hamilton lane earnings call transcript

Just on the secondaries firm's broader marketplace. Your line is now open. Just any sort of color on the size, you're able to sort of share around these customers. I think what we have said in the past is, we have a lot of it. It's Erik, I'll take that. And we have a number of people inside the US, not the least of which is the 361 crew, in addition to some of the existing Hamilton Lane resources that are sort of focused on selling this inside the US. And the second place that we think over time we will continue to generate meaningful carry dollars is in this retail evergreen. Two parter here. This growth stemmed from additional closes for funds in market, robust investment activity, a continued growth of our Evergreen platform. Ladies and gentlemen, thank you for standing by, and welcome to the Hamilton Lane Incorporated Second Quarter Fiscal Year 2022 Earnings Conference Call. One of it was sort of upswing in margin that was again kind of pandemic-oriented, the business which is performing well and the bonus pool accrued as it should. Weekly Research Briefing: What does the Fed see on the road ahead We continue to both offer Cobalt LP as a stand-alone service as well as increasingly bundling it as part of a broader relationship with clients. From a sales perspective, I would say, the resources are relatively geographically evenly split. The close totaled nearly $223 million of LP commitments and brings the total raised for this fund to over $973 million. We've continued to see interest rise and flows are strong. This concludes the Q&A portion of todays call. We continue to see solid growth in our business with management and advisory fee, up 16% versus the prior year period. Incentive fee for the year-to-date period were $29.8 million. I was hoping you could talk a little bit about compensation. We are proud of how they persevere despite this and how they've been unwavering in their focus on delivering their very best to our clients. Let me end here with some additional positive news. Moving to our specialized fund, growth here continues to be strong. Mike, I would say -- it's Erik. On a prior call, we spoke about our efforts in launching this type of product within the United States and I'm now pleased to report that we are up and running, as you may have seen with our press release announcement on January 7th. Theres a lot of product market, no rush, and so everything is slowed down. Thank you. Thank you for taking my questions. And so, I think those could be potential negative impacts. It's Erik. I think the interest in LPs of having access and exposure to things like secondaries and co-investments is rising. Please go ahead. And aside from depth and experience in this space, 361 brings an award-winning culture. And I think if you look at those that have come before us, I think you'd sort of see some very some similarities to how they sort of built out, and they're now operating at a very different scale. We expect the same thing over time here to be the case, as this all begins to mature and take hold. So I think this is a question that's going to be best answered on future calls, as we are literally in the process of going through all of this with our auditors and accountants to figure out treatment. We don't know. Other than that, I would say reup dynamics continue to be strong, you sort of noted that we put in over 80% of those new flows are coming from existing investors. Written by [Operator Instructions] Thank you. And now back out to try that for our 6th time. These statements are subject to risks and uncertainties that may cause the actual results to differ materially. The partnership between us and IHS Markit resulted in PMC quickly becoming one of the leaders in the private markets data solution space, with Hamilton Lane serving as one of the companys largest clients. For us, the deal confirmed our view around the benefits and value of DealCloud's product offering and ultimately generated a return of over 8 times on our initial investment. It is absolutely going to leverage our data analytics and the access to information. And then, just on the secondary fund market, what are we seeing for industry activity levels in secondaries? This first close surpasses the entirety of our first impact fund that we closed in July of 2020 with nearly $100 million of commitments. But I think if you look out and you sort of look at what our big areas in which we're a meaningful player and you could see demand, you could see specialization across geography. Thanks, John, and good morning, everyone. That was -- we tried, but no success there. Or how does that stack up competitively? In order for the recipients to receive value from new award they need to remain with the company over a multiyear time period and the stock has to cross certain thresholds over the next seven years. And with that, we thank you for joining the call and are happy to open it up for questions. From an investment standpoint, no resources needed. We think that's a very powerful advantage for us because it really aligns not only the employees with our clients, but more importantly, equally importantly, aligns with the employees with each other. And we're not going to have to go to the banks to source. We continue to see the growth coming across type, size and geographic location of the clients. Revenue from our advisory, reporting and other offerings decreased to $0.4 million compared to the prior year period, primarily due to a decrease in revenue from our distribution management business, partially offset by an increase in funding reimbursement revenue. For a discussion of these risks, please review the risk factors included in Hamilton Lane fiscal 2022 10-K and subsequent reports we filed with the SEC. One of the additional appealing aspects of these products is their availability to a wide range of investors. At this time all attendees are in a listen-only mode. Please note that nothing on this call represents an offer to sell or a solicitation to purchase interest in any of Hamilton Lanes products. The unrealized gain that we recorded for this quarter is approximately $23 million. As you know, those are coming with both higher fee levels as well as higher margin. Turning to fund specific updates. Thank you, Brian. And just to remind everyone, we don't control these positions and thus we don't control the timing effects there. Your question sort of on the back end is that positive from a fee rate margin perspective. Moving to expenses, total expenses increased $63.5 million compared with the prior year period. But maybe you could just kind of help us out there on moving pieces. And while terms of the transaction are not being disclosed, it does result in a $12 million gain, which will flow through our financials next quarter. As a refresher, Canoe is a cloud-based machine learning technology that streamlines the complexities around document collection and data extraction in an asset class where reporting mediums and standards can vary widely. That's very helpful. For quick background when we embarked on the launch of the U.S. sleeve of our Evergreen product, we identified 361 Capital as a great partner to help us build out our distribution capabilities within the fragmented RIA channel. Just wanted to get your sense around, if you