Hamilton Lane Fee-Related Earnings Rise 18% to $90.8 Million

The Tip Desk · November 10, 2026 · 3 min read

GAAP net income attributable to Hamilton Lane Incorporated was $77.5 million, or $1.87 a share, in the three months ended September 30, 2026.

Hamilton Lane Incorporated (HLNE), a private markets asset manager, reported Fee Related Earnings of $90.8 million in the three months ended September 30, 2026, up 18% from $77.0 million a year earlier.

GAAP net income attributable to Hamilton Lane Incorporated was $77.5 million, or $1.87 a share, compared with $70.9 million, or $1.69 a share, in the year-ago quarter. Adjusted net income rose 26% to $106.1 million, and non-GAAP earnings were $1.98 a share. Adjusted EBITDA was $111.7 million. The company said GAAP net income was $149 million for the quarter.

Total revenues were $204.4 million, up 7% from $190.9 million a year earlier. Management and advisory fees rose 15% to $164.0 million. Incentive fees declined 17% to $40.4 million. Fee Related Earnings margin expanded to 51% from 49%.

Specialized funds management and advisory fees were $109.7 million. Customized separate accounts management and advisory fees were $34.0 million. Reporting, monitoring, data and analytics fees were $9.7 million. Advisory fees were $4.5 million. Fund reimbursement revenue was $4.4 million, and distribution management fees were $1.7 million.

Incentive fees by strategy: direct equity funds $7.0 million, secondary funds $4.4 million, direct credit funds $5.5 million, evergreen funds $13.5 million, other specialized funds $1.7 million, and customized separate accounts $8.4 million. The company said incentive fees derived from a highly diversified pool of assets and funds, with unrealized carried interest of $1.6 billion as of September 30, 2026, diversified across more than 3,000 assets and over 120 funds.

Assets under management were $150.8 billion as of September 30, 2026, up 4% from $145.4 billion a year earlier. Fee-earning assets under management were $85.9 billion, up 12%. Specialized funds fee-earning AUM ended at $44.5 billion, up 25% year over year. Customized separate accounts fee-earning AUM ended at $41.5 billion. Total assets under management and advisement were $1.08 trillion.

The company said fee-earning AUM growth continued and annual fee rates were stable. Specialized funds closed a sixth direct equity fund, ninth credit-oriented fund, and second infrastructure fund; fundraising was underway for a seventh secondary fund, third impact fund, second venture capital fund, and evergreen funds. Customized separate accounts posted an $0.7 billion year-over-year increase in fee-earning AUM, and the company said 80% of gross contributions during the last 12 months came from existing clients. Advisory AUA rose $69.2 billion year over year.

Total allocated carried interest was $1.59 billion as of September 30, 2026, up 11% from $1.43 billion a year earlier. Debt was $268.7 million, down from $278.4 million at March 31, 2026.

Hamilton Lane declared a quarterly dividend of $0.60 a share of Class A common stock, payable January 7, 2027. The target full-year dividend of $2.40 represents an 11% increase from the prior fiscal year.