securitize hamilton lane tokenized fund deck
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About This Presentation
Hamilton Lane tokenized senior credit fund deck
Slide Content
Hamilton Lane Senior Credit Opportunities
Securitize Fund (SCOPE)
WWW.SECURITIZE.IO
© 2023 Securitize. Confidential Information. Do not distribute.
Securitize Fund (SCOPE)
WWW.SECURITIZE.IO
© 2023 Securitize. Confidential Information. Do not distribute.
2
The opportunity:
Evergreen private credit
fund seeking risk-adjusted
returns, downside
protection and attractive
floating cash yield.
The Fund is comprised of high profile borrowers generating $83M in
EBITDA on average.
.
/ Downside Protection
Capital preservation in times of economic volatility.
●40-55% LTV average affords downside protection with outsized
potential returns.
●Direct credit in the most senior part of the capital structure.
●Senior, secured position may lead to strong recovery rates.
/ Contractual Cash Yield
Annual cash creates potential for passive income.
●Private credit portfolios traditionally return over 2x distributions to
investors by year four compared to private equity buyout portfolios.
*
●Contracted cash flow creates high visibility into return profile .
●Interest income has the potential to mitigate certain risks in your
portfolio.
*Based upon Hamilton Lane Fund Investment Database information as of November 2021. Comparison of median DPI of funds with a strategy of Credit compared
funds with a strategy of Buyout.
The opportunity:
Evergreen private credit
fund seeking risk-adjusted
returns, downside
protection and attractive
floating cash yield.
The Fund is comprised of high profile borrowers generating $83M in
EBITDA on average.
.
/ Downside Protection
Capital preservation in times of economic volatility.
●40-55% LTV average affords downside protection with outsized
potential returns.
●Direct credit in the most senior part of the capital structure.
●Senior, secured position may lead to strong recovery rates.
/ Contractual Cash Yield
Annual cash creates potential for passive income.
●Private credit portfolios traditionally return over 2x distributions to
investors by year four compared to private equity buyout portfolios.
*
●Contracted cash flow creates high visibility into return profile .
●Interest income has the potential to mitigate certain risks in your
portfolio.
*Based upon Hamilton Lane Fund Investment Database information as of November 2021. Comparison of median DPI of funds with a strategy of Credit compared
funds with a strategy of Buyout.
Digital transfer agent
Issue and manage the
lifecycle of a security
Investor onboarding
Onboard, verify, and manage
shareholders
Primary and secondary
market for digital assets
capital formation and
trading
Utilizing Securitize’s
end-to-end solution to
raise capital and provide a
pathway to liquidity.
•SEC-registered, FINRA member
broker-dealer (Securitize Markets),
SEC regulated transfer agent and
Alternative Trading System (ATS).
•450,000+ Securitize iD users and
shareholders.
•3,000+ companies partnered with
Securitize.
Asset Manager
Institutional-quality digital
asset funds
3
Issue and manage the
lifecycle of a security
Investor onboarding
Onboard, verify, and manage
shareholders
Primary and secondary
market for digital assets
capital formation and
trading
Utilizing Securitize’s
end-to-end solution to
raise capital and provide a
pathway to liquidity.
•SEC-registered, FINRA member
broker-dealer (Securitize Markets),
SEC regulated transfer agent and
Alternative Trading System (ATS).
•450,000+ Securitize iD users and
shareholders.
•3,000+ companies partnered with
Securitize.
Asset Manager
Institutional-quality digital
asset funds
3
© 2023 Securitize. Confidential Information
Summary of Key Terms
(1) Data as of September 30, 2022.
(2) Based upon Hamilton Lane Fund Investment Database information as of November 2021.
Comparison of median DPI of funds with a strategy of Credit compared funds with a strategy of
Buyout.
Hamilton Lane Senior Credit Opportunities Securitize Fund (SCOPE)
Investor Qualification
Qualified Purchasers:
▪Generally, an individual or beneficiary of an IRA/participant-directed plan or
family trust/entity with $5M in qualified investments
▪Generally, an entity with at least $25M in qualified investments
Fund Inception DateMay 2023
Exemption 506(c) Regulation D
Management Fees 50 bps*
Other Fees For information on other applicable fees, please see Endnotes.
Please refer to the Offering Memorandum for a detailed discussion of terms. This
summary is qualified in its entirety by more detailed information including in the
offering documents of the Fund. 0.5% management fee is in addition to
management and performance fees that the Securitize Feeder will bear as an LP
of The Fund. Note: The above indicative terms are for discussion purposes only,
are subject to change, may be incomplete, and should not be relied upon. This
information does not constitute an offer to sell or a solicitation of an offer to
purchase, or the marketing of, any security. Any such security will only be offered
where the laws of the relevant jurisdiction have been satisfied. The terms outline
above are for informational purposes only and should be read in conjunction with
the Prospectus. See Important Information for information regarding Target
Returns. An investment in the Strategy involves a high degree of risk and can
result in substantial losses. There can be no assurance that the investment
objectives of the Strategy will be achieved.
*The Partnership shall pay (or reimburse the General Partner) for all reasonable
ordinary operating and other expenses including, but not limited to, including, but
not limited to, investment-related expenses (e.g., exchange and brokerage
commissions, exchange deposit and withdrawal fees, clearing and settlement
charges, custodial fees, funding fees, interest expenses, and expenses relating to
consultants, brokers or other professionals or advisors who provide research,
advice or due diligence services with regard to investments); fees and expenses of
the Portfolio Funds, including but not limited to a management fee, charged by
each Portfolio Fund, equal to 1% per annum of commitments, and thereafter, 1%
per annum of unreturned capital contributions, the carried interest distributions
equal to 12.5% of distributable cash at the applicable Portfolio Fund level (after
return of capital and on an ‘American’ waterfall basis.
Summary of Key Terms
(1) Data as of September 30, 2022.
(2) Based upon Hamilton Lane Fund Investment Database information as of November 2021.
Comparison of median DPI of funds with a strategy of Credit compared funds with a strategy of
Buyout.
Hamilton Lane Senior Credit Opportunities Securitize Fund (SCOPE)
Investor Qualification
Qualified Purchasers:
▪Generally, an individual or beneficiary of an IRA/participant-directed plan or
family trust/entity with $5M in qualified investments
▪Generally, an entity with at least $25M in qualified investments
Fund Inception DateMay 2023
Exemption 506(c) Regulation D
Management Fees 50 bps*
Other Fees For information on other applicable fees, please see Endnotes.
Please refer to the Offering Memorandum for a detailed discussion of terms. This
summary is qualified in its entirety by more detailed information including in the
offering documents of the Fund. 0.5% management fee is in addition to
management and performance fees that the Securitize Feeder will bear as an LP
of The Fund. Note: The above indicative terms are for discussion purposes only,
are subject to change, may be incomplete, and should not be relied upon. This
information does not constitute an offer to sell or a solicitation of an offer to
purchase, or the marketing of, any security. Any such security will only be offered
where the laws of the relevant jurisdiction have been satisfied. The terms outline
above are for informational purposes only and should be read in conjunction with
the Prospectus. See Important Information for information regarding Target
Returns. An investment in the Strategy involves a high degree of risk and can
result in substantial losses. There can be no assurance that the investment
objectives of the Strategy will be achieved.
*The Partnership shall pay (or reimburse the General Partner) for all reasonable
ordinary operating and other expenses including, but not limited to, including, but
not limited to, investment-related expenses (e.g., exchange and brokerage
commissions, exchange deposit and withdrawal fees, clearing and settlement
charges, custodial fees, funding fees, interest expenses, and expenses relating to
consultants, brokers or other professionals or advisors who provide research,
advice or due diligence services with regard to investments); fees and expenses of
the Portfolio Funds, including but not limited to a management fee, charged by
each Portfolio Fund, equal to 1% per annum of commitments, and thereafter, 1%
per annum of unreturned capital contributions, the carried interest distributions
equal to 12.5% of distributable cash at the applicable Portfolio Fund level (after
return of capital and on an ‘American’ waterfall basis.
Hamilton Lane
Senior Credit Opportunities Fund
February 2023
This document is a marketing communication. It is not a solicitation or an offer to buy or sell the AIF and it cannot be considered as a contractually binding document or an information document
required by any legislative provision.
Where applicable, this document is directed at professional/wholesale investors and should not be distributed to, or relied upon by retail or non-professional investors.
Please note that the information contained herein is qualified in its entirety by the terms of the final offering and subscription documents. This document is not an offer to sell, or a solicitation of any
offer to buy, any security or to enter into any agreement with Hamilton Lane or any of its affiliates.
Senior Credit Opportunities Fund
February 2023
This document is a marketing communication. It is not a solicitation or an offer to buy or sell the AIF and it cannot be considered as a contractually binding document or an information document
required by any legislative provision.
Where applicable, this document is directed at professional/wholesale investors and should not be distributed to, or relied upon by retail or non-professional investors.
Please note that the information contained herein is qualified in its entirety by the terms of the final offering and subscription documents. This document is not an offer to sell, or a solicitation of any
offer to buy, any security or to enter into any agreement with Hamilton Lane or any of its affiliates.
Proprietary and Confidential | 6
*Please note that there can be no guarantee that the Fund will achieve the target results. Please refer to the Fund’s product disclosure statement for a listing and discussion of the risk factors that could affect the achievement of these
results.
Assets •Senior secured private credit
Structure •Open ended RAIF with limited monthly liquidity
Target Returns
*
•8-10% net return p.a. with leverage
Target Yield
*
•4-8% p.a.
Seniority •Focused on the most senior parts of the capital structure
Fund Launch •November 1, 2022
Portfolio •Fully deployed with no capital calls into diversified portfolio
Evergreen private credit fund seeking risk-adjusted returns, downside protection and attractive floating cash yield
What is the Senior Credit Opportunities Fund?
*Please note that there can be no guarantee that the Fund will achieve the target results. Please refer to the Fund’s product disclosure statement for a listing and discussion of the risk factors that could affect the achievement of these
results.
Assets •Senior secured private credit
Structure •Open ended RAIF with limited monthly liquidity
Target Returns
*
•8-10% net return p.a. with leverage
Target Yield
*
•4-8% p.a.
Seniority •Focused on the most senior parts of the capital structure
Fund Launch •November 1, 2022
Portfolio •Fully deployed with no capital calls into diversified portfolio
Evergreen private credit fund seeking risk-adjusted returns, downside protection and attractive floating cash yield
What is the Senior Credit Opportunities Fund?
Hamilton Lane Overview
$832.2B
*
Assets under management
& supervision
~$41B
Capital deployed
in 2022
1,000+
2
Clients and investors
across 45 countries
$623M
Invested alongside
our clients
590+
Employees
22
**
Global offices
Investing exclusively in the
private markets for 31 years
We enrich lives & safeguard futures
OUR MISSION & VALUES
Do the right thing
Integrity, candor and collaboration
A spirit of competition that inspires innovation
Pursuit of excellence
Promoting equity and inclusion from within
1
As of December 31, 2022
*Composed of approximately $107.8B in discretionary assets and approximately $724.4B in advisory assets
**Hamilton Lane's Shanghai office opened in February 2023, subsequent to the quarter ending December 31, 2022
1 The 2022 capital committed includes all primary commitments that closed during the year 2022 for which Hamilton Lane retains a level of discretion as well as nondiscretionary advisory client commitments for which Hamilton
Lane performed due diligence and made an investment recommendation. Direct Investments includes all discretionary and nondiscretionary advisory direct equity and direct credit investments that closed during 2022
Secondaries includes all discretionary and nondiscretionary advisory secondary investments with a signing date during 2022
2 Representative clients and investors were included based on account size, geographic location, and account type. The identification of these clients and investors does not serve as an endorsement of Hamilton Lane or the
services provided. These clients and investors utilize various services of Hamilton Lane and do not represent one specific account type
PROPRIETARY AND CONFIDENTIAL | 8
*
Assets under management
& supervision
~$41B
Capital deployed
in 2022
1,000+
2
Clients and investors
across 45 countries
$623M
Invested alongside
our clients
590+
Employees
22
**
Global offices
Investing exclusively in the
private markets for 31 years
We enrich lives & safeguard futures
OUR MISSION & VALUES
Do the right thing
Integrity, candor and collaboration
A spirit of competition that inspires innovation
Pursuit of excellence
Promoting equity and inclusion from within
1
As of December 31, 2022
*Composed of approximately $107.8B in discretionary assets and approximately $724.4B in advisory assets
**Hamilton Lane's Shanghai office opened in February 2023, subsequent to the quarter ending December 31, 2022
1 The 2022 capital committed includes all primary commitments that closed during the year 2022 for which Hamilton Lane retains a level of discretion as well as nondiscretionary advisory client commitments for which Hamilton
Lane performed due diligence and made an investment recommendation. Direct Investments includes all discretionary and nondiscretionary advisory direct equity and direct credit investments that closed during 2022
Secondaries includes all discretionary and nondiscretionary advisory secondary investments with a signing date during 2022
2 Representative clients and investors were included based on account size, geographic location, and account type. The identification of these clients and investors does not serve as an endorsement of Hamilton Lane or the
services provided. These clients and investors utilize various services of Hamilton Lane and do not represent one specific account type
PROPRIETARY AND CONFIDENTIAL | 8
✓
Privileged investment
opportunities
✓
Preferential
fees and terms*
✓
Industry-leading
analysis and insight
✓
Enhanced access &
sourcing capabilities
✓
Exposure to diversified
group of quality assets
Scale & Influence Drive Investment Opportunities
Client/Investor Benefits
1,120+
Primaries
570+
Secondaries
980+
Direct Investments
2022 Opportunities Reviewed
$35.5B
Primaries
$2.4B
Secondaries
$2.8B
Direct Investments
2022 Capital Deployed
1
Backing who we believe to be the
best GPs in their areas of expertise
* As of December 31, 2022
1
The 2022 capital committed includes all primary commitments that closed during the year 2022 for which Hamilton Lane retains a level of discretion as well as nondiscretionary advisory client
commitments for which Hamilton Lane performed due diligence and made an investment recommendation. Direct Investments includes all discretionary and nondiscretionary advisory direct equity and
direct credit investments that closed during 2022. Secondaries includes all discretionary and nondiscretionary advisory secondary investments with a signing date during 2022.
