Hamilton Lane

Global Private Assets Fund

March 2023

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 intended for discussion purposes only. All information contained herein, including but not limited to proposed terms, fees, structure, diversification targets, or
strategy is subject to change upon issuance of 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. This document is not to be re-distributed and is not an offer to sell within the United States.
What is the Global Private Assets Fund?

Assets Private equity and private credit

Structure Open-ended Part II SICAV with limited monthly liquidity

Target Returns* 10-12% net return p.a.

Risk Has the potential for less volatility

Launched May 2019 – Assets of $2.9B USD today

Portfolio Fully deployed with no capital calls into diversified portfolio

Allocation Dynamic allocation based on market condition

Investor Base Wealth management platforms, family offices, high net-worth individuals, pension plans, endowments

*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
Proprietary and Confidential | 2
Hamilton Lane Overview
 Investing exclusively in the
private markets for 31 years OUR MISSION & VALUES
We enrich lives & safeguard futures

$832.2B * ~$41B
1
Do the right thing
Assets under management Capital deployed
& supervision in 2022 Integrity, candor and collaboration

1,000+ $623M
2
A spirit of competition that inspires innovation
Clients and investors Invested alongside
across 45 countries our clients
Pursuit of excellence

590+ 22** Promoting equity and inclusion from within

Employees Global offices

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
PROPRIETARY AND CONFIDENTIAL | 4
services provided. These clients and investors utilize various services of Hamilton Lane and do not represent one specific account type
 Scale & Influence Drive Investment Opportunities

2022 Opportunities Reviewed 2022 Capital Deployed1 Backing who we believe to be the
best GPs in their areas of expertise
1,120+ $35.5B
Primaries Primaries Aurora Capital Partners Kelso Asterion THL Summit Partners

570+ $2.4B Cabot Blue Owl Insight Partners Charterhouse STG Vistria

Secondaries Secondaries
Gridiron Capital Clearlake HPS Novacap Polaris Stone Point

980+ $2.8B Waterland KPS Capital Bridgepoint Torquest Platinum Equity

Direct Investments Direct Investments

Client/Investor Benefits

✓ ✓ ✓ ✓ ✓
Privileged investment Preferential Industry-leading Enhanced access & Exposure to diversified
opportunities fees and terms* analysis and insight sourcing capabilities group of quality assets

* 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. PROPRIETARY AND CONFIDENTIAL | 5
What are the
Private Markets?
What is Private Equity?
Examples of Private
Equity Transactions:

 Private Equity refers to investments

not traded on a public exchange or
market
Private vs. Public
Private Equity vs MSCI World Total Returns, Growth of $1
$14
 Access is difficult, typically only
$12
available to institutional investors
$10
$8
$6
 They can provide an attractive way $4
to diversify a portfolio and achieve $2
superior long-term return potential
$-
2000 2005 2010 2015 2020
Public Equities All Private Equity

Key Value  Information  Exclusivity

 Long-term  Improved  Value
Private equity transactions are illustrative only and do not represent Hamilton Lane
Drivers focus governance creation
transactions
Source: Hamilton Lane via Cobalt and Bloomberg. As of September 30, 2022
Hypothetical illustration does not take into account fees
Chart compares private equity index time-weighted returns vs. public equity time-
weighted returns. Public equity is the MSCI World Total Net Return Index
For Institutional Use Only. Not for Retail Use. Proprietary and Confidential | 7
Private vs. Public Universe
Private equity can represent a target-rich Public & Private Companies By LTM Revenue >$100M
environment, the market potential of
which studies show is larger compared to 100%
publicly-traded companies

80%

Globally, there are over 140,000

60%
private companies with annual 87%
83%
revenues over $100 million vs. 95%
approximately 19,000 public
companies with the same annual 40%
revenues

20%

17%
13%
5%
0%
North America Europe Asia

Public Private
Source: Capital IQ (February 2023)
For Institutional Use Only. Not for Retail Use. Proprietary and Confidential | 8
Value Creation Shifted to Private Markets
Public vs Private Returns1 Number of listed U.S. Companies2

