Hamilton Lane Inc (HLNE) 2026 Q3 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Hamilton Lane fiscal third quarter 2026 earnings call. (Operator Instructions) This call is being recorded on Tuesday, February 3, 2026. I would now like to turn the conference over to John O, head of shareholder relations. Please go ahead.

女士們、先生們，早安，歡迎參加 Hamilton Lane 2026 財年第三季財報電話會議。（操作員指示）本次通話於2026年2月3日星期二進行錄音。現在我將把會議交給股東關係主管約翰·O。請繼續。

Thank you, Natasha. Good morning, and welcome to the Hamilton Lane Q3 Fiscal 2026 Earnings Call. Today, I will be joined by Eric Hirsch, Co-Chief Executive Officer; and Jeff Farestter, Chief Financial Officer. Earlier this morning, we issued a press release and a slide presentation, which are available on our website. Before we discuss the quarter's results, we want to remind you that we will be making forward-looking statements.

謝謝你，娜塔莎。早上好，歡迎參加 Hamilton Lane 2026 財年第三季財報電話會議。今天，我將與聯合執行長埃里克·赫希和財務長傑夫·法雷斯特一起出席。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。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。

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.

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.

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。

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. Let's begin with the highlights, and I'll start with our total asset footprint.

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。讓我們先從重點說起，我先從我們的總資產規模開始。

At quarter end, our total asset footprint stood at over $1 trillion and represents a 6% increase to our footprint year-over-year. AUM stood at $146 billion and grew $11 billion or 8% compared to the prior year period. The growth came from both our specialized funds and our customized separate accounts. AUA came in at $871 billion and grew $50 billion or 6% relative to the prior year period.

截至季末，我們的總資產規模超過 1 兆美元，比上年同期成長 6%。資產管理規模達 1,460 億美元，較上年同期成長 110 億美元，增幅為 8%。成長既來自我們的專款，也來自我們的客製化獨立帳戶。AUA 達到 8,710 億美元，比上年同期成長 500 億美元，增幅為 6%。

This stemmed primarily from market value growth of the portfolio and the addition of a variety of technology solutions and back-office mandates. Total management and advisory fees for the year-to-date period were up 11% year-over-year. Total fee-related revenue for the period, which is the sum of management fees and fee-related performance revenues, was $507 million and represents 31% growth year-over-year.

這主要源自於投資組合的市場價值成長以及各種技術解決方案和後台業務的增加。今年迄今的總管理和諮詢費用年增 11%。該期間的總費用相關收入（即管理費和費用相關績效收入總和）為 5.07 億美元，較去年同期成長 31%。

Fee-related earnings were $254.6 million year-to-date and represents 37% growth year-over-year. We generated fiscal year-to-date GAAP EPS of $4.35 based on $183 million of GAAP net income and non-GAAP EPS of $4.41 based on $240.1 million of adjusted net income.

今年迄今為止，費用相關收入為 2.546 億美元，年增 37%。本財年迄今為止，我們根據 GAAP 淨收入 1.83 億美元，實現了 4.35 美元的 GAAP 每股收益；根據調整後淨收入 2.401 億美元，實現了 4.41 美元的非 GAAP 每股收益。

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. And with that, I will now turn the call over to Erik.

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。接下來，我將把電話交給艾瑞克。

Thank you, John, and good morning, everyone. As we look back on calendar 2025, Juan and I are very proud of all that has been accomplished, and we are enthusiastic about the significant opportunity that lies ahead. Our team successfully navigated changing markets, industry evolution and high client expectations.

謝謝你，約翰，大家早安。展望 2025 年，胡安和我為已經取得的所有成就感到非常自豪，並且對未來即將到來的重大機會充滿熱情。我們的團隊成功應對了不斷變化的市場、行業發展和客戶的高期望。

We delivered strong growth and outstanding results, and we exited calendar year 2025 with real momentum. We have a larger, more global reach, a more diversified platform, expanded and deeper client relationships and new product lines that are gaining traction and growing.

我們實現了強勁成長和卓越業績，並以強勁勢頭結束了 2025 年。我們擁有更廣泛、更全球化的業務範圍，更多元化的平台，更廣泛、更深入的客戶關係，以及正在獲得市場認可和不斷發展的新產品線。

While Juan and I have the privilege of witnessing what this team does every day, it is also rewarding to be recognized by those outside of Hamilton Lane. So I am honored to say that Hamilton Lane was once again recognized by Pension and Investments as one of the best places to work in money management.

雖然我和胡安有幸親眼見證這支團隊每天的工作，但能得到漢密爾頓巷以外的人的認可也讓我們感到非常欣慰。因此，我榮幸地宣布，Hamilton Lane 再次被《退休金與投資》雜誌評為資金管理領域最佳工作場所之一。

We have now earned this recognition for the 14th consecutive year and are one of only five companies that has been recognized every single year since the award's inception in 2012. Our people are our asset, and we have worked hard to create an environment that is collaborative and growth-oriented where we all focus on what matters, doing the very best we can for our customers.

我們已連續 14 年獲得此項殊榮，並且是自 2012 年該獎項設立以來每年都獲得認可的五家公司之一。員工是我們的資產，我們努力創造一個協作和成長的環境，讓大家都能專注於重要的事情，盡我們所能為客戶提供最好的服務。

Let me move now to a quick update on the strategic partnership with Guardian that I highlighted on our last call. I'm proud to announce that the partnership has officially closed, and we are already hard at work. As a reminder, Hamilton Lane will oversee nearly $5 billion of Guardian's existing private equity portfolio, and these assets will be reflected in our total asset footprint beginning next quarter.

現在讓我快速匯報一下我在上次電話會議中重點提到的與 Guardian 的策略合作夥伴關係的最新進展。我很榮幸地宣布，合作關係已正式完成，我們已經開始努力了。需要提醒的是，Hamilton Lane 將管理 Guardian 現有近 50 億美元的私募股權投資組合，這些資產將從下個季度開始計入我們的總資產規模。

Also, we expect to receive additional annual commitments of approximately $500 million for at least 10 years, enabling Guardian to access a broad range of private market opportunities across primary, secondary and co-investment strategies through our platform.

此外，我們預計在未來至少 10 年內每年將獲得約 5 億美元的額外承諾，使 Guardian 能夠透過我們的平台獲得涵蓋一級市場、二級市場和聯合投資策略的廣泛私募市場機會。

This also includes support for Hamilton Lane's global Evergreen platform, where at least $250 million of capital will be invested into our Evergreen -- in addition, the partnership also Guardian with HLNE equity warrants and other financial incentives driving alignment and opportunities for long-term value creation.

這也包括對 Hamilton Lane 全球 Evergreen 平台的支持，至少將有 2.5 億美元的資金投入我們的 Evergreen 平台——此外，該合作關係還包括 Guardian 與 HLNE 的股權認股權證和其他財務激勵措施，以推動長期價值創造的一致性和機會。

The initial economic impacts of the partnership will be recognized in our fiscal fourth quarter of 2026, and we will provide additional details on our next call. Our partnership with Guardian is a clear proof point of our ability to work alongside the world's most sophisticated institutional investors to design and execute comprehensive private market programs.

