(Reuters) – Investment management firm Hamilton Lane (NASDAQ:) said late Tuesday it has raised $5.6 billion as part of Hamilton Lane's sixth secondary fund, exceeding its initial target.
The fundraising, the largest in the company's history, saw strong support from a diverse group of new and existing investors, with the fund surpassing its $5 billion target, the company said in a statement.
The company did not say what the proceeds would be used for.
Recent geopolitical pressures and economic uncertainties have dampened investor sentiment, impacting private equity fundraising globally.
Hamilton Lane's Secondary Fund VI (Fund VI), part of its Secondary Corporate Platform, follows fundraising by its Secondary Fund V which closed on $3.9 billion of commitments in 2021.
The Hamilton secondary platform represented $20.9 billion in assets under management as of March 31.
“The conditions driving the appetite for liquidity in the market continue to grow, and we are excited to sit in a compelling position with what we believe is one of the most experienced and consistent secondary platforms,” said Tom Kerr, Co-Head of Investments and Global. The head of secondary investments said in a statement.