Aurora Capital Partners Kelso Asterion Summit Partners
Cabot Insight PartnersCharterhouse Vistria
Gridiron Capital Clearlake Novacap
Waterland
Stone Point
KPS Capital Bridgepoint Torquest
THL
Platinum Equity
STG
Polaris
Blue Owl
HPS
PROPRIETARY AND CONFIDENTIAL | 9
Privileged investment
opportunities
✓
Preferential
fees and terms*
✓
Industry-leading
analysis and insight
✓
Enhanced access &
sourcing capabilities
✓
Exposure to diversified
group of quality assets
Scale & Influence Drive Investment Opportunities
Client/Investor Benefits
1,120+
Primaries
570+
Secondaries
980+
Direct Investments
2022 Opportunities Reviewed
$35.5B
Primaries
$2.4B
Secondaries
$2.8B
Direct Investments
2022 Capital Deployed
1
Backing who we believe to be the
best GPs in their areas of expertise
* As of December 31, 2022
1
The 2022 capital committed includes all primary commitments that closed during the year 2022 for which Hamilton Lane retains a level of discretion as well as nondiscretionary advisory client
commitments for which Hamilton Lane performed due diligence and made an investment recommendation. Direct Investments includes all discretionary and nondiscretionary advisory direct equity and
direct credit investments that closed during 2022. Secondaries includes all discretionary and nondiscretionary advisory secondary investments with a signing date during 2022.
Aurora Capital Partners Kelso Asterion Summit Partners
Cabot Insight PartnersCharterhouse Vistria
Gridiron Capital Clearlake Novacap
Waterland
Stone Point
KPS Capital Bridgepoint Torquest
THL
Platinum Equity
STG
Polaris
Blue Owl
HPS
PROPRIETARY AND CONFIDENTIAL | 9
Private Credit Market
Opportunity
Opportunity
Proprietary and Confidential | 11
What is Private Credit?
Source: Hamilton Lane Data via Cobalt. Please refer to definitions in endnotes.
✔Private Credit is an investment in
debt not traded on a public
exchange or market
✔Access is difficult, typically only
available to institutional investors
✔It can provide an attractive way to
diversify a portfolio and achieve
stable, contracted cash flows
Private Credit Risk Profile
Private Credit NAV
Size of the Market
Source: Hamilton Lane Data (July 2022). Please refer to endnotes in appendix.
12%
CAGR
What is Private Credit?
Source: Hamilton Lane Data via Cobalt. Please refer to definitions in endnotes.
✔Private Credit is an investment in
debt not traded on a public
exchange or market
✔Access is difficult, typically only
available to institutional investors
✔It can provide an attractive way to
diversify a portfolio and achieve
stable, contracted cash flows
Private Credit Risk Profile
Private Credit NAV
Size of the Market
Source: Hamilton Lane Data (July 2022). Please refer to endnotes in appendix.
12%
CAGR
For Institutional Use Only. Not for Retail Use. Proprietary and Confidential | 12
Private vs. Public Universe
Source: Capital IQ (February 2023)
Private equity can represent a
target-rich environment, the market
potential of which studies show is larger
compared to publicly-traded companies
Globally, there are over 140,000
private companies with annual
revenues over $100 million vs.
approximately 19,000 public
companies with the same annual
revenues
Public & Private Companies By LTM Revenue >$100M
Private vs. Public Universe
Source: Capital IQ (February 2023)
Private equity can represent a
target-rich environment, the market
potential of which studies show is larger
compared to publicly-traded companies
Globally, there are over 140,000
private companies with annual
revenues over $100 million vs.
approximately 19,000 public
companies with the same annual
revenues
Public & Private Companies By LTM Revenue >$100M
Proprietary and Confidential | 13
Why do private companies
choose to work with private credit
managers vs. public alternatives?
Private credit represents a sizeable market opportunity and one that
Hamilton Lane is well positioned to capture
Increasing Demand for Private Credit Financing
Long-term partners and capital providers:
Small groups of lenders can work together
collaboratively
Complexity:
Public markets aren’t always receptive
e.g. carve-outs and divestitures
Certainty:
Public markets may shut down during periods
of market volatility
Speed of execution:
Need for financing in short period of time
Confidentiality:
Ability to control sensitive information with
private lender groups vs. public market holders
Source: Hamilton Lane data via Cobalt (September 2022)
*2022 data as of 9/30/2022
1
In USD Billions
Buyout Credit Financing Demand
1
Source :McKinsey Global Private Markets Review 2022, exhibit 30
Sponsored Middle-Market Deals by Lender Type %
Why do private companies
choose to work with private credit
managers vs. public alternatives?
Private credit represents a sizeable market opportunity and one that
Hamilton Lane is well positioned to capture
Increasing Demand for Private Credit Financing
Long-term partners and capital providers:
Small groups of lenders can work together
collaboratively
Complexity:
Public markets aren’t always receptive
e.g. carve-outs and divestitures
Certainty:
Public markets may shut down during periods
of market volatility
Speed of execution:
Need for financing in short period of time
Confidentiality:
Ability to control sensitive information with
private lender groups vs. public market holders
Source: Hamilton Lane data via Cobalt (September 2022)
*2022 data as of 9/30/2022
1
In USD Billions
Buyout Credit Financing Demand
1
Source :McKinsey Global Private Markets Review 2022, exhibit 30
Sponsored Middle-Market Deals by Lender Type %
Proprietary and Confidential | 14
Source: Hamilton Lane Data, Bloomberg (January 2023)
Please refer to definitions in endnotes.
HL First Lien Credit Default Rate: 0%
Private Credit IRR vs. PME
By Vintage Year
Private Credit has offered attractive returns and downside protection
Source: Hamilton Lane Data, Bloomberg (January 2023)
Please refer to definitions in endnotes.
HL First Lien Credit Default Rate: 0%
Private Credit IRR vs. PME
By Vintage Year
Private Credit has offered attractive returns and downside protection
Proprietary and Confidential | 15
Historically Narrow Dispersion of Returns
Source: Hamilton Lane Data via Cobalt (January 2023). Please refer to endnotes in the appendix.
Credit Buyout Venture Capital
Spread of Returns by Down and Up Markets
Historically Narrow Dispersion of Returns
Source: Hamilton Lane Data via Cobalt (January 2023). Please refer to endnotes in the appendix.
Credit Buyout Venture Capital
Spread of Returns by Down and Up Markets
Proprietary and Confidential | 16
Source:
1
NYU Stern Professor Aswath Damodaran |
2
Hamilton Lane Data via Cobalt. Please refer to endnotes in the appendix.
Real and Nominal Return of Select Asset Classes
Both High and Low Inflation Environments
Resiliency in Inflationary Periods
Source:
1
NYU Stern Professor Aswath Damodaran |
2
Hamilton Lane Data via Cobalt. Please refer to endnotes in the appendix.
Real and Nominal Return of Select Asset Classes
Both High and Low Inflation Environments
Resiliency in Inflationary Periods
Proprietary and Confidential | 17
Traditional private credit funds can present challenges for private wealth investors
Additional Challenges
✔Difficult to access
✔Closed-end structure
✔Multi-year lock up period
Traditional Private Credit Portfolio
*Represents actual LP cash flows and IRRs for a 2010 vintage credit fund. This should not be viewed as a guarantee of future investor returns. Past performance is not indicative of future results.
Please refer to endnotes in Appendix.
Traditional private credit funds can present challenges for private wealth investors
Additional Challenges
✔Difficult to access
✔Closed-end structure
✔Multi-year lock up period
Traditional Private Credit Portfolio
*Represents actual LP cash flows and IRRs for a 2010 vintage credit fund. This should not be viewed as a guarantee of future investor returns. Past performance is not indicative of future results.
Please refer to endnotes in Appendix.
Senior Credit Opportunities Fund (SCOPE)
Proprietary and Confidential | 19
Hamilton Lane SCOPE Fund
Traditional Private Credit Fund HL SCOPE Fund HL SCOPE x Securitize Fund
Capital Deployment Multi-year commitment period Fully deployed Fully deployed
Administration
Involves processing capital
calls and distributions
Often greater than $5M USD
minimum commitment
No capital calls
Lower minimum investment
No capital calls
Lower minimum investment
Liquidity 7-10 year lock-up period Monthly limited liquidity On-demand liquidity
Diversification
Multiple manager selection requiring
resources or Fund of Funds
Diversified exposure through single allocationDiversified exposure through single allocation
Targeting downside protection and yield
Hamilton Lane SCOPE Fund
Traditional Private Credit Fund HL SCOPE Fund HL SCOPE x Securitize Fund
Capital Deployment Multi-year commitment period Fully deployed Fully deployed
Administration
Involves processing capital
calls and distributions
Often greater than $5M USD
minimum commitment
No capital calls
Lower minimum investment
No capital calls
Lower minimum investment
Liquidity 7-10 year lock-up period Monthly limited liquidity On-demand liquidity
Diversification
Multiple manager selection requiring
resources or Fund of Funds
Diversified exposure through single allocationDiversified exposure through single allocation
Targeting downside protection and yield
Proprietary and Confidential | 20
90%+
1L/Unitranche
SECURITIES
<10%
2L
Senior Credit
Opportunities Fund
(“SCOPE”)
Please note that there can be no guarantee that the Fund will achieve the target results and
portfolio construction. Please refer to the Fund’s private placement memorandum for a listing
and discussion of the risk factors that could affect the achievement of these results.
TARGETED PORTFOLIO CONSTRUCTION
GEOGRAPHY
75%
North America
25%
Europe
LEAD
SPONSORS
40-55%
Security Level LTV
25-50%
Targeted Portfolio Leverage
8-10%
Levered Targeted Net Return p.a.
North America & Europe
Geographic Focus
4-8%
Targeted Yield p.a.
Hamilton Lane Seed Funding $30 Million
Mature Portfolio (2+ years) 100+ investments
INDUSTRY
90%+
1L/Unitranche
SECURITIES
<10%
2L
Senior Credit
Opportunities Fund
(“SCOPE”)
Please note that there can be no guarantee that the Fund will achieve the target results and
portfolio construction. Please refer to the Fund’s private placement memorandum for a listing
and discussion of the risk factors that could affect the achievement of these results.
TARGETED PORTFOLIO CONSTRUCTION
GEOGRAPHY
75%
North America
25%
Europe
LEAD
SPONSORS
40-55%
Security Level LTV
25-50%
Targeted Portfolio Leverage
8-10%
Levered Targeted Net Return p.a.
North America & Europe
Geographic Focus
4-8%
Targeted Yield p.a.
Hamilton Lane Seed Funding $30 Million
Mature Portfolio (2+ years) 100+ investments
INDUSTRY
For illustrative purposes only. Actual results may vary.
Please note that there can be no guarantee that the Fund will achieve the target results. Please refer to the Fund’s product
disclosure statement for a listing and discussion of the risk factors that could affect the achievement of these results.
