The investment objective is to obtain capital appreciation over the medium- and long-term through investments in the Main Fund. The Main Fund will seek to make direct or indirect investments in private assets globally and build a diversified portfolio over time to avoid concentrated risk exposures and to provide sufficient liquidity for limited redemptions at the level of the Main Fund. The Fund will seek to make direct or indirect investments in private assets globally and build a diversified portfolio over time to avoid concentrated risk exposures and to provide sufficient liquidity for limited redemptions.
The Hamilton Lane Global Private Assets Fund I-USD share class returned -2.03% for the month of August, bringing annualized since-inception returns to +14.33%. Due to the strengthening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw slightly stronger returns, returning -1.44% and -1.40% respectively. The public markets declined in August, with the MSCI World Index returning -2.39% in USD terms.
As a result of our active valuation policy and public market valuation multiples contracting, several equity and secondary investments were marked down in August. Among those that were marked down was Echo Global Logistics. Echo has generated strong performance for the Fund based on underlying earnings growth since the Fund’s initial investment was made and continues to be viewed as an attractive long-term investment. The portfolio also experienced a modest negative impact from the strengthening of the US Dollar for investments denominated in other currencies.
While equities detracted this month, the credit portfolio generated stable performance due to the contractual yield and overall strength of balance sheets across the underlying companies. Credit continues to be an important driver of liquidity for the Fund while also decreasing volatility and buoying performance when equity markets pull back.
During the month, the Fund fully exited its remaining position in Toast. Toast is a cloud-based restaurant software company that develops point of sale and management systems for online order, delivery tracking, and enterprise reporting. The Fund originally invested into Toast’s convertible debt, inclusive of equity warrants, in July 2020. After the Fund’s investment, Toast went public in September 2022. Despite initially trading down in the public markets, the Fund was able to exit the remainder of its shares for a full realization above cost.
As of month end, the Fund’s net cash holdings equal approximately 9.9% of NAV. The cash position is penciled to transactions projected to close in the next three to four months.
What is Hamilton Lane Global Private Asst (AUD) Hamilton Lane Global Private Asst (AUD) is an Managed Funds investment product that is benchmarked against Credit Suisse AllHedge Fund Index and sits inside the Alternatives - Private Equity Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Hamilton Lane Global Private Asst (AUD) has Assets Under Management of 0.00 M with a management fee of 1.7%, a performance fee of 1.26% and a buy/sell spread fee of 0%.
How has the investment product performed recently? The recent investment performance of the investment product shows that the Hamilton Lane Global Private Asst (AUD) has returned -0.45% in the last month. The previous three years have returned 10.28% annualised and 4.58% each year since inception, which is when the Hamilton Lane Global Private Asst (AUD) first started.
How is risk measured in this investment product? There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Hamilton Lane Global Private Asst (AUD) first started, the Sharpe ratio is NA with an annualised volatility of 4.58%. The maximum drawdown of the investment product in the last 12 months is -1.12% and -2.6% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
What is the relative performance of the investment product? Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Hamilton Lane Global Private Asst (AUD) has a 12-month excess return when compared to the Alternatives - Private Equity Index of -3.82% and -1.07% since inception.
Does the investment product produce Alpha over its Peers? Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Hamilton Lane Global Private Asst (AUD) has produced Alpha over the Alternatives - Private Equity Index of NA% in the last 12 months and NA% since inception.
What are similar investment products? For a full list of investment products in the Alternatives - Private Equity Index category, you can click here for the Peer Investment Report.
What level of diversification will Hamilton Lane Global Private Asst (AUD) provide? Hamilton Lane Global Private Asst (AUD) has a correlation coefficient of 0.69 and a beta of 0.5 when compared to the Alternatives - Private Equity Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.
How do I compare the investment product with its peers? For a full quantitative report on Hamilton Lane Global Private Asst (AUD) and its peer investments, you can click here for the Peer Investment Report.
How do I compare the Hamilton Lane Global Private Asst (AUD) with the Credit Suisse AllHedge Fund Index? For a full quantitative report on Hamilton Lane Global Private Asst (AUD) compared to the Credit Suisse AllHedge Fund Index, you can click here.
Can I sort and compare the Hamilton Lane Global Private Asst (AUD) to do my own analysis? To sort and compare the Hamilton Lane Global Private Asst (AUD) financial metrics, please refer to the table above.
Has the Hamilton Lane Global Private Asst (AUD) been independently verified by SMSF Mate? This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.
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Performance Commentary - July 31, 2023 The Hamilton Lane Global Private Assets Fund I-USD share class returned +1.78% for the month of July, bringing annualized since-inception returns to +15.18%. Due to the weakening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw a negative impact to returns, returning +1.25% and +1.40% respectively. The MSCI World returned +3.36% in US dollar terms.
The Fund’s performance this month was driven by a combination of the secondary and direct equity segments of the portfolio, with the top five contributors consisting of three secondary deals and two equity deals.
