，又是艾瑞克。所以，是的，先回答這個問題的第二部分，就是這麼想的，因為我們每年要投入 5 億美元。第一年初期的影響會更大，因為許多資金都投入了常青產品中，所以費率也會更高。是的，你還會繼續看到這種堆疊現象。所以我們認為這是有益的。

The team acquisition, I would say, is a de minimis add. And frankly, while we're in process of working through all the details with the team and with Guardian, I would expect and assume that really what's going to be happening is that those team members are coming over, and they're simply causing us to not need to go fulfill one of our open recs that is currently sitting on our website. So we're in growth mode.

我認為這次團隊收購對團隊的影響微乎其微。坦白說，雖然我們仍在與團隊和 Guardian 敲定所有細節，但我預計並推測，實際情況是這些團隊成員會加入我們，而這僅僅意味著我們不需要再去滿足目前網站上一個尚未發布的招聘需求。所以我們正處於成長階段。

We continue to have a lot of open recs and open positions. And this is a talented group of people who are very experienced in the private markets. And so I think the more logical answer is they're coming over and taking positions that would have otherwise gone to a brand-new hire.

我們仍然有很多招聘資訊和職位空缺。這是一群才華洋溢、經驗豐富的私人市場專家。所以我認為更合乎邏輯的解釋是，他們過來佔據了原本應該由新進員工擔任的職位。

There are no further questions at this time. I will now turn the call back over to Erik Hirsch. Please continue.

目前沒有其他問題了。現在我將把通話轉回給埃里克·赫希。請繼續。

Again, thank you for the time. Thank you for the questions and thank you for the support. Have a great day.

再次感謝您抽出時間。感謝大家的提問，也感謝大家的支持。祝你有美好的一天。