*Please refer to endnotes in the appendix. Proprietary and Confidential | 21
Target Gross Unlevered Returns
1
st
Lien
2
nd
Lien
Mezz. Credit
Pref. Equity
Unitranche
5-8%
8-11%
12-16%
20%+
7-10%
CONTRACTUAL CASH YIELD
Annual cash flow enables income and de-risking
•Interest income can begin de-risking the portfolio immediately
•Contracted cash flow creates high visibility into return profile
•Private credit portfolios traditionally return over 2x distributions to
investors by year four compared to private equity buyout portfolios
*
DOWNSIDE PROTECTION
Capital preservation in times of economic volatility
•Direct credit in the most senior part of the capital structure
•Can provide stable returns through downturns
•Stronger covenant protection
•Target conservative loan-to-values
•Senior, secured position may lead to strong recovery rates
SCOPE Will invest in Senior Loans
Please note that there can be no guarantee that the Fund will achieve the target results. Please refer to the Fund’s product
disclosure statement for a listing and discussion of the risk factors that could affect the achievement of these results.
*Please refer to endnotes in the appendix. Proprietary and Confidential | 21
Target Gross Unlevered Returns
1
st
Lien
2
nd
Lien
Mezz. Credit
Pref. Equity
Unitranche
5-8%
8-11%
12-16%
20%+
7-10%
CONTRACTUAL CASH YIELD
Annual cash flow enables income and de-risking
•Interest income can begin de-risking the portfolio immediately
•Contracted cash flow creates high visibility into return profile
•Private credit portfolios traditionally return over 2x distributions to
investors by year four compared to private equity buyout portfolios
*
DOWNSIDE PROTECTION
Capital preservation in times of economic volatility
•Direct credit in the most senior part of the capital structure
•Can provide stable returns through downturns
•Stronger covenant protection
•Target conservative loan-to-values
•Senior, secured position may lead to strong recovery rates
SCOPE Will invest in Senior Loans
Proprietary and Confidential | 22
Company X needs credit
Lead Bank
Primary Loan Markets
Investor
1
Investor
2
Investor
3
Investor
4
Investor
5
Investor
6
Investor
7
Secondary Loan Market
Credit Sponsor
Equity
Credit
Company X
Equity Sponsor
Invests alongside Credit Sponsor
Investor 1 Investor 2 Investor 3 Investor 4 Investor 5 Investor 6
Broadly Syndicated Loans Private Credit Loans
Institutional Access To True Private Credit Transactions
Company X needs credit
Lead Bank
Primary Loan Markets
Investor
1
Investor
2
Investor
3
Investor
4
Investor
5
Investor
6
Investor
7
Secondary Loan Market
Credit Sponsor
Equity
Credit
Company X
Equity Sponsor
Invests alongside Credit Sponsor
Investor 1 Investor 2 Investor 3 Investor 4 Investor 5 Investor 6
Broadly Syndicated Loans Private Credit Loans
Institutional Access To True Private Credit Transactions
Proprietary and Confidential | 23
1
Since inception performance of the F-USD Share Class.
2
Assets Under Management includes current NAV plus net subscriptions received for 1 March 2023 dealing date.
3
LTV represents the weighted-average at-investment Loan-to-Value.
4
Average yield is calculated as the sum of the weighted-average at-investment coupon spread plus the Secured Overnight Financing Rate (“SOFR”), as of February 28, 2023. Source: Hamilton Lane Data, Federal Reserve Bank of New York.
As of February 28, 2023.
Current Portfolio Diversification
Credit Sponsor
100%
Floating Rate
4.50%
Since Inception Performance
1
$95M
Assets Under Management
2
43%
Company-Level LTV
3
10.84%
Average Coupon
4
✔ ✔ ✔ ✔ ✔
Fund Statistics
SCOPE Fund Current Status
Geography
1
Since inception performance of the F-USD Share Class.
2
Assets Under Management includes current NAV plus net subscriptions received for 1 March 2023 dealing date.
3
LTV represents the weighted-average at-investment Loan-to-Value.
4
Average yield is calculated as the sum of the weighted-average at-investment coupon spread plus the Secured Overnight Financing Rate (“SOFR”), as of February 28, 2023. Source: Hamilton Lane Data, Federal Reserve Bank of New York.
As of February 28, 2023.
Current Portfolio Diversification
Credit Sponsor
100%
Floating Rate
4.50%
Since Inception Performance
1
$95M
Assets Under Management
2
43%
Company-Level LTV
3
10.84%
Average Coupon
4
✔ ✔ ✔ ✔ ✔
Fund Statistics
SCOPE Fund Current Status
Geography
Proprietary and Confidential | 24
How will we provide 20% liquidity per annum for redeeming investors?
*
Source: Hamilton Lane Data. As of September 30, 2022. Distributions in 2022 are annualized for the
fourth quarter.
**Source: Hamilton Lane Data via Cobalt.
38%
*
Co/Direct Credit
Calendar Year Distributions
Beginning NAV
Distributions From Investments Liquidity Stress Testing**
•Except in times of market stress, liquidity has remained above the maximum redemption
plus coupon limit
•Hamilton Lane Senior Credit Opportunities Fund has mechanisms to help bridge periods
of illiquidity, including:
–Monthly subscriptions
–Ability to sell positions on the secondary market
–Conservatively-managed credit facility
•Over each of the last ten years, Hamilton Lane’s
direct credit portfolios have distributed an average
of 38%* of the year's beginning NAV driven by
contractual cash interest payments and
investment realizations
Liquidity Management
How will we provide 20% liquidity per annum for redeeming investors?
*
Source: Hamilton Lane Data. As of September 30, 2022. Distributions in 2022 are annualized for the
fourth quarter.
**Source: Hamilton Lane Data via Cobalt.
38%
*
Co/Direct Credit
Calendar Year Distributions
Beginning NAV
Distributions From Investments Liquidity Stress Testing**
•Except in times of market stress, liquidity has remained above the maximum redemption
plus coupon limit
•Hamilton Lane Senior Credit Opportunities Fund has mechanisms to help bridge periods
of illiquidity, including:
–Monthly subscriptions
–Ability to sell positions on the secondary market
–Conservatively-managed credit facility
•Over each of the last ten years, Hamilton Lane’s
direct credit portfolios have distributed an average
of 38%* of the year's beginning NAV driven by
contractual cash interest payments and
investment realizations
Liquidity Management
Hamilton Lane’s Private
Credit Platform
Credit Platform
As of September 30, 2022
*Represents invested deals in Hamilton Lane Strategic Opportunities Funds from January 1, 2015 through September 30, 2022.
Please refer to endnotes in the Appendix. Past performance is not indicative of future results.
Leveraging the
Hamilton Lane Platform
Hamilton Lane has a 22-year history
investing in direct credit
Uniquely Positioned in Private Credit
Direct Credit
Platform
Proprietary and Confidential | 26
Partnering with
best-in class GPs
Consistent track record
of outperformance
Advantaged access
& information
DIRECT CREDIT DEAL FLOW
2015 – Q3 2022
259
Credit Fund Managers
2
74%
Advantaged Deal Due
Diligence via HL Database
$55.1B
Private Credit Assets Under
Management & Supervision
1
$42.8B
Deal Flow
1,277
Deals Reviewed
$195B+
Primary Capital
Deployed
3
$42.8B
Direct Credit
Deal Flow
$3.5B
Invested*
Direct Credit Deal
Flow Since 2015
8%
Selection Rate*
*Represents invested deals in Hamilton Lane Strategic Opportunities Funds from January 1, 2015 through September 30, 2022.
Please refer to endnotes in the Appendix. Past performance is not indicative of future results.
Leveraging the
Hamilton Lane Platform
Hamilton Lane has a 22-year history
investing in direct credit
Uniquely Positioned in Private Credit
Direct Credit
Platform
Proprietary and Confidential | 26
Partnering with
best-in class GPs
Consistent track record
of outperformance
Advantaged access
& information
DIRECT CREDIT DEAL FLOW
2015 – Q3 2022
259
Credit Fund Managers
2
74%
Advantaged Deal Due
Diligence via HL Database
$55.1B
Private Credit Assets Under
Management & Supervision
1
$42.8B
Deal Flow
1,277
Deals Reviewed
$195B+
Primary Capital
Deployed
3
$42.8B
Direct Credit
Deal Flow
$3.5B
Invested*
Direct Credit Deal
Flow Since 2015
8%
Selection Rate*
Proprietary and Confidential | 27
Please refer to endnotes in the appendix.
Past performance is not a guarantee of future results.
Hamilton Lane First Lien Aggregate Stats
1
As of June 30, 2022
Net IRR
8,9
vs Benchmarks Commitments by Industry
Average Deal-Level Stats
As of June 30, 2022
$1.1B
Capital Invested
2
43
Investments
+711 bps
Outperformance vs.
Invesco SL PME
8,9
$400M
Revenue
$83M
Average EBITDA
$903M
Average EV
4.9x
Debt/EBITDA
45%
LTV
Senior Credit Track Record
Please refer to endnotes in the appendix.
Past performance is not a guarantee of future results.
Hamilton Lane First Lien Aggregate Stats
1
As of June 30, 2022
Net IRR
8,9
vs Benchmarks Commitments by Industry
Average Deal-Level Stats
As of June 30, 2022
$1.1B
Capital Invested
2
43
Investments
+711 bps
Outperformance vs.