1400x 1800x 10000x 9313X 10000x 9316X 8,500

1600X
1600x 9000x 9000x 7,500
1200x 1142X
8000x 8000x 6,500
1400x
1000x 7000x 7000x 5,500
1200x
6000x 6000x 4,500
800x 1000x
5000x 5000x 3,500
600x 800x
4000x 4000x 2,500
600x 1996 1999 2002 2005 2008 2011 2014 2017
400x 3000x 3000x
400x
2000x 2000x Average size and age at IPO3
200x
200x 1000x 1000x $350 14
45X
10X 4X 0.3X
$300 12
0x 0x 0x 0x
Private Public Private Public Private Public Private Public $250 10
Return Return Return Return Return Return Return Return
$200 8

$150 6

$100 4

Founding 1994 Founding 1998 Founding 2004 Founding 1999 $50 2

IPO 1997 IPO 2004 IPO 2012 IPO 2014 $0 0
1980-1989 1990-1999 2000-2009 2010-2021
1Source: iCapital and Yahoo Finance. Private multiples from Series A to the opening price upon IPO: Public multiples is from IPO to July 7, 2022. Represents select example of returns of

venture-backed companies that have gone public. The performance information shown above is not indicative of future results and should not be used as the basis for an investment
Average IPO Size (In USD Millions) Average Age (Years)
decision
2Source: World Bank
3Source: Jay Ritter. The sample is IPOs with an offer price of at least $5.00, excluding ADRs, unit offers, closed-end funds, REITs, natural resource limited partnerships, small best efforts

offers, banks and S&Ls, and stocks not listed on CRSP (CRSP includes Amex, NYSE, and NASDAQ stocks). Average IPO size is defined as the aggregate IPO proceeds during the period
shown, divided by the number of IPOs in the period
Proprietary and Confidential | 9
 Downside Protection and Upside Potential
1995–2022 Equity Credit
Private Markets Developed Market Buyout MSCI World Index VC/ Private Credit BofA ML High-Yield Index CS Leveraged Loan Index
Growth
Public Markets

Highest 5-Year
Annualized
49.5%
Performance 19.3% Q3 2000 22.2%
18.6%
Q3 2007 Q3 2007 13.5%
Q4 2013
Q4 2013
27.4%
Q2 2000

4.7%
Lowest 5-Year 2.2% Q1 2020
Q1 2003
Annualized
Performance -11.5% -0.9%
Q3 2005 Q4 2008 -2.8%
-5.7% Q4 2008
Q1 2003

• The worst five-year period for private credit and developed markets buyout produced positive returns
• Too much attention may be paid to downside risk when LPs invest in private markets. There has not been as much
risk of loss as some may think.
• The best five-year periods for equity, credit, and natural resources outperformed their public counterparts

Source: Hamilton Lane Data via Cobalt, Bloomberg (January 2023) 10

 Performance by Public Market Regime
All PE Average 3Y Excess Return by S&P 500 Return Regime
More Outperformance

+831 bps
+816 bps

+623 bps
• Private equity outperformance is
narrower in “high return”
+487 bps
environments; wider in “low” and
“average” return environments
Less Outperformance

+98 bps

Less than -5% -5% to 5% 5% to 10% 10% to 15% Greater than 15%
Public Market 3Y Annualized Return

Lower Public Market Return Higher Public Market Return

Source: Hamilton Lane Data, Bloomberg (January 2023) 11

Traditional Private Markets Portfolio
Traditional private equity funds present challenges for wholesale investors

Large minimum commitments

Additional Challenges
Sample US$10M commitment to a traditional buyout fund*

3.00 No control over liquidity

80%
2.50
Early negative returns (J-Curve)  Maintaining allocation
2.00 60%

1.50
40%
Cash Flow (millions)

1.00

Net Return
0.50
20%  Adjusting to market
opportunities
- 0%

(0.50)
-20%
(1.00)
 Diversifying across managers,
-40%
(1.50) geographies, & strategy
(2.00) -60%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Capital calls over 3-6 years

Capital Calls Distributions Return

*Represents actual LP cash flows and IRRs for a 2008 vintage buyout 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
Proprietary and Confidential | 12
Global Private Assets Fund (GPA)
Hamilton Lane Global Private Assets Fund
A solution to traditional fund problems

Traditional Private Equity Fund HL Global Private Assets Fund

Capital Deployment Multi-year commitment period Fully deployed

Involves processing capital

calls and distributions No capital calls
Administration
Often greater than $5M USD Lower minimum investment
minimum commitment

Liquidity 10-12 year lock-up period Monthly limited liquidity

Multiple manager selection requiring

Diversification Diversified exposure through single allocation
resources or Fund of Funds

Asset Allocation Static and difficult to maintain target allocation Dynamic based on market conditions

Proprietary and Confidential | 14

What Does This Fund Invest In?

