HLNE

Hamilton Lane is a leading global private-markets investment-solutions provider, and it is one of the highest-quality businesses in asset management. The model is fee-based and capital-light — it builds customized portfolios, manages specialized/evergreen funds, and provides advisory, data and reporting services across an enormous asset base: $91.7B in customized separate accounts, $50.1B in specialized funds and $905.3B of assets under advisement as of March 31, 2026. That scale and diversification (by client type, size and geography) underpins a remarkably profitable franchise: FY2026 net margin of 32.8% and a 27.2% return on equity.

The growth is steady and broad-based. FY2026 revenue rose 6.5% to $759M and net income grew 14.6% to $249M, extending a multi-year climb (revenue from $368M in FY2022 to $759M). Cash generation is excellent — operating cash flow jumped 41.3% to $425M against just $5.84M of capex — funding a growing dividend (+15.4% to $87.7M) while carrying modest leverage ($278M long-term debt, 0.92x liabilities/equity) and a rising cash balance ($372M).