Invesco SL PME
8,9
$400M
Revenue
$83M
Average EBITDA
$903M
Average EV
4.9x
Debt/EBITDA
45%
LTV
Senior Credit Track Record
Proprietary and Confidential | 28
Evergreen Portfolio Committee*
*As of December 31, 2022
William
Bannard
Vice
President
Mario Giannini
Chief Executive
Officer
Tom Kerr
Co-Head of
Investments
Drew Schardt
Co-Head of Investments
Co-Head of Direct Credit
Jackie Rantanen
Head of Product
Solutions
Richard Hope
Head of EMEA
Bridget
Higgins
Senior
Associate
Gabriela
Dougherty
Analyst
Richard
Lunney
Analyst
Nayef Perry
Co-Head of
Direct Credit
Hamza
Azeem
Principal
✔Most senior members of the firm
✔15+ average years at Hamilton Lane
✔21+ average years of experience in
private markets
Direct Credit Senior Leadership
Evergreen Portfolio Management Team
Steve Brennan
Head of Private Wealth
Solutions
Drew Schardt
Co-Head of
Investments
Co-Head of
Direct Credit
Travis Henning
Principal
Emily Nomeir
Managing
Director
Trevor Messerly
Managing
Director
David Helgerson
Managing
Director
Brian Gildea
Head of
Evergreen
Portfolios
Bryan Jenkins
Head of Private
Market Analytics,
Co-Head of Portfolio
Management Group
Leveraging our
200 investment
professionals*
+ 2
Analysts
Brian Gildea
Head of
Evergreen
Portfolios
+27 dedicated
credit investment
professionals
Hamilton Lane’s Senior Credit Opportunities Fund Team
Evergreen Portfolio Committee*
*As of December 31, 2022
William
Bannard
Vice
President
Mario Giannini
Chief Executive
Officer
Tom Kerr
Co-Head of
Investments
Drew Schardt
Co-Head of Investments
Co-Head of Direct Credit
Jackie Rantanen
Head of Product
Solutions
Richard Hope
Head of EMEA
Bridget
Higgins
Senior
Associate
Gabriela
Dougherty
Analyst
Richard
Lunney
Analyst
Nayef Perry
Co-Head of
Direct Credit
Hamza
Azeem
Principal
✔Most senior members of the firm
✔15+ average years at Hamilton Lane
✔21+ average years of experience in
private markets
Direct Credit Senior Leadership
Evergreen Portfolio Management Team
Steve Brennan
Head of Private Wealth
Solutions
Drew Schardt
Co-Head of
Investments
Co-Head of
Direct Credit
Travis Henning
Principal
Emily Nomeir
Managing
Director
Trevor Messerly
Managing
Director
David Helgerson
Managing
Director
Brian Gildea
Head of
Evergreen
Portfolios
Bryan Jenkins
Head of Private
Market Analytics,
Co-Head of Portfolio
Management Group
Leveraging our
200 investment
professionals*
+ 2
Analysts
Brian Gildea
Head of
Evergreen
Portfolios
+27 dedicated
credit investment
professionals
Hamilton Lane’s Senior Credit Opportunities Fund Team
Proprietary and Confidential | 29
Tactical
weightings
Macroeconomic
overlay
Sourcing
Direct Credit Team Portfolio Management Team
Duration Fit
Liquidity Fit
ESG Policy Fit
Cash flow Management
Portfolio Construction
Allocation Sizing
Evergreen Portfolio Committee*
Mario Giannini
Chief Executive Officer
Tom Kerr
Co-Head of
Investments
Drew Schardt
Co-Head of Investments
Co-Head of Direct Credit
Jackie Rantanen
Head of Product
Solutions
Richard Hope
Head of EMEA
Screening
Due Diligence
ESG Diligence
Investment Committee Approval
Ongoing Monitoring and Reporting
Steve Brennan
Head of Private
Wealth Solutions
Brian Gildea
Head of Evergreen
Portfolios
Bryan Jenkins
Head of Private Market
Analytics, Co-Head of
Portfolio Management Group
Our Investment Process
*As of December 31, 2022
Tactical
weightings
Macroeconomic
overlay
Sourcing
Direct Credit Team Portfolio Management Team
Duration Fit
Liquidity Fit
ESG Policy Fit
Cash flow Management
Portfolio Construction
Allocation Sizing
Evergreen Portfolio Committee*
Mario Giannini
Chief Executive Officer
Tom Kerr
Co-Head of
Investments
Drew Schardt
Co-Head of Investments
Co-Head of Direct Credit
Jackie Rantanen
Head of Product
Solutions
Richard Hope
Head of EMEA
Screening
Due Diligence
ESG Diligence
Investment Committee Approval
Ongoing Monitoring and Reporting
Steve Brennan
Head of Private
Wealth Solutions
Brian Gildea
Head of Evergreen
Portfolios
Bryan Jenkins
Head of Private Market
Analytics, Co-Head of
Portfolio Management Group
Our Investment Process
*As of December 31, 2022
Firm-Wide Commitment to Impact & ESG Hamilton Lane Approach to ESG
Paul Yett
Director of ESG
& Sustainability
Responsible Investment Committee*
Ana Lei Ortiz
Managing Director,
Relationship Management
Brian Gildea
Head of Evergreen
Portfolios
David Helgerson
Managing Director, Direct
Equity Investments &
Co-Head of Impact Funds
Katie Moore
Managing Director,
Relationship Management
Jackie Rantanen
Head of Product
Management & Co-Head
of Impact Funds
Miguel Luina
Managing Director & Global Head
of Venture Capital and Growth
Integrates ESG considerations into the
investment cycle and portfolio management process
Signatory to the United Nation’s Principles
for Responsible Investment since 2008
Dedicated, senior resources provide direction and oversight
of firmwide Impact & ESG efforts
Ensure integrated Impact & ESG considerations throughout
the investment cycle and portfolio management process
Due Diligence
Assess & document ESG
considerations/opportunities
Asset Monitoring
Tracking progress and
ongoing monitoring
Portfolio Framework
Fund specific ESG rating
system and restriction list
Internal Education
Ongoing assessment of our
policies & best practices
Proprietary and Confidential | 30
Investing Responsibly
*As of December 31, 2022
Paul Yett
Director of ESG
& Sustainability
Responsible Investment Committee*
Ana Lei Ortiz
Managing Director,
Relationship Management
Brian Gildea
Head of Evergreen
Portfolios
David Helgerson
Managing Director, Direct
Equity Investments &
Co-Head of Impact Funds
Katie Moore
Managing Director,
Relationship Management
Jackie Rantanen
Head of Product
Management & Co-Head
of Impact Funds
Miguel Luina
Managing Director & Global Head
of Venture Capital and Growth
Integrates ESG considerations into the
investment cycle and portfolio management process
Signatory to the United Nation’s Principles
for Responsible Investment since 2008
Dedicated, senior resources provide direction and oversight
of firmwide Impact & ESG efforts
Ensure integrated Impact & ESG considerations throughout
the investment cycle and portfolio management process
Due Diligence
Assess & document ESG
considerations/opportunities
Asset Monitoring
Tracking progress and
ongoing monitoring
Portfolio Framework
Fund specific ESG rating
system and restriction list
Internal Education
Ongoing assessment of our
policies & best practices
Proprietary and Confidential | 30
Investing Responsibly
*As of December 31, 2022
•All assets are integrated into
RepRisk
•Constant monitoring of portfolio
companies for ESG practices and
potential incidents
•RepRisk reports ESG incidents of
portfolio companies monthly
•Our ESG team analyses incident
reporting to gauge materiality
based on:
•NAV relative to the fund
•Material breach of an explicit
investment exclusion
•Material ESG risk to the asset’s
core business
•Incidents with potential material
ESG concerns are escalated from
ESG team to RIC for review
•RIC to decide if incidents are
deemed immaterial, or need further
investigations by addressing GP
Hamilton Lane ESG Team Hamilton Lane RIC
Portfolio Monitoring Event Review Escalation
Engagement & Outcomes
•Negative/unacceptable outcomes
and responses will lead to several
potential courses of action e.g.
•Hamilton Lane can seek to exit
positions immediately,
•or it can harm relationships
with general partners and
affect our willingness to invest
in future funds/transactions
Action
No. of companies vetted 1,878
% of portfolio covered (by NAV) 97.5%
Proprietary and Confidential | 31
As of January 31, 2023
*Source: Hamilton Lane Data Global Private Assets Fund Data
Incident Review
% of NAV*
Integrated ESG Analysis & Monthly ESG Reporting
RepRisk
•Constant monitoring of portfolio
companies for ESG practices and
potential incidents
•RepRisk reports ESG incidents of
portfolio companies monthly
•Our ESG team analyses incident
reporting to gauge materiality
based on:
•NAV relative to the fund
•Material breach of an explicit
investment exclusion
•Material ESG risk to the asset’s
core business
•Incidents with potential material
ESG concerns are escalated from
ESG team to RIC for review
•RIC to decide if incidents are
deemed immaterial, or need further
investigations by addressing GP
Hamilton Lane ESG Team Hamilton Lane RIC
Portfolio Monitoring Event Review Escalation
Engagement & Outcomes
•Negative/unacceptable outcomes
and responses will lead to several
potential courses of action e.g.
•Hamilton Lane can seek to exit
positions immediately,
•or it can harm relationships
with general partners and
affect our willingness to invest
in future funds/transactions
Action
No. of companies vetted 1,878
% of portfolio covered (by NAV) 97.5%
Proprietary and Confidential | 31
As of January 31, 2023
*Source: Hamilton Lane Data Global Private Assets Fund Data
Incident Review
% of NAV*
Integrated ESG Analysis & Monthly ESG Reporting
Proprietary and Confidential | 32
Investment Workflow
•Investment due diligence reporting and
tracking
•Centralized team resource across
investment teams, portfolio management
and business development
LPs require more data and transparency. We provide it.
Evolving data challenges Today’s demands
•Good data is hard to come by
•Lack of oversight and dedicated teams
•Portfolio monitoring is complex and time-consuming
•Constrained by static data sources
Data Collection & Reporting
•Complete back office solution for data
collection, cash flow management and
performance reporting
•Automated data feeds for analysis of both
individual and fund level performance
Liquidity Forecasting
•Forecast cash inflows / outflows
and portfolio valuations
•Efficient cash deployment through
accurate forecast of investment
distributions
Portfolio Monitoring
•Dynamic monitoring capabilities
•Analysis of monthly return drivers
•Oversight of diversification position
across strategy, geography, general
partner and vintage year
•Portfolio management and planning
•Compliance with new regulatory rules
•Informed investment decisions
•Trend analysis
•Risk management
Data & Transparency Are Now “Must-Haves”
Investment Workflow
•Investment due diligence reporting and
tracking
•Centralized team resource across
investment teams, portfolio management
and business development
LPs require more data and transparency. We provide it.
Evolving data challenges Today’s demands
•Good data is hard to come by
•Lack of oversight and dedicated teams
•Portfolio monitoring is complex and time-consuming
•Constrained by static data sources
Data Collection & Reporting
•Complete back office solution for data
collection, cash flow management and
performance reporting
•Automated data feeds for analysis of both
individual and fund level performance
Liquidity Forecasting
•Forecast cash inflows / outflows
and portfolio valuations
•Efficient cash deployment through
accurate forecast of investment
distributions
Portfolio Monitoring
•Dynamic monitoring capabilities
•Analysis of monthly return drivers
•Oversight of diversification position
across strategy, geography, general
partner and vintage year
•Portfolio management and planning
•Compliance with new regulatory rules
•Informed investment decisions
•Trend analysis
•Risk management
Data & Transparency Are Now “Must-Haves”
Portfolio Investment
Overviews
Overviews
•Coupon: L+600
•Leverage: 2.7x
•Financial Covenants
•Proprietary data on Company
•Preferred allocation
•Unique insight into Sponsor capabilities
•Leading provider of tag, title, registration and
document compliance solutions for automotive
dealerships
•Work with 700+ dealerships and is the market
leader in Florida, processing 9% of the state’s
volume
•Primary value proposition is outsourcing the
critical clerk function reduces costs, improves
turnaround times and alleviates administrative
work
•Specialized staffing firm that focuses on
placing nurses and health professionals in
health facilities across the U.S.
•Serves more than 3,800 hospitals including
many of the largest in the U.S.
•Focused on using technology and data
analytics to drive automation and efficiencies
that produce industry-leading KPIs
Proprietary and Confidential | 34
Credit Case Studies: Differentiated Access to Attractive Opportunities
•Coupon: S+525
•Leverage: 5.4x
•Financial Covenants
•Global provider of knowledge process
outsourcing services to the financial
services sector
•Employs ~4,000 employees globally with
~75% holding an MBA, CFA, or CA
certification
•Diversified, blue-chip client base with over
350 clients in the investment banking,
consulting and private markets industries
•Preferred allocation
•Unique insight into Sponsor capabilities
•Coupon: S+600
•Leverage: 5.6x
•Financial Covenants
•Preferred allocation
•Unique insight into Sponsor capabilities
Company Details
Structure
HL Advantage
Credit Partner: Monroe Capital
Equity Sponsor: Frontenac
Security: Unitranche
Investment Date: April 2022
Credit Partner: Apollo
Equity Sponsor: Equistone
Security: Unitranche
Investment Date: May 2022
Credit Partner: Cerberus
Equity Sponsor: Gridiron Capital
Security: 1
st
Lien
Investment Date: May 2022
•Coupon: L+700
•Leverage: 5.3x
•Financial Covenants
•Vertically integrated faux eyelash and
eyelash growth serum company
•Purchased Bondi Boost, a haircare
brand, to further diversify their product
offerings and manufacturing
capabilities
•Sells products direct to consumer and
via Sephora, Ulta, Amazon and other
major retailers
•Proprietary data on Company
•Preferred allocation
•Unique insight into Sponsor capabilities
Credit Partner: PennantPark
Equity Sponsor: Gauge Capital
Security: 1
st
Lien
Investment Date: June 2022
•Leverage: 2.7x
•Financial Covenants
•Proprietary data on Company
•Preferred allocation
•Unique insight into Sponsor capabilities
•Leading provider of tag, title, registration and
document compliance solutions for automotive
dealerships
•Work with 700+ dealerships and is the market
leader in Florida, processing 9% of the state’s
volume
•Primary value proposition is outsourcing the
critical clerk function reduces costs, improves
turnaround times and alleviates administrative
work
•Specialized staffing firm that focuses on
placing nurses and health professionals in
health facilities across the U.S.
•Serves more than 3,800 hospitals including
many of the largest in the U.S.
•Focused on using technology and data
analytics to drive automation and efficiencies
that produce industry-leading KPIs
Proprietary and Confidential | 34
Credit Case Studies: Differentiated Access to Attractive Opportunities
•Coupon: S+525
•Leverage: 5.4x
•Financial Covenants
•Global provider of knowledge process
outsourcing services to the financial
services sector
•Employs ~4,000 employees globally with
~75% holding an MBA, CFA, or CA
certification
•Diversified, blue-chip client base with over
350 clients in the investment banking,
consulting and private markets industries
•Preferred allocation
•Unique insight into Sponsor capabilities
•Coupon: S+600
•Leverage: 5.6x
•Financial Covenants
•Preferred allocation
•Unique insight into Sponsor capabilities
Company Details
Structure
HL Advantage
Credit Partner: Monroe Capital
Equity Sponsor: Frontenac
Security: Unitranche
Investment Date: April 2022
Credit Partner: Apollo
Equity Sponsor: Equistone
Security: Unitranche
Investment Date: May 2022
Credit Partner: Cerberus
Equity Sponsor: Gridiron Capital
Security: 1
st
Lien
Investment Date: May 2022
•Coupon: L+700
•Leverage: 5.3x
•Financial Covenants
•Vertically integrated faux eyelash and
eyelash growth serum company
•Purchased Bondi Boost, a haircare
brand, to further diversify their product
offerings and manufacturing
capabilities
•Sells products direct to consumer and
via Sephora, Ulta, Amazon and other
major retailers
•Proprietary data on Company
•Preferred allocation
•Unique insight into Sponsor capabilities
Credit Partner: PennantPark
Equity Sponsor: Gauge Capital
Security: 1
st
Lien
Investment Date: June 2022
Senior Credit Opportunities Fund
Terms & Structure
Terms & Structure
Proprietary and Confidential | 36
*Net redemptions is the aggregate value of redemptions less aggregate value of subscriptions as accepted by the General Partner
**Minimum investment in EUR or local currency equivalent
***Please note that there can be no guarantee that the Fund will achieve the target results. Please refer to the Fund’s offering document for a listing and discussion of the risk factors that could affect the achievement of these results
The Fund Hamilton Lane Senior Credit Opportunities Securitize Fund
Structures Luxembourg Registered Alternative Investment Fund (RAIF)
Share Classes
Targeted Return & Yield*** 8-10% p.a. & 4-8% p.a.