will, maybe total addressable market and among -- either among your newer clients or just in the marketplace in general, how you're seeing allocations? We continue to see the growth coming across type, size and geographic location of the clients. So here you were sort of seeing what looked odd, which was -- you saw the asset sort of rising on the customized separate accounts, not directly in line with the revenue and that's what's causing that discrepancy. On October 7, and consortium consisting of Hamilton Lane, the Ford Foundation, S&P and Omidyar Network announced the creation of an innovative technology platform built to provide private companies with intuitive and secure ESG data collection and benchmarking. We are also focused on broadening out our product offering within the channel. I'll end this section by announcing that we have just launched our sixth secondary fund, our fifth fund was a strong testament to the strength of our platform and the overall interest in the secondary space. Hamilton Lane Expands Institutional Capabilities, Adding Senior Specialist Focused on I.. HAMILTON LANE INC Management's Discussion and Analysis of Financial Condition and Resu.. Hamilton Lane Incorporated Reports Earnings Results for the Second Quarter and Six Mont.. Transcript : Hamilton Lane Incorporated, Q2 2023 Earnings Call, Nov 01, 2022, Hamilton Lane Q2 Non-GAAP EPS Falls, Revenue Rises, Hamilton Lane : Fiscal Q2 Earnings Snapshot. And I think frankly, we've been a little resistant to -- I think we overly fixated on how quickly we're deploying capital. Thanks. There was strong demand for access to the private markets from this group of investors who've historically had limited access and exposure. So beyond the resources that Hamilton Lane had two years ago, we've added to that obviously the 361 acquisition has further added to that. And so today, we don't see a dramatic need to kind of change our comp philosophy. Those closings came from our current six secondaries fund, fifth direct equity fund and seventh installment of our direct credit series. Retro fees for the year were approximately $1.2 million, stemming primarily from our direct equity fund versus a minimal amount in the prior year period. Okay. It lasts until were caught up. 10 stocks we like better thanHamilton Lane Incorporated Class AWhen investing geniuses David and TomGardner have a stock tip, it can pay to listen. Trusted News Discovery . Is this the new normal as the fund business continues to grow? Hamilton Lane Incorporated (HLNE) Q4 2021 Earnings Call Transcript I will take that one. Sir, please go ahead. My first question is kind of draws upon your experience launching the infrastructure fund, just given the volume that you've seen and the pretty brisk timeframe around it. So let me do my best. We believe our SPAC offers a compelling and elegant solution to assist in this transition. I think it's hard to look out and predict where you're going to see growth because I think that growth, I mean, take the venture and growth equity space today, that's fueled by a very favorable economic environments that are occurring, that are allowing those spaces to operate successfully. Overall, our continued success here confirms that our offering and strategy is resonating well with investors in this channel. So you talked about comp pressures. And with that, our original $10 million investment in iCapital, is now valued at $40 million, generating a return of 4 times in less than 18 months since our initial investment. Fund currently stands at nearly $1.1 billion of LP commitments based on the two closes and will be in market into the fourth quarter of calendar 2023. All of those, I think, are coming together to help sort of generate the success and propel us forward. Michael, its Mario. So, how much, I guess, of the co-invest bond, the Impact Fund II and the infra [Phonetic] is already sort of in the run rate as of this quarter. Total asset footprint which we define as the sum of our AUM, assets under management and AUA, assets under advisement, stood at approximately $824 billion and represents a 2% increase to our footprint year-over-year, continuing our long-term growth trend. Presentation Operator MessageOperator Good morning. There is the traditional LP interest market, which is, continues to grow. From a channel perspective, we're looking across all the channels to wirehouses to RIAs, other wealth management platforms. ET . Good morning. Ill wrap up here with some commentary on our balance sheet. This article is a transcript of this conference call produced for The Motley Fool. It's a great question. Okay, thank you. And I think the fact that we've achieved the success we have in the short order, I think, sort of demonstrates that we're clearly well positioned to do that now and to continue to do that in the future. Before I move on, Id like to take a moment and acknowledge an award that our direct equity platform has recently won. In dieser neu geschaffenen Position wird Jaggers an der Seite von. We take comfort from our scale, brand and culture, and are determined to maintain our growth story. Hamilton Lane ( NASDAQ:HLNE - Get Rating) last posted its earnings results on Tuesday, August 2nd. To date, the current series has raised $584 million of commitments. Private Markets Solutions Provider | Hamilton Lane As we look out sort of the remainder of this year, I would say sort of indications are we're does not seeing a rapid return to conferences, big events or significant international travel. Will it be as challenging as what were experiencing 2022 now? So I think what we've sort of said to folks is that, we would really suggest that people look at kind of comp ratios and comp expenses on an annualized basis. I think the European waterfall is kind of akin to you spend years sort of pushing the boulder up the hill and when you finally get to the top, it begins to kind of quickly roll down the other side. We are excited about this newest partnership and look forward to sharing more good news and momentum around the company in the future. And it was -- we view it as a one-off, not something that we have seen since then in terms of the outflows. So I think what you're seeing here is that, in the script, we were -- I think kind of clearly tell you that, given we had a closing post the quarter end. G&A increased $6 million, which included the rent expense associated with our new headquarters, along with expenses from 361 Capital. And so to the extent that, that client is providing you additional capital, that's just providing good benefits of scale. Hi. A key piece of that continued growth story centers around our people. Again, we always appreciate the time and the interest, and we wish you well. Additionally, our combined fee rate remains steady. Beginning on Slide 3. A follow-on on the SCOPE product. Ladies and gentlemen, thank you for standing by and welcome to today's Hamilton Lane Incorporated Third Quarter Fiscal Year 2021 Earnings Conference Call. We will also be referring to non-GAAP measures that we view as important in assessing the performance of our business. At the beginning of 2020, we announced that Hamilton Lane had purchased Cobalt LP from Bison, which provided us the ability to fully control that service offering.

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