Direct Equity Direct Credit Secondaries

• Platform access via superior
deal flow
• Fee efficient structure
enhancing returns
• High cash component • Reduces blind pool risk
•
• Stable, predictable cash flows Mitigates J curve
• Shorter fund life reduces portfolio duration
• Strict recovery rights
• Generally entering at a discount to prevailing
value
Target Gross Unlevered Returns

1st lien Secondary

(0 to 4x 5-8% investment period
EBITDA)
7-10% Unitranche
(up to c.6x
EBITDA)
2nd lien
(0 to 2x 8-11%
Invests, EBITDA)
Alongside
GP sponsor Mezz. Debt
(0 to 2x 12-16%
Fund life, years
EBITDA)

Pref. Equity
20%+
Investment period
(0 to 2x
EBITDA)

Proprietary and Confidential | 15

Advantages of Investment Types

Direct Equity Direct Credit Secondary

Potential Return Profile Example return profile: Example return profile: Example return profile:
18-24% Gross IRR 10-14% Gross IRR 14-20% Gross IRR

Description Equity investments made alongside a Credit investments in senior, second lien, Negotiated purchase
financial sponsor in private companies and/or mezzanine debt of private of seasoned stakes in existing private
companies markets assets

Value to portfolio • Return enhancement • Downside protection • Attractive early performance

• Fee efficiency • Liquidity • Liquidity
• Shorter duration • Diversification
• Yield
• Fee efficiency

Selected GP
sponsors/investments

The Fund may also consider allocating to opportunistic investments that fall outside the typical characteristics of direct equity, direct credit, and secondary transactions
Proprietary and Confidential | 16
Global Private Assets Fund Today
Monthly Net Returns: GPA vs MSCI World1 (%)
15%

10%

5%

0%

-5%

-10%

-15%
May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23

MSCI World (USD) GPA (USD)

I Class – USD Performance (Net)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2019 N/A N/A N/A N/A 2.21% 0.40% 1.45% 0.12% 1.09% 0.53% 0.96% 2.62% 9.75% Annualized
2020 0.42% (1.37%) (3.44%) 2.72% 2.06% 1.41% 2.20% 0.09% 4.10% 0.89% 3.39% 2.93% 16.26% Return to Date
2021
2022
1.14%
(2.17%)
0.04%
(0.39%)
2.37%
2.14%
2.87%
(1.65%)
1.89%
2.34%
1.70%
(0.46%)
(0.01%)
2.96%
3.03%
1.85%
(0.16%)
(3.01%)
2.95%
3.02%
1.42%
3.40%
1.88%
0.28%
20.81%
8.33%
15.4%
2023 3.13% 0.56% 1.27% 5.02%

Since inception fund metrics Diverse set of investments

$2,858.8 0.22 5.9% 2.29 160+ 120+ 17

Fund Size2 Beta Volatility Sharpe Ratio Positions General Partners Vintage Years

As of March 31, 2023

1 Source: Bloomberg
2 Fund size includes current NAV plus subscriptions received for 3 April 2023 dealing date, shown in USD millions

This should not be viewed as a guarantee of future investor returns. Past performance is not indicative of future results
Proprietary and Confidential | 17
GPA Fund Current Status
Current Portfolio Construction

Direct Credit ROW

14% 3%
APAC
Secondary 8%
44% North America
67%

Investment Western
Type
Europe Geography GP
22%
Direct
Equity
42%

2023 Communications
Venture/Growth Credit Materials 2% Consumer
2022 3% 5%
13% 14% 2005-2015 Discretionary
14%
21% Information 14%
Technology Consumer
22% Staples
4%
Energy
Strategy Vintage Year Industry 1%
Financials
2021 7%
2016-2019
30% 22%
Buyout
Industrials
73% Health Care
26%
2020 19%
10%

As of March 31, 2023

Proprietary and Confidential | 18
Liquidity Management
How will we provide 20% liquidity per annum for redeeming investors?