Subscriptions On-Demand
Redemptions
On-Demand
Redemption proceeds to be processed following publication of the previous quarter’s NAV
Redemption Fee 3% of the redemption price if within first 12 months
Performance Fee 10% of net investment income and realized capital gains
Preferred Return 1.25% per quarter on net investment income
Investor Qualification:
Within the EU, the shares are only offered to professional investors. Outside of the EU, private placement with minimum of EUR 125,000. The shares are not offered to U.S. persons
In the UK, Sophisticated or High Net Worth investors may invest upon receipt and review of the PRIIPS KID
Canadian Feeder Ontario domiciled trust fund available for Canadian investors. Minimum investment of C$50,000. See the applicable Private Placement Memorandum for associated terms.
Australian Unit Trust Structure available for wholesale and retail distribution in Australia and New Zealand. See the applicable Product Disclosure Statement for associated terms.
Class I Class R
Currencies USD, EUR, GBP USD, EUR, GBP
Minimum Investment** 2,000,000 125,000
Management Fee 1.25% 1.75%
Terms & Structure
*Net redemptions is the aggregate value of redemptions less aggregate value of subscriptions as accepted by the General Partner
**Minimum investment in EUR or local currency equivalent
***Please note that there can be no guarantee that the Fund will achieve the target results. Please refer to the Fund’s offering document for a listing and discussion of the risk factors that could affect the achievement of these results
The Fund Hamilton Lane Senior Credit Opportunities Securitize Fund
Structures Luxembourg Registered Alternative Investment Fund (RAIF)
Share Classes
Targeted Return & Yield*** 8-10% p.a. & 4-8% p.a.
Subscriptions On-Demand
Redemptions
On-Demand
Redemption proceeds to be processed following publication of the previous quarter’s NAV
Redemption Fee 3% of the redemption price if within first 12 months
Performance Fee 10% of net investment income and realized capital gains
Preferred Return 1.25% per quarter on net investment income
Investor Qualification:
Within the EU, the shares are only offered to professional investors. Outside of the EU, private placement with minimum of EUR 125,000. The shares are not offered to U.S. persons
In the UK, Sophisticated or High Net Worth investors may invest upon receipt and review of the PRIIPS KID
Canadian Feeder Ontario domiciled trust fund available for Canadian investors. Minimum investment of C$50,000. See the applicable Private Placement Memorandum for associated terms.
Australian Unit Trust Structure available for wholesale and retail distribution in Australia and New Zealand. See the applicable Product Disclosure Statement for associated terms.
Class I Class R
Currencies USD, EUR, GBP USD, EUR, GBP
Minimum Investment** 2,000,000 125,000
Management Fee 1.25% 1.75%
Terms & Structure
Proprietary and Confidential | 37
✔Diversified exposure to multi-manager private credit through a single, easy-to-manage allocation
✔Targeting net returns of 8-10% p.a.
1
; Targeted yield of 4-8% p.a.
1
✔Institutional access to credit opportunities
✔Contractual cash yield with enhanced downside protection
1
Please note that there can be no guarantee that the Fund will achieve the target results. Please refer to the Fund’s offering document for a listing and discussion of the risk factors that could affect the achievement of these results.
Summary
✔Diversified exposure to multi-manager private credit through a single, easy-to-manage allocation
✔Targeting net returns of 8-10% p.a.
1
; Targeted yield of 4-8% p.a.
1
✔Institutional access to credit opportunities
✔Contractual cash yield with enhanced downside protection
1
Please note that there can be no guarantee that the Fund will achieve the target results. Please refer to the Fund’s offering document for a listing and discussion of the risk factors that could affect the achievement of these results.
Summary
Appendix
Proprietary and Confidential | 39
Valuation Process & Allocation Policy
•SCOPE Fund sits alongside Hamilton Lane’s specialised funds in terms of priority and
ahead of other separately managed client accounts
Direct Investments
•<6 months hold: At cost, absent of material changes in company or market
•>6 months hold: Market based metrics (market comps, acquisitions comps, DCFs with
an observable discount rate)
•Market leading, independent third-party valuation firms are utilized
Monthly Valuation Process Allocation
Evergreen
Funds
SCOPE
Credit
Funds
Investment allocated according to portfolio construction
fit firstly to specialized products and SCOPE
Other client SMAs
Then, to other client specific accounts depending on the
appropriateness of each investment to the particular strategy
*Please note that certain accounts managed by Hamilton Lane not otherwise shown in this chart may share in transactions with the main specialized fund and/or SCOPE on a proportional or formulaic basis, in equal priority.
iHS Markit and Murray Devine Valuation Advisors, the Fund’s original third-party valuation providers, were acquired by S&P Global and Citrin Cooperman, respectively.
Valuation Process & Allocation Policy
•SCOPE Fund sits alongside Hamilton Lane’s specialised funds in terms of priority and
ahead of other separately managed client accounts
Direct Investments
•<6 months hold: At cost, absent of material changes in company or market
•>6 months hold: Market based metrics (market comps, acquisitions comps, DCFs with
an observable discount rate)
•Market leading, independent third-party valuation firms are utilized
Monthly Valuation Process Allocation
Evergreen
Funds
SCOPE
Credit
Funds
Investment allocated according to portfolio construction
fit firstly to specialized products and SCOPE
Other client SMAs
Then, to other client specific accounts depending on the
appropriateness of each investment to the particular strategy
*Please note that certain accounts managed by Hamilton Lane not otherwise shown in this chart may share in transactions with the main specialized fund and/or SCOPE on a proportional or formulaic basis, in equal priority.
iHS Markit and Murray Devine Valuation Advisors, the Fund’s original third-party valuation providers, were acquired by S&P Global and Citrin Cooperman, respectively.
Annual Direct Deal Flow
31%
CAGR
✔Diverse deal flow allows for tactical investing strategy across debt structures
✔Relationships and information provide due diligence advantages
Proprietary and Confidential | 40
As of December 31, 2022
2022 deal flow was up 12% YoY by count
Platform Drives Deal Flow
Our Partners
Credit
Equity
31%
CAGR
✔Diverse deal flow allows for tactical investing strategy across debt structures
✔Relationships and information provide due diligence advantages
Proprietary and Confidential | 40
As of December 31, 2022
2022 deal flow was up 12% YoY by count
Platform Drives Deal Flow
Our Partners
Credit
Equity
Proprietary and Confidential | 41
Advisors and their clients can benefit from Hamilton Lane’s access and expertise in Private Markets
Annual
Market Overview
Industry Papers, Quarterly
Newsletters & ESG Reporting
Cobalt
Data & Analytics
Advisor
Specific Materials
E-mail Campaigns/Updates
Product Specific Conference
Calls for Advisors
Advisor Education
and Support
Customized Retail Specific
Marketing Materials
Advisor Support
Due Diligence/Home Office Support
Topical information on industry
trends, themes and issues via
market overview presentation and
annual publication
Quarterly newsletter highlighting
private markets insights, product
updates and firm news
Fact Sheets, Presentations, White
Papers, Portfolio Specific Videos
and other materials all focused on
supporting the High-Net-Worth
Market
Annual events – including Market
Overview, Investor Summit, Advisor
Forums, Regional Road Shows, all
focused on sharing with our clients
updates on HL’s current and future
products and overall private market
thought leadership
Integrates your data with market
data to provide powerful
benchmarking, analytics, and
strategic planning
Hamilton Lane
Sponsored Events
Hamilton Lane Resources & Expertise
Advisors and their clients can benefit from Hamilton Lane’s access and expertise in Private Markets
Annual
Market Overview
Industry Papers, Quarterly
Newsletters & ESG Reporting
Cobalt
Data & Analytics
Advisor
Specific Materials
E-mail Campaigns/Updates
Product Specific Conference
Calls for Advisors
Advisor Education
and Support
Customized Retail Specific
Marketing Materials
Advisor Support
Due Diligence/Home Office Support
Topical information on industry
trends, themes and issues via
market overview presentation and
annual publication
Quarterly newsletter highlighting
private markets insights, product
updates and firm news
Fact Sheets, Presentations, White
Papers, Portfolio Specific Videos
and other materials all focused on
supporting the High-Net-Worth
Market
Annual events – including Market
Overview, Investor Summit, Advisor
Forums, Regional Road Shows, all
focused on sharing with our clients
updates on HL’s current and future
products and overall private market
thought leadership
Integrates your data with market
data to provide powerful
benchmarking, analytics, and
strategic planning
Hamilton Lane
Sponsored Events
Hamilton Lane Resources & Expertise
Endnotes
ENDNOTES
Proprietary and Confidential | 43
Page 11, 14
Strategy Definitions
All Private Markets – Hamilton Lane’s definition of “All Private Markets” includes all private commingled funds excluding fund-of-funds, and secondary fund-of-funds.
Corporate Finance/Buyout – Any PM fund that generally takes control position by buying a company.
Credit – This strategy focuses on providing debt capital.
Infrastructure – An investment strategy that invests in physical systems involved in the distribution of people, goods, and resources.
Mega/Large Buyout – Any buyout fund larger than a certain fund size that depends on the vintage year.
Natural Resources – An investment strategy that invests in companies involved in the extraction, refinement, or distribution of natural resources.
Origination – Includes any PM fund that focuses primarily on providing debt capital directly to private companies, often using the company’s assets as collateral.
Distressed /Turnaround– Includes any PM fund that primarily invests in the debt of distressed companies.
Private Equity – A broad term used to describe any fund that offers equity capital to private companies.
Real Assets – Real Assets includes any PM fund with a strategy of Infrastructure, Natural Resources, or Real Estate.
Real Estate – Any closed-end fund that primarily invests in non-core real estate, excluding separate accounts and joint ventures.
SMID Buyout – Any buyout fund smaller than a certain fund size, dependent on vintage year.
U.S. Mega/Large – Any buyout fund larger than a certain fund size that depends on the vintage year and is primarily investing in the United States.
U.S. SMID – Any buyout fund smaller than a certain fund size that depends on the vintage year and is primarily investing in the United States.
VC/Growth – Includes all funds with a strategy of venture capital or growth equity.
All Private Equity – Hamilton Lane’s definition of “All Private Equity” includes all private equity commingled funds excluding fund-of-funds, and secondary fund-of-funds.
Sharpe Ratio – The Sharpe Ratio is the average return earned in excess of the risk-free rate per unity of volatility or total risk.
Desmoothing – A mathematical process to remove serial autocorrelation in the return stream of assets that experience infrequent appraisal pricing, such as private equity. Desmoothed returns may more accurately capture volatility than reported returns. The formula used here for desmoothing is:
Where rD(t) = the desmoothed return for period t, r(t) = the return for period t, ρ = the autocorrelation
rD(t) = (r(t) – r(t-1) * ρ) / (1 – ρ)
Index Definitions
BofAML High Yield Index – The BofAML High Yield index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.
Credit Suisse High Yield Index – The Credit Suisse High Yield index tracks the performance of U.S. sub-investment grade bonds.
Credit Suisse Leveraged Loan Index – The CS Leveraged Loan Index represents tradable, senior-secured, U.S. dollar-denominated non-investment grade loans.
FTSE/NAREIR Equity REIT Index – The FTSE/NAREIT All Equity REIT Index tracks the performance of U.S. equity REITs.
MSCI World Energy Sector Index – The MSCI World Energy Sector Index measures the performance of securities classified in the GICS Energy sector.
MSCI World Index – The MSCI World Index tracks large and mid-cap equity performance in developed market countries.
S&P Global Infrastructure Index – The S&P Global Infrastructure Index tracks the performance of 75 companies from around the world that represent the infrastructure industry.
Other
PME (Public Market Equivalent) – Calculated by taking the fund cash flows and investing them in a relevant index. The fund cash flows are pooled such that capital calls are simulated as index share purchases and distributions as index share sales. Contributions are scaled by a factor such that the ending portfolio balance is
equal to the private equity net asset value (equal ending exposures for both portfolios). This seeks to prevent shorting of the public market equivalent portfolio. Distributions are not scaled by this factor. The IRR is calculated based on these adjusted cash flows.
Page 25
1 Discretionary Assets Under Management ("AUM") includes all investments managed by Hamilton Lane for which Hamilton Lane retains a level of discretion for the investment decisions. AUM equals assets under management for active accounts. AUM is equal to market value plus unfunded.