這項合作關係的初步經濟影響將在 2026 財年第四季體現，我們將在下次電話會議上提供更多細節。我們與 Guardian 的合作清楚地證明了我們有能力與世界上最成熟的機構投資者合作，設計和執行全面的私募市場計劃。

In a very short period of time, we are already fully engaged. Capital has been allocated to our U.S. secondaries and venture evergreen funds, complemented by a sizable commitment to our latest closed-end direct equity fund and to the upcoming first close of our next secondary fund.

在很短的時間內，我們已經全面投入其中。我們已將資金分配給我們的美國二級市場基金和風險永續基金，同時也對我們最新的封閉式直接股權基金和即將進行的下一支二級市場基金的首輪募款做出了相當大的承諾。

Additionally, we have also successfully onboarded 3 of our U.S. Evergreen offerings onto their Park Avenue securities platform, and we look forward to working closely with their extensive adviser network to deliver Evergreen solutions for their clients.

此外，我們也成功地將我們的 3 項美國常青產品上線到他們的 Park Avenue 證券平台，我們期待與他們廣泛的顧問網絡密切合作，為他們的客戶提供常青解決方案。

We remain excited about this partnership and all the opportunities for mutual success that lie ahead. Let me now turn to an update on our capital raising and fee-earning AUM. Total fee-earning AUM stood at $79.1 billion and grew $8.1 billion or 11% relative to the prior year period.

我們對此次合作以及未來所有共同成功的機會仍然充滿信心。現在讓我來報告我們的融資和收費資產管理規模的最新情況。總收費資產管理規模為 791 億美元，較上年同期成長 81 億美元，增幅達 11%。

Net quarter-over-quarter growth was $2.7 billion or 4% Fee-earning AUM growth continues to be largely driven by our specialized fund platform with our semi-liquid evergreen products leading our strong momentum. The combination of our net positive fundraising, product additions and strong performance has driven the growth of total fund net asset value in our Evergreen offering.

淨環比成長 27 億美元，增幅 4%。收費資產管理規模的成長主要由我們的專業基金平台推動，其中半流動性常青產品引領了強勁的成長動能。我們淨募資額的增加、產品線的拓展以及強勁的業績表現，共同推動了常青基金總淨資產值的成長。

We have also executed well on our closed-end offerings as evidenced by recent closes and momentum for those funds in market or that have recently held final closes. I will provide more detail on that shortly. Before I move on, I want to reiterate that our blended fee rate continues to benefit from the shift in the mix of fee-earning AUM towards higher fee rate specialized funds, most notably our Evergreen products.

我們的封閉式基金發行也取得了良好的業績，近期完成的募集和市場中已上市或近期完成最終募集的基金的勢頭都證明了這一點。我稍後會提供更多細節。在繼續之前，我想重申，我們的混合費率繼續受益於收費資產管理規模向高費率專業基金（尤其是我們的常青產品）的轉變。

Today, our blended fee rate stands at 67 basis points with the mix of separate accounts to specialized fund fee-earning AUM at 52% and 48%, respectively. This fee rate is 10 basis points or 18% higher than when we went public in 2017. Then our mix was 67% customized separate accounts and 33% specialized funds.

目前，我們的綜合收費率為 67 個基點，其中獨立帳戶和專業基金收費資產管理規模分別佔 52% 和 48%。這項費率比我們 2017 年上市時的費率高出 10 個基點，即 18%。然後，在我們的投資組合中，67%是客製化的獨立帳戶，33%是專業基金。

We view this shift as a powerful component of our business model and an important driver supporting the trajectory of our management fees over time. Let's move now to specialized funds, where fee-earning AUM ended fiscal Q3 at $38.1 billion, having grown $6.9 billion over the last 12 months. This represents an increase of 22%.

我們認為這種轉變是我們商業模式的一個強大組成部分，也是推動我們管理費長期發展的重要因素。現在讓我們來看看專業基金，其收費資產管理規模在第三財季末達到 381 億美元，在過去 12 個月中成長了 69 億美元。這相當於成長了22%。

Quarter-over-quarter net growth was $2.4 billion or 7%, with much of this driven by our Evergreen platform with a strong combination of net new flows and positive net asset value appreciation. Additionally, we benefited from evergreen non-fee-earning AUM that turned to fee-earning AUM in the quarter, as I had detailed on our prior call.

季度環比淨增長 24 億美元，增幅 7%，其中大部分增長得益於我們的 Evergreen 平台，該平台實現了強勁的淨新增資金流入和淨資產價值正增長。此外，正如我在先前的電話會議上詳細介紹的那樣，我們還受益於本季非收費資產管理規模轉變為收費資產管理規模。

In addition to the growth numbers we are experiencing, we have in front of us several recent closed-end fund launches, most notably our seventh secondary product, which we discussed on our last call and more recently, our second venture access product. To put that in context, our sixth secondary fund raised $5.6 billion and extended our track record of raising larger successive funds in that franchise.

除了我們正在經歷的成長數據之外，我們面前還有幾隻近期推出的封閉式基金，最值得注意的是我們的第七隻二級市場產品（我們在上次電話會議上討論過），以及最近推出的第二隻風險投資准入產品。換言之，我們的第六支二級基金籌集了 56 億美元，延續了我們在該領域連續籌集更大規模基金的良好記錄。

We believe we are capable of successfully managing increasingly larger pools of capital in both of these spaces. And in neither space, are we anywhere close to the largest player. We have plenty of room to continue to grow. On the venture side, we're looking to build on the success of our inaugural Venture Access product, which closed in February 2025 with nearly $610 million of investor commitments.

我們相信我們有能力在這兩個領域成功管理越來越大的資金池。在這兩個領域，我們都遠遠未達到最大玩家的水準。我們還有很大的發展空間。在創投方面，我們希望鞏固首款 Venture Access 產品的成功，該產品於 2025 年 2 月完成，並獲得了近 6.1 億美元的投資者承諾。

We currently expect to hold first closes for both the new secondary fund and the second Venture Access fund sometime in the second calendar quarter of 2026. Now let's move to the rest of the product suite, and I'll start with our sixth equity opportunities fund.

我們目前預計將在 2026 年第二季進行新二級基金和第二期創投基金的首次募資。現在讓我們來看看產品系列的其餘部分，我將從我們的第六個股權機會基金開始。

As a quick reminder, this fund focuses on direct equity investments alongside leading general partners, and it offers 2 fee arrangements that either charge management fees on a committed capital basis and a 10% carry or fees on a net invested basis with a 12.5% carry. Our prior direct equity fund offered the same arrangement and raised $2.1 billion.

簡單提醒一下，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。我們先前的直接股權基金也採取了同樣的安排，募集了 21 億美元。

Now during the quarter, we held additional closes totaling nearly $300 million of LP commitments. Then in January, we held another close of approximately $500 million. So taken together, the fund now stands at over $2.3 billion. And at that size, we have surpassed the prior fund by nearly 15%, and we have solid visibility on additional capital in the pipeline that has yet to close.

本季度，我們又完成了近 3 億美元的有限合夥人承諾募款。然後，在1月份，我們又完成了一筆約5億美元的融資。因此，該基金目前總額已超過 23 億美元。按照目前的規模，我們已經比之前的基金規模大了近 15%，而且我們對尚未完成的後續資金也有著清晰的了解。

The management fee mix is currently about 35% on committed capital and 65% on net invested. Jeff will provide additional detail on the retro fees associated with the capital that closed both in the quarter and post quarter end. We expect to hold a final close for this fund over the coming months, and we remain focused on finishing this fundraise on a strong note. Turning now to our second infrastructure fund.