Project Eagle was the Fund’s largest driver for the month, accounting for roughly 20% of gains in July. This secondary investment has been a leading contributor to the Fund’s performance since Hamilton Lane led the transaction in the summer of 2021 alongside The Jordan Company. Project Eagle is a seven asset continuation fund of Resolute II assets. The uplift in value during the month was due to the impending sale of the portfolio’s largest asset, WCT Group Holdings, a global clinical research organization providing full-service, late-stage and early phase capabilities.
Another driver of positive performance this month was the Fund’s equity investment in STARK, a leading business to business distributor of heavy building materials for the construction industry in the Nordic region and Germany. STARK’s uplift in valuation in July was in line with public market comparables and favorable currency movements given the appreciation of the Euro versus the US dollar. Lastly, the Fund fully exited its position in Dun & Bradstreet, the fourth direct equity exit in the last nine months. The Fund originally invested directly into the equity of Dun & Bradstreet alongside Thomas H Lee. Dun & Bradstreet saw a successful IPO in June 2020, and the Fund was able to successfully monetize its remaining ownership of the company in July.
While Hamilton Lane’s deal flow remains strong across direct equity, direct credit, and secondaries, the portfolio management team continues to be highly selective in allocating new capital. As of month end, the Fund’s net cash holdings equal approximately 9.6% of NAV. The cash position is penciled to transactions projected to close in the next three to four months.
Performance Commentary - June 30, 2023 The Hamilton Lane Global Private Assets Fund I-USD share class returned +2.24% for the month of June, bringing annualized since-inception returns to +15.02%. Due to the weakening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw a negative impact to returns, returning +1.17% and +1.38% respectively.
June was a strong month, both for the Fund and the public markets, with the MSCI World Index returning +6.05% in USD terms. The Fund’s performance this month was driven by a broad base of contributing areas, with the top five contributors consisting of three equity deals and two secondary deals, in line with the portfolio’s tactical tilts.
One of the primary drivers of performance for the portfolio in the month of June comes from Car Inc. The company, the largest rental car service provider in China, benefitted in June from significant year over year increase in year-to-date March revenue and EBITDA as a result of the continued recovery from COVID-related restrictions. The Fund invested into the equity of the company in June of 2021 alongside MBK Partners, a General Partner with a proven track record of investing in car rental companies in Asia. The Fund continues to benefit from investments into market leading companies alongside top tier managers, actively sourcing compelling opportunities across industries and geographies.
A second large driver of performance for the portfolio in June was Solenis. The Fund invested into the equity of Solenis alongside Platinum Equity Capital Partners in July of 2021, and the company has previously been highlighted as a driver of performance for the Fund in the past. Solenis is a leading manufacturer and distributor of specialty chemicals and solutions offering a broad array of process aids, water treatment chemistries, functional additives, and monitoring and control systems, serving a diverse range of end-markets such as consumer packaging, pulp & paper, tissue, food/food packaging, and municipal/industrial water treatment. In addition to strong organic growth, the company has benefitted from a successful acquisition of another player in the space. As a result of strong conviction in the business and its contribution to the portfolio, the GPA Fund participated in a follow-on investment into Solenis in June.
As of month end, the Fund’s cash holdings equal approximately 8.3% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
Performance Commentary - May 31, 2023 The Hamilton Lane Global Private Assets Fund I-USD share class returned -0.56% for the month of May, bringing annualized since-inception returns to 14.72%. Due to the strengthening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw a positive impact to returns, returning 0.54% and -0.30% respectively.
May saw flat to negative performance in the listed equity markets with the MSCI World down 1% in USD terms. The Global Private Assets Fund saw negative performance in the investment portfolio driven by the secondary portion of the portfolio, largely from updated valuations received from sponsors.
Although the direct equity portion of the portfolio had slightly positive performance overall, the Fund’s investment in Echo Global Logistics was the largest position detractor for the month. Echo has been highlighted a few times as a strong performance driver since the fund invested into the equity alongside The Jordan Company in November 2021. Echo has seen a decrease in EBITDA driven by a volume decline in early 2023, which has been partially offset by pricing increases in contracts.
Project Jordan, a secondary deal with Madison Dearborn Capital Partners, funded during the month of May. Project Jordan is a multi-asset continuation vehicle of three insurance brokerage assets. The transaction offers strong alignment with the General Partner, as well as exposure to a recessionresilient sector with underlying geographic diversification.
While Hamilton Lane’s deal flow remains strong across direct equity, direct credit and secondaries, the portfolio management team continues to be highly selective in allocating new capital. As of month end, the Fund’s cash holdings equal approximately 7.5% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
Performance Commentary - April 30, 2023 The Hamilton Lane Global Private Assets Fund I-USD share class returned 0.47% for the month of April, bringing annualized since-inception returns to 15.21%. Due to the weakening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw a negative impact to returns, returning 0.01% and 0.13% respectively.
April was another positive month in listed equity markets, with the MSCI World returning 1.75% in USD terms. The Global Private Assets Fund also saw positive performance in the investment portfolio with the direct equity portion driving return. The Fund did see a slight negative impact in return due to updated secondary valuations flowing through this month.