AUM calculation does not include authorized to invest amounts (ANI). ANI can only be attributed to commingled fund-of-funds and separate accounts and cannot be attributed to underlying investments.# of GPs represents the unique count of active General Partners by Discretion. Primary
Partnership, Secondary Purchase, and direct Investments are a unique count of GPs by investment category. Total # of GPs is a unique count of all active General Partners. Non-discretionary Assets Under Supervision ("AUS") comprise assets from clients for which Hamilton Lane does not have
full discretion to make investments in the account. AUS includes all investments for which Hamilton Lane provides services including asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring
and reporting on investments and investment manager review and due diligence. AUS equals assets under supervision for active accounts. AUS is equal to market value plus unfunded. AUS calculation does not include authorized to invest amounts (ANI). ANI can only be attributed to
commingled fund-of-funds and separate accounts and cannot be attributed to underlying investments.
2 # of GPs represents the unique count of active General Partners by Discretion. Primary Partnership, Secondary Purchase, and Direct Investments are a unique count of GPs by investment category. Total # of GPs is a unique count of all active General Partners.
Proprietary and Confidential | 43
Page 11, 14
Strategy Definitions
All Private Markets – Hamilton Lane’s definition of “All Private Markets” includes all private commingled funds excluding fund-of-funds, and secondary fund-of-funds.
Corporate Finance/Buyout – Any PM fund that generally takes control position by buying a company.
Credit – This strategy focuses on providing debt capital.
Infrastructure – An investment strategy that invests in physical systems involved in the distribution of people, goods, and resources.
Mega/Large Buyout – Any buyout fund larger than a certain fund size that depends on the vintage year.
Natural Resources – An investment strategy that invests in companies involved in the extraction, refinement, or distribution of natural resources.
Origination – Includes any PM fund that focuses primarily on providing debt capital directly to private companies, often using the company’s assets as collateral.
Distressed /Turnaround– Includes any PM fund that primarily invests in the debt of distressed companies.
Private Equity – A broad term used to describe any fund that offers equity capital to private companies.
Real Assets – Real Assets includes any PM fund with a strategy of Infrastructure, Natural Resources, or Real Estate.
Real Estate – Any closed-end fund that primarily invests in non-core real estate, excluding separate accounts and joint ventures.
SMID Buyout – Any buyout fund smaller than a certain fund size, dependent on vintage year.
U.S. Mega/Large – Any buyout fund larger than a certain fund size that depends on the vintage year and is primarily investing in the United States.
U.S. SMID – Any buyout fund smaller than a certain fund size that depends on the vintage year and is primarily investing in the United States.
VC/Growth – Includes all funds with a strategy of venture capital or growth equity.
All Private Equity – Hamilton Lane’s definition of “All Private Equity” includes all private equity commingled funds excluding fund-of-funds, and secondary fund-of-funds.
Sharpe Ratio – The Sharpe Ratio is the average return earned in excess of the risk-free rate per unity of volatility or total risk.
Desmoothing – A mathematical process to remove serial autocorrelation in the return stream of assets that experience infrequent appraisal pricing, such as private equity. Desmoothed returns may more accurately capture volatility than reported returns. The formula used here for desmoothing is:
Where rD(t) = the desmoothed return for period t, r(t) = the return for period t, ρ = the autocorrelation
rD(t) = (r(t) – r(t-1) * ρ) / (1 – ρ)
Index Definitions
BofAML High Yield Index – The BofAML High Yield index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.
Credit Suisse High Yield Index – The Credit Suisse High Yield index tracks the performance of U.S. sub-investment grade bonds.
Credit Suisse Leveraged Loan Index – The CS Leveraged Loan Index represents tradable, senior-secured, U.S. dollar-denominated non-investment grade loans.
FTSE/NAREIR Equity REIT Index – The FTSE/NAREIT All Equity REIT Index tracks the performance of U.S. equity REITs.
MSCI World Energy Sector Index – The MSCI World Energy Sector Index measures the performance of securities classified in the GICS Energy sector.
MSCI World Index – The MSCI World Index tracks large and mid-cap equity performance in developed market countries.
S&P Global Infrastructure Index – The S&P Global Infrastructure Index tracks the performance of 75 companies from around the world that represent the infrastructure industry.
Other
PME (Public Market Equivalent) – Calculated by taking the fund cash flows and investing them in a relevant index. The fund cash flows are pooled such that capital calls are simulated as index share purchases and distributions as index share sales. Contributions are scaled by a factor such that the ending portfolio balance is
equal to the private equity net asset value (equal ending exposures for both portfolios). This seeks to prevent shorting of the public market equivalent portfolio. Distributions are not scaled by this factor. The IRR is calculated based on these adjusted cash flows.
Page 25
1 Discretionary Assets Under Management ("AUM") includes all investments managed by Hamilton Lane for which Hamilton Lane retains a level of discretion for the investment decisions. AUM equals assets under management for active accounts. AUM is equal to market value plus unfunded.
AUM calculation does not include authorized to invest amounts (ANI). ANI can only be attributed to commingled fund-of-funds and separate accounts and cannot be attributed to underlying investments.# of GPs represents the unique count of active General Partners by Discretion. Primary
Partnership, Secondary Purchase, and direct Investments are a unique count of GPs by investment category. Total # of GPs is a unique count of all active General Partners. Non-discretionary Assets Under Supervision ("AUS") comprise assets from clients for which Hamilton Lane does not have
full discretion to make investments in the account. AUS includes all investments for which Hamilton Lane provides services including asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring
and reporting on investments and investment manager review and due diligence. AUS equals assets under supervision for active accounts. AUS is equal to market value plus unfunded. AUS calculation does not include authorized to invest amounts (ANI). ANI can only be attributed to
commingled fund-of-funds and separate accounts and cannot be attributed to underlying investments.
2 # of GPs represents the unique count of active General Partners by Discretion. Primary Partnership, Secondary Purchase, and Direct Investments are a unique count of GPs by investment category. Total # of GPs is a unique count of all active General Partners.
ENDNOTES
Page 26
Hamilton Lane First Lien Discretionary Track Record
1,10
As of June 30, 2022
1 The First Lien Discretionary Track Record includes all commingled funds-of-funds and separate accounts managed by
Hamilton Lane for which Hamilton Lane retains a level of discretion for the investment decisions, as of June 30, 2022. The
results herein include all direct investments with a debt security of first lien (except as noted below). This presentation
excludes investments made on behalf of two accounts which Hamilton Lane no longer manages where Hamilton Lane no
longer has access to the historical or current performance data of those investments. This presentation also excludes
investments where only one account committed to an investment and the account that committed to the investment is no
longer an active client, causing Hamilton Lane to no longer have access to the performance data of those investments.
Because the performance does not include these investments, such performance could be materially impacted if Hamilton
Lane still had access to the performance data. As of June 30, 2022 this presentation represents commitments of $1.2 billion;
in total Hamilton Lane had $112.7 billion in commitments for all discretionary accounts.
2 Capital Contributed refers to the cost of all investments made by a fund, including commitment reducing and
non-commitment reducing capital calls.
3 NAV equals net asset value of active investments in each account. NAVs for the specified period represent the latest
available reported market values adjusted forward using interim cash flows.
4 Total Value is equivalent to market value plus capital distributed. A fund’s market value contains unrealized investments.
Valuations of unrealized investments are based on valuations by the underlying managers. The actual realized returns on
unrealized investments will depend on factors other than the original cost, such as the value of the assets and market
conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ
from the assumptions on which the valuations contained herein are based. Accordingly, the actual realized returns on these
unrealized investments may differ materially from the assumed returns indicated herein.
5 Distributions Paid-In ("DPI") multiple represents total distributions from underlying investments to the fund divided by total
contributed capital. Gross DPI is presented net of management fees, carried interest and expenses charged by the general
partners of the underlying investments, but does not include Hamilton Lane fees.
Proprietary and Confidential | 44
6 Total Value Paid-In ("TVPI") multiple represents total distributions from underlying investments to the fund plus the fund’s
market value divided by total contributed capital. Gross TVPI is presented net of management fees, carried interest and
expenses charged by the general partners of the underlying investments, but does not include Hamilton Lane fees.
7 Internal Rate of Return ("IRR") is calculated on a pooled basis using daily cash flows. Gross IRR is presented net of
management fees, carried interest and expenses charged by the general partners of the underlying investments, but does not
include Hamilton Lane management fees, carried interest or expenses. Performance metrics are shown as Not Meaningful
("NM") due to the short measurement period or Not Applicable ("NA") where there has been no capital paid-in to the investment
or where the IRR does not calculate.
8 Pro-Forma Net IRRs represents the modeled performance for each investment, aggregated by vintage year or other groupings
where applicable. Vintage year is determined for each investment based on the timing of the initial cash flow for each
investment. Actual cash flows dates and amounts are used as the input basis for the fee model. The Net IRR is calculated net of
a model management fee schedule as listed below.
Regarding direct investments, Pro Forma net performance can be determined by adjusting gross cash flows for the
management fees and carried interest that would have been charged by Hamilton Lane if the portfolio had been subject to the
management fee, carried interest and preferred return terms of Hamilton Lane Equity Opportunities Fund V (EO V): Assuming a
1.0% management fee on committed capital in years 1-5, with a 1.0% fee on NAV thereafter. Preferred return: 8%. Carried
interest: 10%. The fees outlined have been increased to capture any additional expense that may also be incurred by an investor.
The performance shown here for the track record does not represent the results of any single investor.
Pro-Forma Net Distributed to Paid-in Capital ("DPI") multiple for a particular return stream is calculated as the sum of the
Distributions of all investments held within the track record less model management fees, model incentive fees, and model
operational and organizational costs divided by cumulative paid-in capital since inception.
Pro-Forma Net Total Value to Paid-in Capital ("TVPI") multiple for a particular return stream is calculated as the sum of the Net
Asset Value of all investments held within the track record and all distributions less model management fees, model incentive
fees, and model operational and organizational costs divided by cumulative paid-in capital since inception.
Fees are modeled on a quarterly basis to calculate the historic returns. The Pro Forma net Total IRR for this purpose was
calculated by aggregating vintage year net cash flow streams in a single total cash flow stream. Please note that the use of a
credit line can have a material impact on the gross and net performance of a fund. Credit line usage was not modeled into the
pro forma net performance noted above as it is not possible to determine for which investments a credit line would have been
used on a historical basis. Performance metrics shown as Not Meaningful ("NM") are due to the short measurement period.
Gross Paid-In
2
1,091.7
Gross Distributed 570.0
Gross NAV
3
654.5
Gain/(Loss) 132.8
Gross DPI
5
0.5x
Gross TVPI
6
1.1x
Hamilton Lane Gross IRR
7
9.3%
Gross Invesco Senior Loan ETF PME
9
(0.2%)
Gross Spread vs. Invesco Senior Loan ETF PME (bps)
9
948 bps
Pro-Forma Net DPI
8
0.5x
Pro-Forma Net TVPI
8
1.1x
Hamilton Lane Pro-Forma Net IRR
8
7.5%
Pro-Forma Net Invesco Senior Loan ETF PME
8,9
0.4%
Pro-Forma Net Spread vs. Invesco Senior Loan ETF PME (bps)
8,9
711 bps
Page 26
Hamilton Lane First Lien Discretionary Track Record
1,10
As of June 30, 2022
1 The First Lien Discretionary Track Record includes all commingled funds-of-funds and separate accounts managed by
Hamilton Lane for which Hamilton Lane retains a level of discretion for the investment decisions, as of June 30, 2022. The
results herein include all direct investments with a debt security of first lien (except as noted below). This presentation
excludes investments made on behalf of two accounts which Hamilton Lane no longer manages where Hamilton Lane no
longer has access to the historical or current performance data of those investments. This presentation also excludes
investments where only one account committed to an investment and the account that committed to the investment is no
longer an active client, causing Hamilton Lane to no longer have access to the performance data of those investments.
Because the performance does not include these investments, such performance could be materially impacted if Hamilton
Lane still had access to the performance data. As of June 30, 2022 this presentation represents commitments of $1.2 billion;
in total Hamilton Lane had $112.7 billion in commitments for all discretionary accounts.
2 Capital Contributed refers to the cost of all investments made by a fund, including commitment reducing and
non-commitment reducing capital calls.
3 NAV equals net asset value of active investments in each account. NAVs for the specified period represent the latest
available reported market values adjusted forward using interim cash flows.
4 Total Value is equivalent to market value plus capital distributed. A fund’s market value contains unrealized investments.
Valuations of unrealized investments are based on valuations by the underlying managers. The actual realized returns on
unrealized investments will depend on factors other than the original cost, such as the value of the assets and market
conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ
from the assumptions on which the valuations contained herein are based. Accordingly, the actual realized returns on these
unrealized investments may differ materially from the assumed returns indicated herein.