目前管理費構成中，約 35% 為已承諾資本，65% 為淨投資額。Jeff 將提供有關季度末和季度末後完成的資本相關的追溯費用的更多詳細資訊。我們預計將在未來幾個月內完成該基金的最終募集，我們將繼續專注於以強勁的勢頭完成此次募資。現在我們來看看我們的第二筆基礎設施基金。

As a reminder, this strategy focuses on direct equity and secondaries across the infrastructure landscape, and the fund earns management fees on a net invested basis. I am pleased to report that just yesterday, we announced the final close, bringing total capital raised in and alongside the fund to nearly $2 billion, with over $1.5 billion coming into the fund and nearly $400 million alongside the fund and related vehicles.

提醒大家，該策略專注於基礎建設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。我很高興地宣布，就在昨天，我們宣布了最終募資完成，使該基金及其相關工具募集的總資本接近 20 億美元，其中超過 15 億美元流入該基金，近 4 億美元流入該基金及其相關工具。

At this size, we have now more than tripled the capital raised in our inaugural infrastructure fund. This second vintage is off to a strong start with over 40% committed as of December 31. We view this outcome as evidence of our ability to launch and scale new strategies, and we remain confident in our ability to further grow this franchise.

目前的規模已經超過了我們首期基礎設施基金籌集資金的三倍。第二季葡萄酒開局強勁，截至 12 月 31 日，已售出超過 40%。我們認為這一結果證明了我們有能力推出和擴大新策略，並且我們仍然有信心進一步發展這一品牌。

Let's now turn to our annual Strategic Opportunities fund, which is our closed-end direct credit strategy. As a reminder, this fund charges management fees on a net invested basis. On December 31, we held the final close for the ninth series and raised a total of $527 million of investor commitments. This will be our final series of our strategic opportunities franchise.

現在讓我們來看看我們的年度策略機會基金，這是我們的封閉式直接信貸策略。提醒各位，該基金以淨投資額收取管理費。12 月 31 日，我們完成了第九輪融資的最終交割，共籌集到 5.27 億美元的投資者承諾資金。這將是我們戰略機會系列的最後一期。

When we launched our strategic opportunities franchise more than a decade ago, private credit looked very different. Investors looking for a blended approach between senior and junior credit, and we build a product to match. Now over time, private credit has scaled and has become more segmented and investor preferences have followed.

十多年前，當我們推出策略性機會特許經營業務時，私募信貸的面貌與現在截然不同。投資人尋求兼具高級信貸和次級信貸的投資方式，而我們打造的產品正是為了滿足這項需求。隨著時間的推移，私人信貸規模不斷擴大，細分程度也越來越高，投資者的偏好也隨之改變。

We're now reshaping how we position and construct this closed-end franchise, so it's set up for the next leg of growth and better aligned with how clients are allocating across senior, junior and opportunistic credit. We are in process of launching a variety of closed-end credit funds that are more segmented, and those will sit alongside our credit evergreen funds, but they will now follow a more traditional fundraising cadence where we raise capital every few years.

我們現在正在重新調整我們定位和建立這個封閉式特許經營體系的方式，以便為下一階段的成長做好準備，並更好地與客戶在高級信貸、初級信貸和機會性信貸方面的分配方式保持一致。我們正在推出各種更細分的封閉式信貸基金，這些基金將與我們的信貸常青基金並存，但它們現在將遵循更傳統的籌資節奏，即每隔幾年籌集一次資金。

Importantly, the management fee dynamics will be unchanged. Fees will continue to be charged on a net invested basis and will move into fee-earning AUM as capital is deployed. We launched our first credit vehicle 10 years ago, and then we managed a sum total of $70 million in credit product AUM. Today, across closed-end and Evergreen, we are managing nearly $4 billion in fee-earning AUM, reflecting a compounded growth rate of more than 45%.

重要的是，管理費的運作機制將保持不變。費用將繼續以淨投資額收取，並隨著資金的部署而轉入產生費用的資產管理規模。10 年前，我們推出了第一隻信貸工具，當時我們管理的信貸產品資產管理規模總計達 7,000 萬美元。目前，我們在封閉式基金和常青基金中管理的收費資產規模接近 40 億美元，複合成長率超過 45%。

While we are proud of this success, we also recognize how modest this is in context of the credit markets, and we are excited to continue scaling this business in a very significant way, and we believe we have a clear path to do just that. Let's now move to our Evergreen platform. Our Evergreen platform delivered another strong quarter.

雖然我們為所取得的成就感到自豪，但我們也意​​識到，就信貸市場而言，這只是很小的成就。我們很高興能夠繼續以非常重要的方式擴大這項業務的規模，我們相信我們已經找到了實現這一目標的明確途徑。現在我們進入常青平台。我們的 Evergreen 平台又迎來了一個強勁的季度。

For the quarter ended December 31, 2025, we generated over $1.2 billion of net inflows across the suite, driven by a combination of expanded product offerings, robust fundraising and solid investment performance. At quarter end, total Evergreen AUM reached over $16 billion, representing over 70% year-over-year growth. Within that total, our core multi-strategy private markets offering continues to anchor the platform.

截至 2025 年 12 月 31 日的季度，我們透過擴大產品供應、強勁的籌款和穩健的投資業績，實現了超過 12 億美元的淨流入。截至季末，Evergreen 的總資產管理規模超過 160 億美元，年增超過 70%。在這些產品中，我們的核心多策略私募市場產品仍是該平台的基石。

It ended 2025 at over $11.7 billion of AUM and once again delivered sustained positive net inflows. We are making real progress broadening distribution for this flagship strategy in the U.S. and internationally, while also seeing healthy recurring flows from existing partners many of whom are now adding allocations to our newer evergreen strategies. Turning to credit.

截至 2025 年底，其資產管理規模超過 117 億美元，並再次實現了持續的淨流入。我們在擴大這項旗艦策略在美國和國際市場的分銷方面取得了真正的進展，同時也看到了來自現有合作夥伴的健康經常性資金流入，其中許多合作夥伴現在正在向我們更新的常青策略增加投資。轉向信貸。

Despite recent headlines and volatility in certain parts of the private credit market, our international credit Evergreen fund remains on extremely solid footing. It continued to generate positive net inflows in the quarter with AUM surpassing the $2 billion mark at calendar year-end 2025.

儘管近期新聞頭條報道以及私人信貸市場某些領域的波動，但我們的國際信貸常青基金依然保持著非常穩健的根基。該基金本季持續實現正淨流入，預計到 2025 年底，其資產管理規模將超過 20 億美元。

Performance remains strong with a since inception net annualized return of over 9.5% and positive monthly performance throughout all of calendar year 2025. December net inflows were the fourth highest month since its launch in 2022. And for calendar year 2025, we averaged over $90 million of monthly net inflows. In addition to that, we remain on track to introduce its U.S. registered counterpart in the coming months.

該基金表現依然強勁，自成立以來淨年化收益率超過 9.5%，並且在 2025 年全年均保持正收益。12 月淨流入量是自 2022 年推出以來第四高的月份。2025 年曆年，我們平均每月淨流入超過 9,000 萬美元。除此之外，我們仍按計劃在未來幾個月內推出其在美國註冊的對應產品。

Finally, we are encouraged by the trajectory of our newer Evergreen offerings. Both our infrastructure Evergreen, which was launched in the second half of 2024, and our secondaries Evergreen, which was launched in early 2025, are both approaching the $1 billion AUM threshold, respectively.