DISTRIBUTIONS FROM INVESTMENTS LIQUIDITY STRESS TESTING

All PE Funds*

Cal Year Distributions 50% Pro-Forma Global Private Assets Portfolio**

Global Private Assets Fund Redemption Limit
Beginning NAV 45%

40%

38%
Co/Direct Credit
31%
Secondaries
19%
Co/Direct Equities
26%* 35%

Aggregate 30%

25%

20%

• Over each of the last ten years, Hamilton Lane's secondary and direct co-investment 15%
portfolios have distributed an equal weighted average of 26%* of the year's
10%
beginning NAV
5%

0%
1995 1998 2001 2004 2007 2010 2013 2016 2019 2022

• Except in times of market stress, liquidity has remained above the redemption limit
• In times of market stress, distributions were ~65% below the long-term average
• Hamilton Lane Global Private Assets Fund has mechanisms to bridge periods of
illiquidity

*As of September 30, 2022. Distributions in 2022 are annualized for the fourth quarter
**Pro-Forma Private Assets Portfolio is comprised of Hamilton Lane's discretionary track record in equity co-investments, credit co-investments, and secondary investments that would have been considered for the Private Assets Fund had it existed at the time
Proprietary and Confidential | 19
Hamilton Lane
Advantage
Hamilton Lane Advantage
Experience Deal Flow

Long history of building global customized private markets portfolios Diversified and highly selective private markets deal flow

31+ 590+ 22 1,120+ 35.5B+ 570+

Years as an industry leader1 Employees Offices Globally Primary Opportunities Primary Capital Advisory Board
Received in 2022 Deployed in 2022 Seats

49% $107.8B $724.4B 1,550+ 5.3B+ 2%

Women and Minority Assets Under Assets Under Transaction Opportunities Transaction Capital Selection Rate for Sourced
Employees1 Management Supervision Received in 2022 Deployed in 20223 Transactions in 2022

Data/Technology ESG & DE+I 2

Powerful suite of technology solutions drives informed decisions Strong history of responsible investing on behalf of our clients

US $16T+ ESG Committee Dedicated Impact Fund Leverage Risk Monitoring Software
Fund assets monitored1
Signatory to the United Nations Principles Annual ESG & Diversity Survey
50,000+ for Responsible Investment since 2008 monitoring over 400+ GPs
Funds represented in database1

Leveraging our scale to increase access to capital within the private markets
1 As of December 31, 2022
2 ESG= Environmental, Social, Governance; DE+I = Diversity, Equality, and Inclusion
3 Capital deployed in 2022 includes direct investments across discretionary mandates and secondary investments
Proprietary and Confidential | 21
 Hamilton Lane’s Global Private Assets Fund Team
Evergreen Portfolio Committee

Brian Gildea Bryan Jenkins

Mario Giannini
Head of Head of Private
Drew Schardt  Most senior members of the firm
Chief Executive Co-Head of Investments
Evergreen Market Analytics,
Officer Co-Head of Direct Credit
Portfolios Co-Head of Portfolio
Management Group  14+ average years at Hamilton Lane

Tom Kerr Jackie Rantanen

Head of Product
Richard Hope Steve Brennan
Head of Private Wealth
 20+ average years of experience in
Co-Head of Head of EMEA
Investments, Global Solutions Solutions private equity
Head of Secondaries

Direct Equity Team Direct Credit Team Secondaries Team

36 professionals led by 27 professionals led by 34 professionals led by
Jeff Armbrister Nayef Perry Tom Kerr
Global Head of Direct Global Co-Head Co-Head of
Equity Investments Direct Credit Investments, Global
Head of Secondaries

Evergreen Portfolio Management Team

Brian Gildea
Hamza
William Bridget
Richard Gabriela
Leveraging our
Head of
Evergreen
Azeem
Bannard
Vice
Higgins
Senior
Lunney Dougherty
+2
Analysts
200 investment
Portfolios
Principal
President Associate
Analyst Analyst professionals*