5 Distributions Paid-In ("DPI") multiple represents total distributions from underlying investments to the fund divided by total
contributed capital. Gross DPI is presented net of management fees, carried interest and expenses charged by the general
partners of the underlying investments, but does not include Hamilton Lane fees.
Proprietary and Confidential | 44
6 Total Value Paid-In ("TVPI") multiple represents total distributions from underlying investments to the fund plus the fund’s
market value divided by total contributed capital. Gross TVPI is presented net of management fees, carried interest and
expenses charged by the general partners of the underlying investments, but does not include Hamilton Lane fees.
7 Internal Rate of Return ("IRR") is calculated on a pooled basis using daily cash flows. Gross IRR is presented net of
management fees, carried interest and expenses charged by the general partners of the underlying investments, but does not
include Hamilton Lane management fees, carried interest or expenses. Performance metrics are shown as Not Meaningful
("NM") due to the short measurement period or Not Applicable ("NA") where there has been no capital paid-in to the investment
or where the IRR does not calculate.
8 Pro-Forma Net IRRs represents the modeled performance for each investment, aggregated by vintage year or other groupings
where applicable. Vintage year is determined for each investment based on the timing of the initial cash flow for each
investment. Actual cash flows dates and amounts are used as the input basis for the fee model. The Net IRR is calculated net of
a model management fee schedule as listed below.
Regarding direct investments, Pro Forma net performance can be determined by adjusting gross cash flows for the
management fees and carried interest that would have been charged by Hamilton Lane if the portfolio had been subject to the
management fee, carried interest and preferred return terms of Hamilton Lane Equity Opportunities Fund V (EO V): Assuming a
1.0% management fee on committed capital in years 1-5, with a 1.0% fee on NAV thereafter. Preferred return: 8%. Carried
interest: 10%. The fees outlined have been increased to capture any additional expense that may also be incurred by an investor.
The performance shown here for the track record does not represent the results of any single investor.
Pro-Forma Net Distributed to Paid-in Capital ("DPI") multiple for a particular return stream is calculated as the sum of the
Distributions of all investments held within the track record less model management fees, model incentive fees, and model
operational and organizational costs divided by cumulative paid-in capital since inception.
Pro-Forma Net Total Value to Paid-in Capital ("TVPI") multiple for a particular return stream is calculated as the sum of the Net
Asset Value of all investments held within the track record and all distributions less model management fees, model incentive
fees, and model operational and organizational costs divided by cumulative paid-in capital since inception.
Fees are modeled on a quarterly basis to calculate the historic returns. The Pro Forma net Total IRR for this purpose was
calculated by aggregating vintage year net cash flow streams in a single total cash flow stream. Please note that the use of a
credit line can have a material impact on the gross and net performance of a fund. Credit line usage was not modeled into the
pro forma net performance noted above as it is not possible to determine for which investments a credit line would have been
used on a historical basis. Performance metrics shown as Not Meaningful ("NM") are due to the short measurement period.
Gross Paid-In
2
1,091.7
Gross Distributed 570.0
Gross NAV
3
654.5
Gain/(Loss) 132.8
Gross DPI
5
0.5x
Gross TVPI
6
1.1x
Hamilton Lane Gross IRR
7
9.3%
Gross Invesco Senior Loan ETF PME
9
(0.2%)
Gross Spread vs. Invesco Senior Loan ETF PME (bps)
9
948 bps
Pro-Forma Net DPI
8
0.5x
Pro-Forma Net TVPI
8
1.1x
Hamilton Lane Pro-Forma Net IRR
8
7.5%
Pro-Forma Net Invesco Senior Loan ETF PME
8,9
0.4%
Pro-Forma Net Spread vs. Invesco Senior Loan ETF PME (bps)
8,9
711 bps
ENDNOTES
Page 26(Continued)
Hamilton Lane First Lien Discretionary Track Record
1
As of June 30, 2022
9 The index presented for comparison is the Invesco Senior Loan ETF, calculated on a Public Market Equivalent (PME) basis. The PME calculation methodology assumes that capital is being invested in, or withdrawn from, the index on the days the capital was
called and distributed from the underlying fund managers. Contributions were scaled by a factor such that the ending portfolio balance would be equal to the private equity net asset value. The scaling factor is found by taking the sum of all shares sold (SS), the
sum of all shares purchased (SP) and calculating the number of shares the ending value is worth (SEV). Dividing SEV + SS by SP solves for the PME scaling factor. The scaling of contributions prevents shorting of the public market equivalent portfolio in order to
match the performance of an outperforming private equity portfolio. Realized and unrealized amounts were not scaled by this factor. The Invesco Senior Loan ETF (the "Fund") is based on the S&P/LSTA U.S. Leveraged Loan 100 Index (the "Index"). The Fund will
normally invest at least 80% of its total assets in the component securities that comprise the Index. The Index is designed to track the market-weighted performance of the largest institutional leveraged loans based on market weightings, spreads and interest
payments. The comparison between Hamilton Lane performance and the index is not intended to imply that a fund’s or separate account’s portfolio is benchmarked to the index either in composition or level of risk. The index is unmanaged, has no expenses and
reflects the reinvestment of dividends and distributions. The spreads are provided for comparative purposes only. A variety of factors may cause an index to be an inaccurate benchmark for any particular fund or separate account and the indices do not necessarily
reflect the actual investment strategy of a fund or separate account. Source: Bloomberg.
10 With respect to underlying direct investments, the performance presented in the track record is based on June 30, 2022 investment values prepared by third-party valuation providers which is then reviewed and approved by Hamilton Lane. The portfolio
investments in which the Partnerships have invested may have not yet issued their financial statements for June 30, 2022. The estimated investment values therefore rely on the information available at the time of approval by Hamilton Lane.
Past performance of the investments presented herein is not indicative of future results and should not be used as the basis for an investment decision. The information included has not been reviewed or audited by independent public accountants. Certain
information included herein has been obtained from sources that Hamilton Lane believes to be reliable but the accuracy of such information cannot be guaranteed.
Proprietary and Confidential | 45
Page 26(Continued)
Hamilton Lane First Lien Discretionary Track Record
1
As of June 30, 2022
9 The index presented for comparison is the Invesco Senior Loan ETF, calculated on a Public Market Equivalent (PME) basis. The PME calculation methodology assumes that capital is being invested in, or withdrawn from, the index on the days the capital was
called and distributed from the underlying fund managers. Contributions were scaled by a factor such that the ending portfolio balance would be equal to the private equity net asset value. The scaling factor is found by taking the sum of all shares sold (SS), the
sum of all shares purchased (SP) and calculating the number of shares the ending value is worth (SEV). Dividing SEV + SS by SP solves for the PME scaling factor. The scaling of contributions prevents shorting of the public market equivalent portfolio in order to
match the performance of an outperforming private equity portfolio. Realized and unrealized amounts were not scaled by this factor. The Invesco Senior Loan ETF (the "Fund") is based on the S&P/LSTA U.S. Leveraged Loan 100 Index (the "Index"). The Fund will
normally invest at least 80% of its total assets in the component securities that comprise the Index. The Index is designed to track the market-weighted performance of the largest institutional leveraged loans based on market weightings, spreads and interest
payments. The comparison between Hamilton Lane performance and the index is not intended to imply that a fund’s or separate account’s portfolio is benchmarked to the index either in composition or level of risk. The index is unmanaged, has no expenses and
reflects the reinvestment of dividends and distributions. The spreads are provided for comparative purposes only. A variety of factors may cause an index to be an inaccurate benchmark for any particular fund or separate account and the indices do not necessarily
reflect the actual investment strategy of a fund or separate account. Source: Bloomberg.
10 With respect to underlying direct investments, the performance presented in the track record is based on June 30, 2022 investment values prepared by third-party valuation providers which is then reviewed and approved by Hamilton Lane. The portfolio
investments in which the Partnerships have invested may have not yet issued their financial statements for June 30, 2022. The estimated investment values therefore rely on the information available at the time of approval by Hamilton Lane.
Past performance of the investments presented herein is not indicative of future results and should not be used as the basis for an investment decision. The information included has not been reviewed or audited by independent public accountants. Certain
information included herein has been obtained from sources that Hamilton Lane believes to be reliable but the accuracy of such information cannot be guaranteed.
Proprietary and Confidential | 45
ENDNOTES
Page 15
“Up Market” is defined as when the pooled IRR per vintage year is greater than 11% for buyout and venture, and 9% for credit. “Down Market” is defined as all pooled IRRs per vintage year below those thresholds.
Page 16
All inflationary periods since 1928 are defined as years where inflation was above the median level of 2.7% and increased over respective the year by more than 1%. Nominal returns taken as the median within the respective high and low inflationary periods. Real
returns for both U.S. Bonds and Private Credit calculated as [(1+median nominal return)/ (1+Inflation in the median nominal return period)]-1.
U.S. Bond returns calculated using a mix of 50% US T.Bond and 50% Baa Corp Bond annual returns.
Page 17
Please note that the data shown herein represents actual performance data for an investment of $10M to a traditional private credit fund. The return figures shown may differ for investors who invested in the fund at a different time or with different terms. The data
shown is intended to provide information about the potential cash flows that a private credit fund can provide, and should not be considered a proxy for the performance of all private credit funds. Actual performance will vary depending on, amongst other factors,
market and credit conditions and may vary significantly from the data shown herein. Past performance is not a guarantee of future results.
Page 21
*Based upon Hamilton Lane Fund Investment Database information as of November 2021. Comparison of median DPI of funds with a strategy of Credit compared funds with a strategy of Buyout.
Page 25
1.Discretionary Assets Under Management ("AUM") includes all investments managed by Hamilton Lane for which Hamilton Lane retains a level of discretion for the investment decisions. AUM equals assets under management for active accounts. AUM is equal
to market value plus unfunded. AUM calculation does not include authorized to invest amounts (ANI). ANI can only be attributed to commingled fund-of-funds and separate accounts and cannot be attributed to underlying investments.# of GPs represents the
unique count of active General Partners by Discretion. Primary Partnership, Secondary Purchase, and direct Investments are a unique count of GPs by investment category. Total # of GPs is a unique count of all active General Partners. Non-discretionary Assets
Under Supervision ("AUS") comprise assets from clients for which Hamilton Lane does not have full discretion to make investments in the account. AUS includes all investments for which Hamilton Lane provides services including asset allocation, strategic
planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring and reporting on investments and investment manager review and due diligence. AUS equals assets under supervision for
active accounts. AUS is equal to market value plus unfunded. AUS calculation does not include authorized to invest amounts (ANI). ANI can only be attributed to commingled fund-of-funds and separate accounts and cannot be attributed to underlying
investments. Composed of approximately $12.5B in discretionary assets and approximately $42.2B in advisory assets.
2. # of GPs represents the unique count of active General Partners by Discretion. Primary Partnership, Secondary Purchase, and Direct Investments are a unique count of GPs by investment category. Total # of GPs is a unique count of all active General Partners.
3. The capital deployed includes all primary commitments that closed for which Hamilton Lane retains a level of discretion as well as advisory client commitments for which Hamilton Lane performed due diligence and made an investment recommendation. This
amount excludes secondary investments and direct investments.
Proprietary and Confidential | 46
Page 15
“Up Market” is defined as when the pooled IRR per vintage year is greater than 11% for buyout and venture, and 9% for credit. “Down Market” is defined as all pooled IRRs per vintage year below those thresholds.
Page 16
All inflationary periods since 1928 are defined as years where inflation was above the median level of 2.7% and increased over respective the year by more than 1%. Nominal returns taken as the median within the respective high and low inflationary periods. Real
returns for both U.S. Bonds and Private Credit calculated as [(1+median nominal return)/ (1+Inflation in the median nominal return period)]-1.
U.S. Bond returns calculated using a mix of 50% US T.Bond and 50% Baa Corp Bond annual returns.
Page 17
Please note that the data shown herein represents actual performance data for an investment of $10M to a traditional private credit fund. The return figures shown may differ for investors who invested in the fund at a different time or with different terms. The data
shown is intended to provide information about the potential cash flows that a private credit fund can provide, and should not be considered a proxy for the performance of all private credit funds. Actual performance will vary depending on, amongst other factors,
market and credit conditions and may vary significantly from the data shown herein. Past performance is not a guarantee of future results.
Page 21
*Based upon Hamilton Lane Fund Investment Database information as of November 2021. Comparison of median DPI of funds with a strategy of Credit compared funds with a strategy of Buyout.