最後，我們對新推出的常青產品的發展軌跡感到鼓舞。我們的基礎設施 Evergreen（於 2024 年下半年推出）和我們的二級市場 Evergreen（於 2025 年初推出）的資產管理規模 (AUM) 均已接近 10 億美元。

That progress reinforces our conviction that the Evergreen platform can be and is increasingly becoming a multi-strategy, multi-asset growth engine for the firm over time. Let's wrap up here with customized separate accounts. At quarter end, customized separate account fee-earning AUM stood at $41.1 billion and grew $1.3 billion or 3% over the last 12 months.

這項進展更加堅定了我們的信念，隨著時間的推移，Evergreen 平台能夠並且日益成為公司的多策略、多資產成長引擎。最後，我們來談談客製化獨立帳戶。截至季末，客製化獨立帳戶收費資產管理規模為 411 億美元，在過去 12 個月中成長了 13 億美元，增幅為 3%。

Net quarter-over-quarter growth was $280 million or 1% with the gross contributions stemming from a mix of new client wins, re-up activity from existing clients and contributions for investment activity. This was offset by fee basis step-downs and returns of capital stemming from exit activity.

淨環比成長 2.8 億美元，增幅為 1%，總貢獻來自新客戶的贏得、現有客戶的續約活動以及投資活動的貢獻。但這被費用基礎的逐步降低和退出活動帶來的資本回饋所抵銷。

We continue to carry substantial committed and contractual dry powder ready to deploy, supported by a strong pipeline of mandates that have been awarded and are currently moving through the contracting stage. Across our platform, we have long-dated relationships with the majority of our separate account clients and have experienced minimal churn over our history, underscoring the durability and depth of these partnerships.

我們仍然擁有大量已承諾和已簽訂合約的可用資金，隨時可以部署，同時還有大量已授予和目前正在進行合約簽訂階段的專案儲備。在我們的平台上，我們與大多數獨立帳戶客戶建立了長期合作關係，並且在我們的發展歷程中客戶流失率極低，這凸顯了這些合作關係的持久性和深度。

Because separate account programs are highly tailored rather than formulaic, the pace at which they move from sale to full deployment can vary, introducing timing variability in which assets and revenues come online. In fact, in December alone, we closed on more than $2 billion of new SMA capital coming from a mix of existing client re-ups, new service lines with current clients and new relationships to Hamilton Lane.

由於獨立帳戶計劃是高度客製化的，而不是公式化的，因此從銷售到全面部署的速度可能會有所不同，從而導致資產和收入上線的時間存在差異。事實上，光是在 12 月份，我們就獲得了超過 20 億美元的新 SMA 資本，這些資本來自現有客戶的續約、與現有客戶的新服務線以及與 Hamilton Lane 建立的新關係。

Behind that, our pipeline of live opportunities at various stages of negotiation remains sizable and, in the multibillion,-dollar range. That said, we continue to see our clients adopting and desiring product solutions at a faster pace than SMAs. We believe that serves them and us well.

除此之外，我們還有大量處於不同談判階段的在研項目，總價值達數十億美元。也就是說，我們仍然看到客戶採用和需要產品解決方案的速度比 SMA 更快。我們相信這對他們也有好處，對我們也有好處。

Let me move now to the update on our latest addition to the Hamilton Lane Innovations portfolio, where we utilize our balance sheet capital to invest in differentiated technology solutions that broaden access to the asset class, enhance the investor experience and strengthen the overall infrastructure of the private markets ecosystem.

現在讓我來介紹一下我們漢密爾頓巷創新投資組合的最新進展。我們利用資產負債表資本投資於差異化技術解決方案，以擴大此資產類別的進入範圍，提升投資人體驗，並強化私募市場生態系統的整體基礎設施。

On January 6, we announced an investment in Pluto Financial Technologies alongside Apollo, Motive Ventures and Portage. Pluto operates at the intersection of two important trends for our industry, the continued expansion of private markets and the growing need for sophisticated technology-enabled infrastructure to support that growth.

1月6日，我們宣布與Apollo、Motive Ventures和Portage一起投資Pluto Financial Technologies。Pluto 的營運正處於我們產業兩大重要趨勢的交會點：一是私募市場的持續擴張，二是支持這種成長對複雜技術基礎設施日益增長的需求。

Pluto's platform is built specifically for private market investors and uses AI-driven technology to connect directly to underlying portfolios, providing access to credit without forcing the sale of positions or the need to work through multiple intermediaries. The objective is straightforward: give investors a practical liquidity tool while allowing them to stay committed to their long-term private market allocations.

Pluto 的平台專為私募市場投資者打造，採用人工智慧驅動技術直接連接到底層投資組合，提供信貸管道，無需強制出售頭寸或透過多個中介機構進行操作。目標很簡單：提供投資人實用的流動性工具，同時讓他們能堅持長期私募市場投資。

As individual investors continue to allocate more capital to the private markets and in turn become incrementally larger and larger parts of investor portfolios, the importance of liquidity has only increased. Historically, many individual investors and their advisers view limited liquidity as a barrier to meaningful allocation even when they were convinced of the return and diversification benefits.

隨著個人投資人持續將更多資金配置到私募市場，並在投資人投資組合中佔據越來越大的比例，流動性的重要性也隨之增加。從歷史上看，許多個人投資者及其顧問即使確信投資回報和多元化帶來的好處，仍然將流動性不足視為有效配置的障礙。

As structures, secondary solutions and product design have evolved to offer more frequent liquidity windows and better tools for managing flows, we are seeing that hesitancy begin to fade. We believe that continuing to improve the liquidity experience for individuals in a thoughtful, risk-aware way is one of the keys to deeper penetration of private markets in the wealth channel.

隨著結構、二級解決方案和產品設計不斷發展，提供更頻繁的流動性窗口和更好的資金流管理工具，我們看到猶豫情緒開始消退。我們認為，以深思熟慮、具有風險意識的方式不斷改善個人流動性體驗，是財富管道更深入滲透私人市場的關鍵之一。

Simply put, the more we can marry institutional quality exposure with a liquidity profile that works for individuals, the larger the opportunity set becomes. We believe that Pluto is helping to drive increased liquidity in our asset class and uniquely leveraging technology to make that happen. We are proud to join them on this important journey and look forward to providing you with future updates.

簡而言之，我們越能將機構級投資機會與適合個人投資者的流動性狀況結合，投資機會的範圍就越廣。我們相信，Pluto 正在幫助提高我們資產類別的流動性，並獨特地利用技術來實現這一目標。我們很榮幸能與他們一起踏上這段重要的旅程，並期待在未來為您提供最新進展。

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

接下來，我將把電話交給傑夫，讓他來報告財務狀況。

Thank you, Eric, and good morning, everyone. Year-to-date for fiscal 2026, management and advisory fees were up 11% from the prior year period. However, this includes the impact of nearly $21 million of retro fees from specialized funds, namely the final close for our sixth secondary fund in the prior year period versus $2 million in the current year-to-date period, stemming primarily from our latest direct equity fund.

