Two younger evergreen vehicles delivered gains three times as large, and the flagship is weighing a shift to interval-fund mechanics that would force daily pricing.

Hamilton Lane is clearing room to raise billions more across its evergreen private-markets lineup, expanding the registered share capacity of three funds simultaneously in a move that takes effect August 1, 2026.

The centerpiece is the Hamilton Lane Private Assets Fund, the firm’s flagship evergreen vehicle, which added $2 billion to the $6 billion of shares it had already registered, taking its total capacity to $8 billion. Two younger funds were expanded alongside it:

• Venture Capital and Growth Fund — added $750 million to a prior $1 billion, reaching $1.75 billion.
• Private Secondary Fund — added $500 million to its own $1 billion, reaching $1.5 billion.

All three are Delaware statutory trusts registered as non-diversified, closed-end management investment companies advised by Hamilton Lane Advisors, and each registration was signed the same day by the same slate of trustees and officers.

Sizing the growth expectation

For a continuously offered fund, a capacity increase is the clearest available signal about anticipated demand, and the assumptions behind the numbers are instructive. The Private Assets Fund’s fee table is built on average net assets of roughly $6.9 billion over the coming twelve months, composed of assumed balances of $4.2 billion in Class I shares, $2.6 billion in Class R shares, and $118.6 million in Class D shares. Class I net assets stood at about $3.49 billion at the end of the March fiscal year, so the projection reflects an expectation of continued rapid inflows.

Performance across the platform

Results gave the firm reason to build headroom. For the fiscal year ended March 31, 2026, the Private Assets Fund returned 14.60 percent in Class I shares, 14.47 percent in Class D, and 13.23 percent in Class R, with Class I net asset value per share rising to $19.77 from $17.55. That extends a steady multi-year run, with Class I returns over the four preceding years of 12.59 percent, 12.68 percent, 16.10 percent, and 20.77 percent.

The newer vehicles posted far larger gains:

• The Venture Capital and Growth Fund returned 42.25 percent in Class I shares, 42.13 percent in Class Y, and 40.78 percent in Class R. Class Y net assets climbed to roughly $208 million from about $11.7 million a year earlier.
• The Private Secondary Fund returned 34.00 percent in Class Y shares, 33.85 percent in Class I, and 32.17 percent in Class R, with Class Y net assets reaching about $335.1 million from about $38.6 million.

Those returns flowed straight to the adviser. Incentive fees at the Private Assets Fund reached $68,676,465 for the latest year, well above the $23,141,020 recorded a year earlier and $22,280,970 the year before. The Venture Capital and Growth Fund and the Private Secondary Fund each generated their first incentive fees, at $6,103,217 and $6,243,052, after recording none in the prior period.

The cost of access

Expense loads are where allocators will want to concentrate. The Private Assets Fund reports total annual expenses of 3.33 percent for Class I shares, 3.54 percent for Class D, and 3.99 percent for Class R. It charges a 1.40 percent management fee on managed assets plus an incentive fee equal to 10 percent of net profits above a loss recovery account balance, shown in the table at an estimated 1.00 percent based on an assumed 10 percent return.

The two smaller funds are meaningfully more expensive. The Private Secondary Fund shows 3.87 percent for Class Y, 4.02 percent for Class I, and 4.72 percent for Class R. The Venture Capital and Growth Fund, which charges a 1.50 percent management fee and shows an estimated 2.25 percent incentive fee, reports 4.66 percent for Class Y, 4.81 percent for Class I, and 5.51 percent for Class R.

One detail in those two tables deserves attention: the post-adjustment figure is higher than the stated total, not lower, because the adviser is recouping previously waived amounts rather than extending new relief. That pushes the Venture Capital and Growth Fund’s Class R shares to 5.63 percent.

Terms for buyers run broadly parallel across the three funds. Shares are generally offered on the first business day of each month at the preceding month-end net asset value, and purchasers must qualify as accredited investors. Other shared mechanics include:

• Class R shares carry a sales charge of up to 3.50 percent; Class I, Class D, and Class Y shares carry none.
• A 2.00 percent early repurchase fee applies to shares tendered within a year of purchase, assessed first-in, first-out.
• Minimums are $25,000 for Class R and Class I shares at all three funds, matched for Class D at the Private Assets Fund, while Class Y at the two newer funds requires $1 million.

Weighing a move to interval mechanics

The Private Assets Fund also disclosed that it is evaluating whether operating as an interval fund under Rule 23c-3 would be workable operationally. For now it plans to supply liquidity through quarterly tender offers of up to 5 percent of net assets under Rule 13e-4, with no obligation to run an offer in any given quarter. Converting would require quarterly repurchases of between 5 and 25 percent of outstanding shares, bring the fund under the rule’s liquidity requirements, and force daily net asset value calculation. No timeline has been set.

The firm has already run that play elsewhere. Its sibling Hamilton Lane Private Infrastructure Fund completed the transition, beginning operations as an interval fund with daily pricing and daily share offerings on April 1, 2026. Whether the far larger Private Assets Fund follows will turn in part on how much strain daily mechanics would place on a portfolio of illiquid private assets.

Leverage and portfolio guardrails

Borrowing remains light at the flagship. Total borrowings stood at $76,482,000 at fiscal year end, and the fund expects to maintain a credit line of roughly $77 million that it does not anticipate drawing. A wholly owned subsidiary that closed in December 2024 carries a fully drawn term loan of 33.45 million euros alongside a revolving line of 7.805 million euros. The fund also expects to hold uncalled commitments below 15 percent of net asset value and to cap non-U.S. exposure at 50 percent of the portfolio.

Cohen & Company audited the financial statements for all three funds, and Simpson Thacher & Bartlett acted as counsel on the registrations.