Hamilton Lane grows AUM 3% to $142B; specialized funds surge 25% as separate accounts fall 7%

Filed May 21, 2026 · Period ending March 31, 2026 · Compared to 10-K May 30, 2025 · ~1 min read

Key Changes

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  Specialized funds AUM jumped $10.6B (25%) to $50.1B, offsetting a $7.1B (7%) decline in customized separate accounts to $91.7B. Total AUM reached $142B, up 3% year-over-year.

  Business: AUM growth verify on EDGAR →
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  Management fee revenue now includes NAV-based products subject to market volatility, a shift from the prior year when the 'vast majority' of fees were commitment-based and insulated from valuation swings.

  MD&A: Fee-earning AUM verify on EDGAR →
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  Retail expansion via tokenized funds, daily-priced interval funds, and EEA/Asia-Pacific vehicles exposes the firm to heightened litigation, regulatory enforcement, and reputational risks, with limited control over third-party distribution channels.

  Risk Factors: Retail expansion verify on EDGAR →