謝謝你，艾瑞克，大家早安。截至 2026 財年，管理和諮詢費用比上年同期增加了 11%。然而，這其中包括來自專業基金的近 2,100 萬美元的追溯費用的影響，即去年我們第六支二級基金的最終募集費用，而今年迄今為止的費用為 200 萬美元，主要來自我們最新的直接股權基金。

Total fee-related revenue was up 31%, largely driven by fee-related performance revenues recognized year-to-date in fiscal 2026 versus a minimal amount during the same period in fiscal 2025. Year-to-date, specialized funds revenue increased by $35 million or 15% compared to the prior year period.

總費用相關收入成長了 31%，這主要得益於 2026 財年迄今確認的費用相關業績收入，而 2025 財年同期該項收入微乎其微。今年迄今為止，專款收入比去年同期成長了 3,500 萬美元，增幅達 15%。

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.

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 $4 million or 4% 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 $5 million or 24% 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 400 萬美元，增幅為 4%。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 500 多萬美元，增幅達 24%。

Lastly, the final component of our revenue is incentive fees, which totaled $136 million for the period. This amount includes fee-related performance revenues stemming primarily from the quarterly crystallization of performance fees from our U.S. private assets Evergreen fund with additional contributions coming from our more recently launched Evergreen funds. Let's turn now to our unrealized carry balance.

最後，我們收入的最後一個組成部分是激勵費用，該期間總計 1.36 億美元。該金額包括與費用相關的業績收入，主要來自我們美國私募資產常青基金的季度業績費結算，以及來自我們最近推出的常青基金的額外貢獻。現在讓我們來看看未實現的持有餘額。

The balance is up 15% from the prior year period, even while having recognized $77 million of incentive fees, excluding fee-related performance revenues during the last 12 months. The unrealized carry balance now stands at approximately $1.5 billion. Moving to expenses. Fiscal year-to-date total expenses increased $40 million or 14% compared with the prior year period.

即使在過去 12 個月中確認了 7,700 萬美元的激勵費用（不包括與費用相關的業績收入），餘額仍比上年同期增長了 15%。目前未實現的帳面餘額約為 15 億美元。轉到費用部分。本財年迄今的總支出比去年同期增加了 4,000 萬美元，增幅達 14%。

Total compensation and benefits increased $29 million or 15% due primarily to increases in operating performance, headcount and equity-based compensation. This was offset by lower incentive fee compensation due to a decrease in non-FRPR incentive fee revenue compared to the prior year period. G&A increased by $11 million.

總薪酬和福利增加了 2,900 萬美元，增幅達 15%，主要原因是營運績效、員工人數和股權激勵的增加。由於非 FRPR 激勵費用收入較去年同期下降，激勵費用補償也相應減少，從而抵消了上述影響。一般及行政費用增加1100萬美元。

We continue to see growth in revenue-related expenses, including the third-party commissions related to our U.S. Evergreen product being offered on wire houses. We will continue to emphasize that while overall G&A expenses 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.

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產品透過券商提供的服務相關的第三方佣金。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。

We continue to successfully offset this with cost savings and expense discipline in other parts of the business where we have discretion. 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.

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。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。

With that, fiscal year-to-date FRE came in at $255 million and was up 37% relative to the prior year period, while FRE margin year-to-date came in at 50% compared to 48% for the prior year period. Both FRE and FRE margin benefited from strong fee-related performance revenues in the period.

由此，本財年迄今的 FRE 營收為 2.55 億美元，比去年同期成長 37%；而本財年迄今的 FRE 利潤率為 50%，而去年同期為 48%。本期 FRE 和 FRE 利潤率均受益於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 reiterate and summarize the financial impacts from the Guardian partnership. And as Eric mentioned earlier, the initial financial impact will not be reflected until next quarter.

在總結並進行一些資產負債表評論之前，我想重申並總結一下與 Guardian 合作帶來的財務影響。正如艾瑞克之前提到的，最初的財務影響要到下個季度才會顯現。

We expect to earn management fees on capital invested into our Evergreen funds, which will be reflected in specialized funds revenue as well as fees from a separate account that will resemble a typical institutional mandate in both portfolio construction and fee schedule. In both cases, there is also potential for performance fees aligned with the underlying strategies.

我們預計將從投資於常青基金的資本中獲得管理費，這些費用將反映在專項基金收入以及來自獨立帳戶的費用中，該帳戶在投資組合構建和收費標準方面都將類似於典型的機構委託。在這兩種情況下，都有可能獲得與底層策略相關的績效報酬。

The associated warrant package is expected to result in less than 1% dilution based on our fully diluted share count as of December 31, 2025, and be based on the vesting schedule. Additional details on the warrant package can be found in our prior Q2 10-Q, and our upcoming 10-Q filing. I'll wrap up now with some commentary on our balance sheet.

根據截至 2025 年 12 月 31 日的完全稀釋股份數量，相關的認股權證方案預計將導致不到 1% 的股份稀釋，並將根據歸屬時間表執行。有關認股權證方案的更多詳情，請參閱我們先前的第二季 10-Q 報告以及即將發布的 10-Q 報告。最後，我將對我們的資產負債表做一些評論。

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 expect that we will continue to invest our balance sheet capital alongside our clients.

我們最大的資產仍然是我們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。

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

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。接下來，我們將開始接受提問。

(Operator Instructions)

（操作說明）

Ken Worthington, JPMorgan Chase & Co.

Ken Worthington，摩根大通公司

Hi. Good morning, and thanks for taking the question. Erik, can you talk about the product road map for wealth in calendar 2026? You opened a handful plus of new wealth-focused specialized fund products in '25, including the registration of existing funds into different regions. How should we see 2025 for new product launches really geared to this wealth customer?

你好。早上好，感謝您回答這個問題。Erik，可以談談2026年財富管理的產品路線圖嗎？2025 年，您推出了一系列新的以財富為中心的專業基金產品，包括將現有基金註冊到不同地區。我們該如何看待2025年真正針對高淨值客戶的新產品發表？

Thanks, Ken. A couple of things. I think that -- and I had mentioned this on a prior call; I think the part that's been noteworthy for us is how these products are actually resonating with the institutional customer. So today, we're still seeing about 15% to 20% of our flows coming from the institutional customer.

謝謝你，肯。有幾件事。我認為——我在之前的電話會議中也提到過這一點；我認為對我們來說值得注意的部分是這些產品是如何真正引起機構客戶的共鳴的。所以今天，我們仍然看到大約 15% 到 20% 的交易流量來自機構客戶。

And I think we believe that as folks get more acclimated and more educated that, that number will continue to go up. So you mentioned it in calendar 2025, we launched a lot of product. I don't think 2026 will see nearly that volume coming from us.

而且我認為，隨著人們逐漸適應環境並接受更多教育，這個數字還會繼續上升。正如您在2025年日曆中提到的，我們推出了許多產品。我認為到 2026 年，我們的產量不會達到那麼高的水平。

We've now built out strategies in a lot of our core areas. So while we will add some additional products, it won't be nearly at the rate as we saw a year prior. And our focus right now is really getting the products that we have in market to scale.

我們現在已經在許多核心領域制定了相應的策略。因此，雖然我們會增加一些新產品，但速度遠不及一年前。我們現在的重點是真正擴大我們已上市產品的市場規模。

Great. Thank you.

偉大的。謝謝。

Alexander Blostein, Goldman Sachs Group Inc.