*As of December 31, 2022

Proprietary and Confidential | 22
 Our Deal Flow – Differentiated Access

DIRECT EQUITY DIRECT CREDIT SECONDARIES

$29.7B $7.7B $239B

Sourced Sourced Sourced
Robust deal
flow across
investment
types
$1.9B $928M $2.4B
Invested1 Invested1 Invested1

7% 12% 1%
Hit Rate Hit Rate Hit Rate

As of December 31, 2022

1Discretionary invested amount Proprietary and Confidential | 23
 Our Investment Process
Evergreen Portfolio Committee

Brian Gildea Bryan Jenkins

Mario Giannini
Chief Executive
Head of Head of Private
Drew Schardt
Co-Head of Investments Tactical
Evergreen Market Analytics,
Officer
Portfolios Co-Head of Portfolio
Co-Head of Direct Credit weightings
Management Group

Tom Kerr Jackie Rantanen

Richard Hope Steve Brennan Macroeconomic
Head of Product Head of Private Wealth
Co-Head of
Investments, Global Solutions
Head of EMEA
Solutions overlay
Head of Secondaries

Sourcing

Direct Equity Team Direct Credit Team Secondaries Team Portfolio Management Team
Screening Duration Fit Cash flow Management

Due Diligence Liquidity Fit Portfolio Construction

ESG Diligence ESG Policy Fit

Investment Committee Approval

Allocation Sizing

Ongoing Monitoring and Reporting

As of December 31, 2022

Proprietary and Confidential | 24
 Investing Responsibly
Firm-Wide Commitment to Impact & ESG Hamilton Lane Approach to ESG

Responsible Investment Committee*

Integrates ESG considerations into the
investment cycle and portfolio management process

Due Diligence Asset Monitoring

Paul Yett Brian Gildea Jackie Rantanen David Helgerson Assess & document ESG Tracking progress and
Director of ESG Head of Evergreen Head of Product Managing Director, Direct considerations/opportunities ongoing monitoring
& Sustainability Portfolios Management & Co-Head Equity Investments & Co-
of Impact Funds Head of Impact Funds

Portfolio Framework Internal Education

Fund specific ESG rating Ongoing assessment of our
system and restriction list policies & best practices

Ana Lei Ortiz Katie Moore Miguel Luina

Managing Director,
Relationship Management
Managing Director,
Relationship Management
Managing Director & Global Head
of Venture Capital and Growth 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

*As of December 31, 2022

Proprietary and Confidential | 25
 Integrated ESG Analysis & Monthly ESG Reporting

Hamilton Lane ESG Team Hamilton Lane RIC Action

Portfolio Monitoring Event Review Escalation Engagement & Outcomes

• 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
• 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

Incident Report*
25 No. of Events % of NAV 3.50%
No Reported Events
3.00%
20
No. Of Events

2.50%
No. of companies vetted 1,909
15 2.00% Incident Review Reviewed and
% of NAV

10 1.50% % of NAV* Cleared by ESG

% of portfolio covered (by NAV) 94.6%
1.00%
5 Reviewed by ESG
0.50%
and Escalated to RIC
0 0.00%
Environmental Social Governance Total