Page 25
1.Discretionary Assets Under Management ("AUM") includes all investments managed by Hamilton Lane for which Hamilton Lane retains a level of discretion for the investment decisions. AUM equals assets under management for active accounts. AUM is equal
to market value plus unfunded. AUM calculation does not include authorized to invest amounts (ANI). ANI can only be attributed to commingled fund-of-funds and separate accounts and cannot be attributed to underlying investments.# of GPs represents the
unique count of active General Partners by Discretion. Primary Partnership, Secondary Purchase, and direct Investments are a unique count of GPs by investment category. Total # of GPs is a unique count of all active General Partners. Non-discretionary Assets
Under Supervision ("AUS") comprise assets from clients for which Hamilton Lane does not have full discretion to make investments in the account. AUS includes all investments for which Hamilton Lane provides services including asset allocation, strategic
planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring and reporting on investments and investment manager review and due diligence. AUS equals assets under supervision for
active accounts. AUS is equal to market value plus unfunded. AUS calculation does not include authorized to invest amounts (ANI). ANI can only be attributed to commingled fund-of-funds and separate accounts and cannot be attributed to underlying
investments. Composed of approximately $12.5B in discretionary assets and approximately $42.2B in advisory assets.
2. # of GPs represents the unique count of active General Partners by Discretion. Primary Partnership, Secondary Purchase, and Direct Investments are a unique count of GPs by investment category. Total # of GPs is a unique count of all active General Partners.
3. The capital deployed includes all primary commitments that closed for which Hamilton Lane retains a level of discretion as well as advisory client commitments for which Hamilton Lane performed due diligence and made an investment recommendation. This
amount excludes secondary investments and direct investments.
Proprietary and Confidential | 46
This presentation has been prepared solely for informational purposes and contains confidential and proprietary information, the disclosure of which could be harmful to Hamilton Lane. Accordingly, the recipients of this presentation are requested to
maintain the confidentiality of the information contained herein. This presentation may not be copied or distributed, in whole or in part, without the prior written consent of Hamilton Lane.
In Canada, this document is directed only to Canadian residents that are “accredited investors” as defined under section 1.1 of National Instrument 45-106 Prospectus Exemptions or section 73.3(1) of the Securities Act (Ontario). This document is not,
and under no circumstance to be construed as an offering memorandum, an advertisement or a public offering of the fund interests described herein in any province or territory of Canada (each, a “Canadian Jurisdiction”). Under no circumstances is this
document to be construed as an offer to sell securities or the provision of advice in relation to any securities. Any offer or sale of the fund interests described in this document will be made pursuant to the definitive private placement documents for the
fund. In addition, any offer or sale of, or advice on, the fund interests described in this document will be made only by a dealer registered in the applicable Canadian Jurisdiction which may include Hamilton Lane (Canada) LLC. No Canadian securities
regulatory authority has reviewed or in any way passed upon the information contained in this document or the merits of any securities described in this document, and any representation to the contrary is an offence.
The information contained in this presentation may include forward-looking statements regarding returns, performance, opinions, the fund presented or its portfolio companies, or other events contained herein. Forward-looking statements include a
number of risks, uncertainties and other factors beyond our control, or the control of the fund or the portfolio companies, which may result in material differences in actual results, performance or other expectations. The opinions, estimates and
analyses reflect our current judgment, which may change in the future.
All opinions, estimates and forecasts of future performance or other events contained herein are based on information available to Hamilton Lane as of the date of this presentation and are subject to change. Past performance of the investments
described herein is not indicative of future results. In addition, nothing contained herein shall be deemed to be a prediction of future performance. The information included in this presentation has not been reviewed or audited by independent public
accountants. Certain information included herein has been obtained from sources that Hamilton Lane believes to be reliable, but the accuracy of such information cannot be guaranteed.
This presentation is not an offer to sell, or a solicitation of any offer to buy, any security or to enter into any agreement with Hamilton Lane or any of its affiliates. Any such offering will be made only at your request. We do not intend that any public
offering will be made by us at any time with respect to any potential transaction discussed in this presentation. Any offering or potential transaction will be made pursuant to separate documentation negotiated between us, which will supersede entirely
the information contained herein.
Certain of the performance results included herein do not reflect the deduction of any applicable advisory or management fees, since it is not possible to allocate such fees accurately in a vintage year presentation or in a composite measured at
different points in time. A client’s rate of return will be reduced by any applicable advisory or management fees, carried interest and any expenses incurred. Hamilton Lane’s fees are described in Part 2 of our Form ADV, a copy of which is available upon
request.
The following hypothetical example illustrates the effect of fees on earned returns for both separate accounts and fund-of-funds investment vehicles. The example is solely for illustration purposes and is not intended as a guarantee or prediction of the
actual returns that would be earned by similar investment vehicles having comparable features. The example is as follows: The hypothetical separate account or fund-of-funds consisted of $100 million in commitments with a fee structure of 1.0% on
committed capital during the first four years of the term of the investment and then declining by 10% per year thereafter for the 12-year life of the account. The commitments were made during the first three years in relatively equal increments and the
assumption of returns was based on cash flow assumptions derived from a historical database of actual private equity cash flows. Hamilton Lane modeled the impact of fees on four different return streams over a 12-year time period. In these
examples, the effect of the fees reduced returns by approximately 2%. This does not include performance fees, since the performance of the account would determine the effect such fees would have on returns. Expenses also vary based on the
particular investment vehicle and, therefore, were not included in this hypothetical example. Both performance fees and expenses would further decrease the return.
Hamilton Lane (Germany) GmbH is a wholly-owned subsidiary of Hamilton Lane Advisors, L.L.C. Hamilton Lane (Germany) GmbH is authorised and regulated by the Federal Financial Supervisory Authority (BaFin). In the
European Economic Area this communication is directed solely at persons who would be classified as professional investors within the meaning of Directive 2011/61/EU (AIFMD). Its contents are not directed at, may not be
suitable f or and should not be relied upon by retail clients.
Hamilton Lane (UK) Limited is a wholly-owned subsidiary of Hamilton Lane Advisors, L.L.C. Hamilton Lane (UK) Limited is authorized and regulated by the Financial Conducts Authority. In the UK this communication is directed solely at persons who
would be classified as a professional client or eligible counterparty under the FCA Handbook of Rules and Guidance. Its contents are not directed at, may not be suitable for and should not be relied upon by retail clients.
Hamilton Lane Advisors, L.L.C. is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services by operation of ASIC Class Order 03/1100: U.S. SEC regulated financial
service providers. Hamilton Lane Advisors, L.L.C. is regulated by the SEC under U.S. laws, which differ from Australian laws. The PDS and target market determination for the Hamilton Lane Senior Credit Opportunities Fund (AUD) can be obtained by
calling 02 9293 7950 or visiting our website www.hamiltonlane.com.au.
Any tables, graphs or charts relating to past performance included in this presentation are intended only to illustrate the performance of the indices, composites, specific accounts or funds referred to for the historical periods shown. Such tables, graphs
and charts are not intended to predict future performance and should not be used as the basis for an investment decision.
Hamilton Lane does not guarantee repayment of capital or any particular rate of return from the Fund. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations.
You should consult your accounting, legal, tax or other advisors about the matters discussed herein.
The calculations contained in this document are made by Hamilton Lane based on information provided by the general partner (e.g. cash flows and valuations), and have not been prepared, reviewed or approved by the general partners.
Proprietary and Confidential | 47
Disclosures
maintain the confidentiality of the information contained herein. This presentation may not be copied or distributed, in whole or in part, without the prior written consent of Hamilton Lane.
In Canada, this document is directed only to Canadian residents that are “accredited investors” as defined under section 1.1 of National Instrument 45-106 Prospectus Exemptions or section 73.3(1) of the Securities Act (Ontario). This document is not,
and under no circumstance to be construed as an offering memorandum, an advertisement or a public offering of the fund interests described herein in any province or territory of Canada (each, a “Canadian Jurisdiction”). Under no circumstances is this
document to be construed as an offer to sell securities or the provision of advice in relation to any securities. Any offer or sale of the fund interests described in this document will be made pursuant to the definitive private placement documents for the
fund. In addition, any offer or sale of, or advice on, the fund interests described in this document will be made only by a dealer registered in the applicable Canadian Jurisdiction which may include Hamilton Lane (Canada) LLC. No Canadian securities
regulatory authority has reviewed or in any way passed upon the information contained in this document or the merits of any securities described in this document, and any representation to the contrary is an offence.
The information contained in this presentation may include forward-looking statements regarding returns, performance, opinions, the fund presented or its portfolio companies, or other events contained herein. Forward-looking statements include a
number of risks, uncertainties and other factors beyond our control, or the control of the fund or the portfolio companies, which may result in material differences in actual results, performance or other expectations. The opinions, estimates and
analyses reflect our current judgment, which may change in the future.
All opinions, estimates and forecasts of future performance or other events contained herein are based on information available to Hamilton Lane as of the date of this presentation and are subject to change. Past performance of the investments
described herein is not indicative of future results. In addition, nothing contained herein shall be deemed to be a prediction of future performance. The information included in this presentation has not been reviewed or audited by independent public
accountants. Certain information included herein has been obtained from sources that Hamilton Lane believes to be reliable, but the accuracy of such information cannot be guaranteed.
This presentation is not an offer to sell, or a solicitation of any offer to buy, any security or to enter into any agreement with Hamilton Lane or any of its affiliates. Any such offering will be made only at your request. We do not intend that any public
offering will be made by us at any time with respect to any potential transaction discussed in this presentation. Any offering or potential transaction will be made pursuant to separate documentation negotiated between us, which will supersede entirely
the information contained herein.
Certain of the performance results included herein do not reflect the deduction of any applicable advisory or management fees, since it is not possible to allocate such fees accurately in a vintage year presentation or in a composite measured at
different points in time. A client’s rate of return will be reduced by any applicable advisory or management fees, carried interest and any expenses incurred. Hamilton Lane’s fees are described in Part 2 of our Form ADV, a copy of which is available upon
request.
The following hypothetical example illustrates the effect of fees on earned returns for both separate accounts and fund-of-funds investment vehicles. The example is solely for illustration purposes and is not intended as a guarantee or prediction of the
actual returns that would be earned by similar investment vehicles having comparable features. The example is as follows: The hypothetical separate account or fund-of-funds consisted of $100 million in commitments with a fee structure of 1.0% on
committed capital during the first four years of the term of the investment and then declining by 10% per year thereafter for the 12-year life of the account. The commitments were made during the first three years in relatively equal increments and the
assumption of returns was based on cash flow assumptions derived from a historical database of actual private equity cash flows. Hamilton Lane modeled the impact of fees on four different return streams over a 12-year time period. In these
examples, the effect of the fees reduced returns by approximately 2%. This does not include performance fees, since the performance of the account would determine the effect such fees would have on returns. Expenses also vary based on the
particular investment vehicle and, therefore, were not included in this hypothetical example. Both performance fees and expenses would further decrease the return.
Hamilton Lane (Germany) GmbH is a wholly-owned subsidiary of Hamilton Lane Advisors, L.L.C. Hamilton Lane (Germany) GmbH is authorised and regulated by the Federal Financial Supervisory Authority (BaFin). In the
European Economic Area this communication is directed solely at persons who would be classified as professional investors within the meaning of Directive 2011/61/EU (AIFMD). Its contents are not directed at, may not be
suitable f or and should not be relied upon by retail clients.
Hamilton Lane (UK) Limited is a wholly-owned subsidiary of Hamilton Lane Advisors, L.L.C. Hamilton Lane (UK) Limited is authorized and regulated by the Financial Conducts Authority. In the UK this communication is directed solely at persons who
would be classified as a professional client or eligible counterparty under the FCA Handbook of Rules and Guidance. Its contents are not directed at, may not be suitable for and should not be relied upon by retail clients.
Hamilton Lane Advisors, L.L.C. is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services by operation of ASIC Class Order 03/1100: U.S. SEC regulated financial
service providers. Hamilton Lane Advisors, L.L.C. is regulated by the SEC under U.S. laws, which differ from Australian laws. The PDS and target market determination for the Hamilton Lane Senior Credit Opportunities Fund (AUD) can be obtained by
calling 02 9293 7950 or visiting our website www.hamiltonlane.com.au.
Any tables, graphs or charts relating to past performance included in this presentation are intended only to illustrate the performance of the indices, composites, specific accounts or funds referred to for the historical periods shown. Such tables, graphs
and charts are not intended to predict future performance and should not be used as the basis for an investment decision.
Hamilton Lane does not guarantee repayment of capital or any particular rate of return from the Fund. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations.
You should consult your accounting, legal, tax or other advisors about the matters discussed herein.
The calculations contained in this document are made by Hamilton Lane based on information provided by the general partner (e.g. cash flows and valuations), and have not been prepared, reviewed or approved by the general partners.
Proprietary and Confidential | 47
Disclosures
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