Alexander Blostein，高盛集團

Hey. Good morning. This is Anthony on for Alex. I wanted to ask about software exposure in the business, just given recent events. There's been a growing number of concerns around software exposure for a lot of your peers. So could you expand on what that looks like at Hamilton Lane and how you see those businesses performing given potential AI risk? Thank you.

嘿。早安.這是安東尼替亞歷克斯上場。鑑於最近發生的事情，我想了解企業對軟體的了解程度。很多同行越來越擔心軟體安全風險。那麼，您能否詳細說明一下漢密爾頓巷的情況，以及考慮到潛在的人工智慧風險，您認為這些企業將如何發展？謝謝。

Sure, Anthony, it's Eric. I'll take that. So I think different than a lot of the other large publicly traded managers, our portfolios are much more diversified because we're not taking ownership directly of single assets. So that co-investment secondary and fund model for us results in our customer exposure being very, very diversified across sector, geography, size, et cetera.

當然，安東尼，我是艾瑞克。我接受。所以我認為，與其他許多大型上市資產管理公司不同，我們的投資組合更加多元化，因為我們並沒有直接持有單一資產的所有權。因此，我們的共同投資二級市場和基金模式使得我們的客戶在行業、地理、規模等方面實現了非常非常多元化的投資。

So one, we don't have any kind of concentration across portfolios in software. And so that's not a topic for us that right now we're -- that we see at all of an issue for us nor for the customers. .

首先，我們在軟體領域沒有任何投資組合集中度。所以，目前這並不是我們需要考慮的話題——我們認為這對我們或客戶來說都不是一個問題。。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Oh. Hey. Thanks for taking the question. Just wanted to ask about exit activity. Just curious how you're seeing exit pathways evolve across your platform and the broader industry and -- what would you say is maybe the one or two gating items that you're watching that could make distributions accelerate sharply across the industry. .

哦，嗨。感謝您回答這個問題。想問一下關於退出活動的情況。我很好奇您如何看待您平台和整個行業中退出途徑的演變，以及——您認為有哪些一兩個關鍵因素可能會使整個行業的分配速度急劇加快。。

Sure, Michael. It's Eric. So we are seeing distribution activity pick up. I think this has been more of huge exit activity for our portfolios. So generally, I think what moves the needle more is simply having buyers and sellers agreeing kind of where the markets are agreeing on price. So we see that happening.

當然可以，麥可。是埃里克。因此，我們看到分銷活動正在增加。我認為這更多的是我們投資組合的大規模退出活動。所以總的來說，我認為真正能推動交易的，是買賣雙方在市場價格上達成協議。所以我們看到這種情況正在發生。

We see a rationalization occurring there. It's also driven by just the maturing of the assets and the fact that they -- a lot of them are now reaching kind of their fourth or fifth or sixth year of ownership. The work has been done. The growth has been achieved, and now they're ready to go and harness the profit. So I see 2026 as a stronger exit environment than we saw certainly in calendar 2025. .

我們看到那裡正在發生合理化現象。這也受到資產成熟以及許多資產現在已經達到持有第四年、第五年或第六年這一事實的影響。工作已經完成。成長目標已經實現，現在他們準備著手獲取利潤。所以我認為 2026 年的退出環境肯定比 2025 年好。。

Great. Thanks. And if I could ask a follow-up question on the Evergreen platform that's quickly becoming multi-asset, multi-strategy and with a number of scaled products over $1 billion in size. Just how are you thinking about opportunities that can open up now as a result of that evolution, whether it's model portfolios, maybe even updating placement within target date or other liquid fund strategies and partnership with others. Curious how you're thinking about that

偉大的。謝謝。如果我可以就 Evergreen 平台提出一個後續問題，該平台正在迅速發展成為一個多資產、多策略的平台，並且擁有許多規模超過 10 億美元的成熟產品。您認為這種發展會帶來哪些機會？例如，模型投資組合、目標日期內的資產配置調整、其他流動性基金策略以及與其他機構的合作。很好奇你是怎麼想的。

Yeah. I think we're thinking about all of those pieces, Michael. I think what you're seeing is Wave number one was sort of the introduction of these products to the market wave number 2 has really been focused on education around some of the benefits of these products to both institutional and individual investors and wave number 2, to me becomes more around kind of the structuring and partnership where you start using these products as tools in a variety of different ways, a number of which you mentioned.

是的。邁克爾，我想我們正在考慮所有這些方面。我認為你看到的是，第一波浪潮是將這些產品引入市場；第二波浪潮則真正側重於教育，向機構投資者和個人投資者普及這些產品的一些好處；而對我來說，第二波浪潮更多地圍繞著結構化和合作關係展開，開始以各種不同的方式將這些產品用作工具，你提到的其中一些方式就是如此。

So we're kind of through Wave 1 we're getting towards wave -- finishing up Wave 2 on the education piece, which still continues. And now we're heading into Wave 3. And so we're involved in dialogue across all those aspects.

所以我們已經基本上完成了第一階段，現在正朝著第二階段——教育部分的收尾工作——邁進，這項工作仍在繼續。現在我們即將進入第三波。因此，我們在所有這些方面都參與了對話。

Alexander Blostein , Goldman Sachs Group Inc

Alexander Blostein，高盛集團

Hey. Good morning, everyone. I actually have a follow-up on the Evergreen side and specifically, the increasing institutional base there. So you've highlighted previously that one of the reasons these products are attractive for institutional investors as they're more liquid nature relative to a traditional drawdown fund.

嘿。各位早安。我其實還有關於常青藤方面，特別是其不斷增長的機構基礎的後續問題。您之前曾強調，這些產品對機構投資者俱有吸引力的原因之一是，相對於傳統的回撤基金，它們的流動性更強。

But maybe it would be helpful if you can help us think about maybe what the dispersion has been in terms of redemption requests between institutional and retail clients within the Evergreen Suite to date? And maybe -- to what extent institutional clients have taken advantage of this feature today? Thank you.

但如果您能幫助我們思考一下，到目前為止，Evergreen Suite 中代理商客戶和零售客戶的贖回請求之間的差異情況，或許會很有幫助？那麼，機構客戶目前在多大程度上利用了這項功能呢？謝謝。

Yeah, Alex, Eric. So I actually don't think the liquidity provision is one of the top two most attractive pieces to them. I think the top two most attractive pieces are much more around ease of use, dealing with capital calls distributions and sort of severely lagging reporting schedules, not optimal.

是的，Alex，Eric。所以，我其實不認為流動性供給是他們最重視的兩大要素之一。我認為最吸引人的兩點更體現在易用性上，涉及資本募集分配和嚴重滯後的報告時間表，並非最優方案。

Benefit number two is the ability to actually tactically manage your portfolio in a more thoughtful way. If you're a CIO today of an institution and you want to apply some sort of a credit overweight or an infrastructure overweight or a venture overweight. Doing that through drawdowns is really impractical. You have to go have us find the funds for you subscribe to the funds.

第二個好處是能夠以更周全的方式進行策略性投資組合管理。如果你現在是一家機構的資訊官，並且你想採取某種信貸超配、基礎設施超配或創投超配的策略。透過回撤來實現這一點實際上並不現實。你需要讓我們幫你找到資金，然後你才能認購這些資金。

It takes years for those funds to get capital to put to work to see the net asset value grow -- and so trying to do a tactical overweight using drawdown funds means that you need to sort of have a three to five plus year view outwards that, that overweight is going to sort of still be a good thing in that timetable.