As of February 28, 2023 Proprietary and Confidential | 26

*Source: Hamilton Lane Data Global Private Assets Fund Data
Data & Transparency Are Now “Must-Haves”
LPs require more data and transparency. We provide it.
Evolving data challenges
• Good data is hard to come by
• Lack of oversight and
dedicated teams
Investment Workflow
Investment due diligence reporting and
tracking
Centralized team resource across
investment teams, portfolio management
and business development
• 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
Today’s demands
• Portfolio management • Informed investment decisions
and planning • Trend analysis
• Compliance with new • Risk management
regulatory rules
Liquidity Forecasting Portfolio Monitoring
Forecast cash inflows / outflows Dynamic monitoring capabilities
and portfolio valuations
Analysis of monthly return drivers
Efficient cash deployment through
accurate forecast of investment Oversight of diversification position
distributions across strategy, geography, general
partner and vintage year
Proprietary and Confidential | 27
Portfolio Investment
Overviews
Equity Case Studies: Differentiated Access to Attractive Opportunities
 Business: Insurance Marketing Organization
 General Partner: Thomas H. Lee Company (“THL”)
 Geography: North America
 Enterprise Value at Entry: $1.1B
Company Details
• Primary intermediary in the distribution of senior health,
life and retirement products
Investment Thesis
• Exceeded underwritten M&A strategy and capitalized on
favorable tailwinds predicated on aging American population and
product demand
• Exited after a 33 month hold period
HL Advantage
• Strong relationship with the general partner since their 1998
vintage fund, and have since partnered on numerous primaries
and co-investments
 Business: Logistics Services
 General Partner: The Jordan Company
 Geography: Global
 Enterprise Value at Entry: $1.2B
• Air and sea freight forwarding, ground distribution,
warehouse management, and third-party logistics
solutions
• Large, growing market backed by multi-decade industry
trends
• Compelling value proposition through its end-to-end fully
integrated supply chain
• New primary relationship allowed HL to capture a sizable
portion of the deal
 Business: Integrated Waste Management
 General Partner: Platinum Equity Capital
 Geography: Western Europe
 Enterprise Value at Entry: $4B
• Urban and waste treatment services, serving over 70
million people in 25 countries
• Resilient, noncyclical essential services provider with
downside protection and diversification
• High-quality, operationally intensive sponsor with
strong cost-reduction playbook
• HL’s ability to come in at size supported the general partner
at closing
Proprietary and Confidential | 29
Credit Case Studies: Differentiated Access to Attractive Opportunities

 Business: Packaging  Business: CEO Coaching  Business: Data Integrity

 Credit Partner: Benefit Street Partners  Credit Partner: Intermediate Capital Group  Credit Partner: N/A (Syndicated Loan)
 Equity Partner: Kelso & Co.  Equity Partner: Gridiron Capital  Equity Partner: Clearlake & TA Associates
 Geography: North America  Geography: North America  Geography: North America
 Enterprise Value at Entry: $300M  Enterprise Value at Entry: $1.1B  Enterprise Value at Entry: $4.6B

Company Details
• Packaging distribution company focused on rigid containers and • World’s largest CEO coaching organization for SMBs with • Data integrity with software and data products that allow
life sciences market a global network of 27K+ members customers to integrate, verify and add context to data

Structure

• Senior Secured First lien • Second Lien Term Loan • Second Lien Term Loan
• Coupon: L+600 • Coupon: S+825 • Coupon: L+725
• OID: 2.5% • OID: 2.5% • OID: 1.5%

HL Advantage

• Strong relationships and direct access to sponsor • Longstanding relationship with the equity sponsor • Unique information advantage given HL
• Deep experience investing alongside lead credit sponsor with and strong familiarity with the asset engagement in previous fund series
strong track record

Proprietary and Confidential | 30

Secondary Case Studies: Differentiated Access to Attractive Opportunities

Project  Transaction Type: LP-Led Project  Transaction Type: Complex Project  Transaction Type: GP-Led
Moneyball  Closing Discount: 12% Lincoln  Closing Discount: 23% Arrow  Closing Discount: 26%
$374M  Strategy: Buyout $200M  Strategy: Buyout $155M  Strategy: Buyout
Total Deal Size  Region: Global Total Deal Size  Region: Asia Total Deal Size  Region: North America

Transaction Overview
• Proactively sourced acquisition of four funds from a large
institutional LP
• Direct dialogue with seller allowed HL to cherry-pick several more
funds, which had been proactively targeted
• Structured investment in portfolio of 15 assets managed by • 2011 buyout continuation fund involving two
leading consumer-focused GP pharmaceutical companies
• 2017 vintage Asian middle market growth fund

Investment Thesis

• High-quality funds in proprietary process without lesser-quality
funds being packaged
• Highly diversified portfolio with embedded value, near-term
liquidity and MOIC potential
• Diversified portfolio by geography, sub-sector, investment
stage/style and liquidity profile
• Majority with healthy financial positions, steadily growing
revenue and EBITDA
• Realized liquidity event shortly after funding
• Assets at attractive inflection points, with clear paths to
near-term value creation
• Transformative acquisition to generate meaningful
synergies for the largest asset shortly after close