Oldcastle BuildingEnvelope (OBE) was the largest driver of performance for the month of April. Previously a performance driver, the Fund originally invested into the equity alongside KPS Capital Partners in April 2022. OBE is a North American manufacturer and distributor of custom solutions for architectural glass, storefronts and entrances, railings and more. OBE has been able to use its marketleading scale to increase prices, passing all cost inflation to the end customer. This has resulted in both margin expansion and revenue growth. The company has also paid down debt and seen singledigit EBITDA growth.
April also marked the realization of the Fund’s direct equity holding of Hims, a direct-to-consumer health and wellness brand. The Fund originally invested directly into the equity of the company in February 2020. After the Fund’s investment, Hims went public via a SPAC transaction in late 2020. After initially trading down, the company saw fundamentals rebound due to significant revenue growth and the Fund was able to exit its shares during the month of April.
While Hamilton Lane’s deal flow remains strong across direct equity, direct credit and secondaries, the portfolio management team continues to be highly selective in allocating new capital.
As of month end, the Fund’s cash holdings equal approximately 6.5% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
Performance Commentary - March 31, 2023 The Hamilton Lane Global Private Assets Fund I-USD share class returned 1.27% for the month of March, bringing annualized since-inception returns to 15.42%. Due to the weakening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw a negative impact to returns, returning 0.19% and 0.59% respectively.
March was generally a positive month for performance, with the MSCI World returning 3.09% in USD terms. The Global Private Assets Fund also saw positive performance, with about 70% of that performance driven by the secondary portion of the portfolio.
The largest position driver was the Fund’s new investment into Project Waterford. Project Waterford is a highly diversified LP Secondary consisting of seven high-quality funds. Hamilton Lane won the restricted process, in part due to the strong relationships with each of the sponsors in the portfolio. In addition to purchasing the portfolio at a discount, which benefited GPA’s performance for the month, the portfolio is expected to have near-term liquidity events as well as further potential for value creation in the assets.
Performance Commentary - February 28, 2023 The Hamilton Lane Global Private Assets Fund I-USD share class returned 0.56% for the month of February, bringing annualized since-inception returns to 15.40% Due to the strengthening of the US Dollar, the partially hedged I-EUR and I-GBP share classes performed slightly better, returning 1.26% and 0.94% respectively.
February saw negative returns in the listed public equity markets with the MSCI World returning -2.40% in USD terms.
The Global Private Assets Fund saw positive investment returns in USD terms. All portions of the portfolio were up, with a combination of equity and secondary deals driving the overall return.
Continuing its positive trajectory, Solenis UK was the largest driver of performance for the month. This is a direct equity investment alongside Platinum Equity the Fund entered in September 2021. Solenis UK is a manufacturer and distributor of specialty chemicals focused on water treatment. The increase in valuation was primarily driven by an uplift in the multiple, based on the Firm’s potential take-private of a competitor, implying a higher multiple for the combined entity. While pending completion, the combined company is expected to provide a number of attractive cross-selling opportunities, including meeting increasing customer demand for water management, cleaning and hygiene solutions.
The second-largest position driver for the month of February was the Fund’s investment into Project Newman. This is a dual-asset structured secondary deal for BCM One (a business communication and managed services provider) and RMS (a health care technology company). The increase in value was driven by BCM’s ongoing M&A activity and successful integration of assets, facilitating top and bottomline growth.
While Hamilton Lane’s deal flow remains strong across direct equity, direct credit and secondaries, the portfolio management team continues to be highly selective in allocating new capital.
As of month end, the Fund’s net cash holdings equal approximately 8.7% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
Performance Commentary - January 31, 2023 The Hamilton Lane Global Private Assets Fund I-USD share class returned 3.13% for the month of January, bringing annualized since-inception returns to 15.60%. Due to the strengthening of the Euro and British Pound Sterling relative to the US Dollar, the partially hedged I-EUR and I-GBP share classes performed slightly worse, returning 2.38% and 2.42% respectively.
January saw positive returns in the listed public equity markets with the MSCI World returning 7.08% in USD terms.
The Global Private Assets Fund also saw positive investment returns in USD terms. All portions of the portfolio were up, with two equity positions driving a large portion of overall return.
Urbaser was the largest position driver for the month of January. This is a direct equity position the Fund invested alongside Platinum Equity in October 2021. Urbaser is a provider of environmental management services. The company focuses on municipal and water waste, including treatment and disposal services. Over the last year, the company has seen single digit EBITDA growth and has also paid down significant debt. These two factors contributed to an increased valuation of the company.
The second position driver for the month of January was the Fund’s investment into Solenis UK. This is another direct equity investment alongside Platinum Equity the Fund entered in September 2021. Solenis UK is a manufacturer and distributor of specialty chemicals focused on water treatment.
Since the Fund’s original investment, the company has grown EBITDA organically and through the successful acquisition of a competitor. The acquisition is additive to Solenis’ portfolio of services, increasing its offerings of residential and commercial pool and spa water treatment solutions.
While Hamilton Lane’s deal flow remains strong across direct equity, direct credit and secondaries, the portfolio management team continues to be highly selective in allocating new capital.
As of month end, the Fund’s net cash holdings equal approximately 9.4% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
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