這些基金需要數年時間才能獲得足夠的資金投入使用，從而看到淨資產價值增長——因此，試圖使用回撤基金進行戰術性超配意味著你需要有三到五年甚至更長的展望，才能確保這種超配在那個時間範圍內仍然是一件好事。

In Evergreen, they can simply put on an overweight instantaneously because the capital is obviously fully invested. So we're not seeing the institutional investor behave with a higher redemption rate or moving in and out -- we're seeing them use this as a portfolio construction tool and ease of use. Third piece I mentioned is actually small institutional investors.

在 Evergreen，他們可以立即增重，因為資金顯然已全部投入。因此，我們沒有看到機構投資者表現出更高的贖回率或頻繁買賣——我們看到他們將其用作建立投資組合的工具，並且使用起來非常方便。我提到的第三點其實是小型機構投資者。

Back in the day, they would be a fund-to-funds customer. And as you know, Hamilton Lane hasn't even offered a fund-to-funds product in years. That market segment altered that investor base, in some cases, left the asset class altogether or they got convinced that going into a secondary or co-investment fund was an okay solution.

以前，他們會是基金對基金的客戶。如您所知，Hamilton Lane 已經多年沒有提供基金對基金產品了。該細分市場改變了投資者基礎，在某些情況下，投資者完全離開了該資產類別，或者他們相信進入二級市場或共同投資基金是一個不錯的解決方案。

Today, that small institutional investor is much more embracing reenter the private markets. So we see all those as thoughtful, good, and those are going to be long-term sustaining trends.

如今，小型機構投資者更樂於重新進入私募市場。所以我們認為這些都是深思熟慮的、好的，而且這些都將成為長期的永續趨勢。

Got it. That's helpful. Thanks Eric.

知道了。那很有幫助。謝謝你，埃里克。

Brennan Hawken with BO. Please go ahead.

布倫南·霍肯與 BO。請繼續。

Good morning. Thanks for taking my question. I was hoping you could speak a little bit to what you're seeing on the ground in the wealth channel. I hear about a little bit of a sitting on hands with the headlines around private credit that we saw at the year-end. So curious what you're seeing there.

早安.謝謝您回答我的問題。我希望您能談談您在財富管道一線觀察到的情況。我聽說，對於年底我們看到的私人信貸的新聞，大家有點按兵不動。很好奇你在那裡看到了什麼。

And when we also have heard that there's the potential for a greater shift or a greater preference for model portfolios sort of centralizing the allocations. Are you seeing any early signs of that? And what are your thoughts about how to deal with such a shifted.

我們也聽說，未來可能會出現更大的轉變，或者說人們會更傾向於採用模型投資組合，從而實現資產配置的集中化。你發現任何早期跡象了嗎？那麼，對於如何應對這種轉變，您有什麼想法呢？

Sure. It's Erik. I'll take those. So look, we kind of laid out our flows. We're not seeing the sitting on hands that you're sort of referencing. I think part of this is we're positioned as a differentiated product. That manager of managers is simply different than single manager strategy.

當然。是埃里克。我收下那些。所以你看，我們已經大致規劃好流程了。我們沒有看到你所說的袖手旁觀的情況。我認為部分原因是我們的產品定位與眾不同。這種管理經理人的策略與單一經理策略截然不同。

And I think the market has obviously been very receptive to our positioning there, and our flows continue to be good. model portfolio, certainly a topic of conversation. You're seeing early moves there. But to say today that you're seeing some massive sort of sea change, I would say, just the data is not bearing that out. as I mentioned on the prior question, we're engaged in dialogue around that.

我認為市場顯然對我們的投資策略非常認可，資金流動也持續良好。模型投資組合無疑是個熱門話題。你可以看到那裡已經出現了早期動向。但要說今天出現了某種翻天覆地的變化，我認為，數據並沒有支持這種說法。正如我在上一個問題中提到的，我們正在就此展開討論。

We have some model portfolio exposure already. And I think this is going to come down to investor preference. I don't see a world where all investors are going to simply want the model portfolio. Investors, generally, whether we're talking about buying private market assets, we're talking about buying food or clothing. Investors want choice, and they tend to want to control.

我們已經有一些模型投資組合了。我認為這最終將取決於投資者的偏好。我不認為所有投資人都會只想要模型投資組合。總的來說，投資者，無論是購買私募市場資產，或是購買食品或服裝，都是如此。投資人想要選擇權，而且他們往往想要掌控局面。

And so for some, that model portfolio will be ease of use, and that will be the most attractive aspect to it, and that will be sort of the guarding item. And for others, they're going to want to make much more tailored individualized selection.

因此，對於某些人來說，該模型組合的易用性將是其最吸引人的方面，也是其保護因素。而對於其他人來說，他們則希望進行更具針對性的個人化選擇。

So I think it's a world where you're going to see both pieces exist. And we're all going to have to make sure that our products and our lineup is meeting the customer where the customer is, not trying to force the customer to kind of adhere to whatever game or structure that we want them to be playing.

所以我認為在這個世界裡，你會看到這兩種情況同時存在。我們都必須確保我們的產品和產品線能夠滿足客戶的需求，而不是試圖強迫客戶遵守我們希望他們參與的任何遊戲或結構。

Great. Thanks for that call and thanks for taking my question.

偉大的。謝謝你的來電，也謝謝你回答我的問題。

(Operator Instructions)

（操作說明）

Mike Brown, UBS.

麥克布朗，瑞銀集團。

Great. Thanks for taking my question. I wanted to ask on the secondary side. So it's clearly a hot asset class, maybe the hottest asset class in the space at the moment. And the industry saw record capital raising for the industry last year. One of the funds that closed was over $30 billion. Not expecting a $30 billion fund for Hamilton Lane yet, but -- when you think about 17, we look at Fund V, that closed at $5.6 billion.

偉大的。謝謝您回答我的問題。我想問的是次要方面的問題。所以它顯然是一種熱門資產類別，或許是目前該領域最熱門的資產類別。去年，該產業的融資額創下了歷史新高。其中一隻募集完成的基金規模超過300億美元。雖然目前還不指望 Hamilton Lane 能籌集到 300 億美元的基金，但——當你想到 17 號基金時，我們會看看第五期基金，它最終募集了 56 億美元。

That was up over 40% versus the prior vintage. So when we're thinking about Fund VI and the tailwinds for the space? Any view on relative size versus the prior vintage? And maybe just touch on how investor sentiment and interest is in secondaries currently.

與上一年相比，漲幅超過 40%。那麼，當我們考慮第六期基金以及該領域的利多因素時，我們該如何看待這個問題呢？與上一年份相比，您對相對規模有何看法？或許還可以簡單談談目前投資人對二級市場的看法和興趣。

Sure. It's Erik. I'll take that. So as you noted, the space has grown. I frankly think if you step back and just look at that at a macro level, it's healthy. It gives investors is a good thing. It gives people more choices and so to more liquid options, whether it's through traditional secondaries or whether it's through our recent partnership with Pluto, we think all that's good.

當然。是埃里克。我接受。正如你所指出的，空間已經擴大了。坦白說，我認為如果你退後一步，從宏觀層面來看，這是健康的。這對投資者來說是件好事。它為人們提供了更多選擇，從而提供了更多流動性選擇，無論是透過傳統的二級市場，還是透過我們最近與 Pluto 的合作，我們認為這一切都是好事。

Second point, it's still one of the most undercapitalized parts of our asset class. If you look at capital raised relative to size of deals brought to market, huge capital mismatch. There's not nearly enough capital in the market to deal with sort of the demand and interest of transactions looking to get financed.

第二點，它仍然是我們資產類別中資本最不足的部分之一。如果從籌集的資金與推向市場的交易規模來看，就會發現龐大的資金錯配。市場上的資金遠遠不足以應付尋求融資的交易需求和興趣。

So massively undercapitalized. Scale, third point has also changed. So industry is getting a lot bigger. Funds are getting bigger as a result of that. And so what it means to be a big secondary player today is very different than what it meant to be that sort of big player 10 years ago.

資金嚴重不足。比例尺的第三點也改變了。因此，工業規模正在變得越來越大。因此，資金規模越來越大。因此，如今成為一名重要的二線球員的意義與 10 年前成為重要球員的意義截然不同。

I think for us, we've tended to be more of a mid-market oriented player. And so that has sort of caused us to still grow substantially, as you noted, from fund to fund to fund. Our goal is to continue to be one of those leading players. And so that means there's a whole lot of runway ahead of us.

我認為對我們來說，我們更傾向於成為一家面向中階市場的公司。因此，正如您所指出的，這使得我們能夠從一個基金到另一個基金，並持續大幅成長。我們的目標是繼續保持領先地位。所以這意味著我們還有很長的路要走。

So as I said very clear on the call, we are not one of the top handful of largest players in the space. We have aspirations to continue to move up market, and we think we've got a lot of room to do that, and we are based on investor sentiment, management meetings, feedback, et cetera, all that feels encouraging .

正如我在電話會議上明確指出的那樣，我們並不是這個領域排名前幾位的最大企業之一。我們希望繼續向高端市場拓展，並認為我們還有很大的發展空間。這一切都基於投資者情緒、管理層會議、回饋等等，所有這些因素都令人鼓舞。。

Great. Thanks Erik.

偉大的。謝謝你，埃里克。

(Operator Instructions) As there are no further questions -- sorry, Mike Brown has one more question. Please go ahead, Mike.

（操作說明）由於沒有其他問題——抱歉，麥克·布朗還有一個問題。請繼續，麥克。

Great. Thank you for taking the follow-up here. Erik, I just wanted to follow up on the software question earlier in the call. Just given your unique visibility into funds and the underlying portfolio companies, and I'm sure you're active dialogues with the managers, can you just maybe expand on your view on how AI disruption could really kind of flow through the software landscape and how certain parts of the market could be more impacted than others in certain areas that perhaps have better insulation from these AI disruption-related risks?

偉大的。感謝您跟進此事。Erik，我只是想跟進一下之前通話中提到的軟體問題。鑑於您對基金和底層投資組合公司有著獨特的了解，而且我相信您也與基金經理保持著積極的對話，您能否詳細闡述一下您對人工智慧顛覆性影響將如何真正滲透到軟體領域的看法，以及某些市場領域可能會比其他領域受到更大的影響，而某些領域或許能夠更好地抵禦與人工智慧顛覆性影響相關的風險？

Sure. I think it's -- I think this is sort of the danger of painting with an overly broad brush. I think it's frankly not a lot different than what we're seeing in credit. You've got a handful of managers who have credit portfolio problems due to their own investment selection, and then we want to sort of turn that into kind of a broad industry issue. There's no question that there are some software businesses that were bought sort of pre-COVID.

當然。我認為——我認為這就是以偏概全的危險之處。坦白說，我認為這和我們在信貸領域看到的情況並沒有太大區別。少數幾位基金經理人由於自身的投資選擇而面臨信貸組合問題，我們希望將這個問題轉化為一個廣泛的行業問題。毫無疑問，有些軟體公司是在新冠疫情爆發前被收購的。

High prices were paid AI was far away when those transactions were done. The impact was not sort of priced in. And there will be certainly some companies that are going to struggle and are going to struggle to result in good performance or any performance for their investors.

當時人工智慧還遠遠未普及，交易價格卻很高。這種影響並沒有被充分考慮在內。當然，也會有一些公司舉步維艱，難以為投資人帶來良好的業績，甚至可能根本無法帶來任何回報。

That said, the notion that every software business is going to suffer hugely negative consequences due to AI, I think, is not true. And frankly, we're sort of seeing that we've got a number of companies in the software space that are continuing to grow, continuing to rack up customers.

也就是說，我認為，認為人工智慧會為所有軟體企業帶來巨大負面影響的觀點是不正確的。坦白說，我們看到軟體領域的許多公司都在持續成長，並不斷累積客戶。

I think there's another way to look at this, which is, in some cases, the AI solution is in need of the client and the traditional old-school software companies have the customer. I actually think you could see some mergers and acquisitions that are coming from kind of what we'll think of as new tech versus old tech and that might be a completely fine outcome.

我認為還有另一種看待這個問題的方式，那就是在某些情況下，人工智慧解決方案需要客戶，而傳統的老派軟體公司擁有客戶。我認為，我們可能會看到一些併購案例，這些案例可能源自於我們所謂的新技術與舊技術之間的競爭，而這或許會是個完全不錯的結果。

So I think what we're saying to our clients today, whether it's around software, whether it's around credit or whether it's around any sub strategy, we need to have a much more granular conversation about companies, fund managers, individual funds rather than having big macro strategies, and that's one of the macro discussions, and that's one of the benefits of where we sit.

所以我覺得，我們今天跟客戶說的，無論是關於軟體、信貸或任何子策略，我們都需要就公司、基金經理人、個別基金進行更細緻的討論，而不是製定宏觀策略。這是宏觀討論的一部分，也是我們所處位置的優勢之一。

We get to go and due diligence on every fund manager looking through every asset that they hold -- and if we're looking at a secondary deal, we're getting to price through every company in that underlying portfolio. And so we're not making big investment decisions kind of thematically.

我們可以對每位基金經理進行盡職調查，仔細審查他們持有的每項資產——如果是二級市場交易，我們也可以對該投資組合中的每家公司進行定價。因此，我們並沒有在主題上做出重大的投資決策。

We're making them kind of a bottoms-up asset-by-asset look through to figure out whether there's high-quality assets and making sure we're getting those at the right price with the right partner.

我們正在進行一種由下而上、逐一資產的審查，以確定是否存在高品質資產，並確保我們以合適的價格與合適的合作夥伴一起獲得這些資產。

Thank you. And this concludes the question-and-answer session for today. I will now turn the call over to Erik Hirsch, Co-Executive Officer for closing remarks. Please continue.

謝謝。今天的問答環節到此結束。現在我將把電話交給聯席執行官埃里克·赫希，請他作總結發言。請繼續。

Just wanted to say, we're proud of the quarter. Juan and I are very proud of the team for the hard work. This doesn't happen by accident. It takes real effort, particularly in this kind of market environment. We appreciate your time, support, and the questions. And for those of you on the East Coast, stay warm.

只想說，我們為本季的業績感到自豪。胡安和我為團隊的辛勤付出感到非常自豪。這並非偶然發生。這需要付出真正的努力，尤其是在這種市場環境下。感謝您抽出時間、給予支持並提出問題。東海岸的朋友們，注意保暖。

Thank you.

謝謝。

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

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