HL Advantage

• Automated HL technology alerted to intel from a GP Fundraising • Longstanding relationship with GP positioned HL as preferred • Sourced on restricted basis from GP
meeting; identified fund at attractive inflection point counterparty in the deal • GP viewed HL as preferred partner given FIT support on the
• GP eager to grow HL relationship and asked one of its largest LPs • Leveraged complex structuring experience to offer mutually health care strategy
to consider a partial sale beneficial solution vs cash sale

Proprietary and Confidential | 31

Global Private Assets
Terms & Structure
Terms & Structure
The Fund Hamilton Lane Global Private Assets Fund

Structures Luxembourg Part II SICAV

Class I Class R ISIN Class I Class R

Currencies USD / EUR / GBP/ CHF USD / EUR / GBP/ CHF USD LU2008199189 LU2086496044
Share Classes Minimum EUR LU2097348770 LU2086611246
2,000,000 125,000
Investment** GBP LU1935315397 LU208641872
Management Fee 1.50% 1.95% CHF LU2329142975 LU2329143270

Subscriptions Monthly

Monthly; Net redemptions* will be limited to 5% of NAV per quarter

Redemptions
Redemption proceeds to be processed following publication of the month’s NAV

3% of the redemption price if within first 12 months

Redemption Fee
General Partner discretion to impose up to 5% redemption fee

Carried Interest 12.5% at the deal level with preferred return, 100% GP catch-up

Preferred Return 6% on co/direct credit investments, 8% on other investments

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
Investor Qualification:
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.

*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
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 Summary

 Diversified exposure to private equity, private credit and secondaries through a single allocation

 Targeting net returns of 10-12% p.a.1

 Minimum investment of EUR 125,0002

 Dynamic asset allocation based on market conditions

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
2 Minimum investment in EUR or local currency equivalent

Proprietary and Confidential | 34

Appendix
Hamilton Lane Resources & Expertise
Advisors and their clients can benefit from Hamilton Lane’s access and expertise in Private Markets

Product Specific Conference Advisor Education Customized Retail Specific

E-mail Campaigns/Updates
Calls for Advisors and Support Marketing Materials

Due Diligence/Home Office Support

Advisor Support

Annual Industry Papers, Quarterly Advisor Cobalt Hamilton Lane

Market Overview Newsletters & ESG Reporting Specific Materials Data & Analytics Sponsored Events

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
Integrates your data with market
data to provide powerful
benchmarking, analytics, and
strategic planning
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

Proprietary and Confidential | 36

Valuation Process & Allocation Policy

Monthly Valuation Process Allocation

Direct Investments • GPA Fund sits alongside Hamilton Lane’s specialised funds in terms of priority and
ahead of other separately managed client accounts
• <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 Investment allocated according to portfolio construction
an observable discount rate) fit firstly to specialized products and GPA

• Market leading, independent third-party valuation firms are utilized

Credit Secondary
CI Funds GPA
Funds Funds

Then, to other client specific accounts depending on the

appropriateness of each investment to the particular strategy

Secondaries
• GP’s most recent mark on the portfolio, adjusted for monthly cash flows and utilising Other client SMAs
Hamilton Lane’s dataset

*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 GPA 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.
Proprietary and Confidential | 37
The Types of Secondary Transactions
• 2021 has seen a record number of secondary transactions coming to the market.
• Secondaries are increasingly viewed by general partners as a viable and attractive alternative to traditional company exit paths.
• The secondary market’s strong growth is being driven by a shift in transaction mix towards GP-led transactions – a shift that has
accelerated materially over the past 12 months. In calendar year 2020, GP-led transactions represented more than 2/3rds of the
global secondary market.

LP-Led Secondaries GP-Led Secondaries

General Partner 1

$
Seller/
Limited Partner

$
“Seller”/
Private Equity Fund 1

Private Equity Private Equity Private Equity

Fund 1 Fund 2 Fund 3
Company Company Company Company Company Company Company
1 2 3 4 5 6 7

Continuation Vehicle (New Fund)

managed by General Partner 1

Buyer/
Limited Partner Funded by Secondary Buyer(s) /
Limited Partners

Proprietary and Confidential | 38

Contact Information

Sungji Steve An Kerrine Koh Shannon Chow Jensen Tam

Head of Korea Head of SEA Head of Greater China Principal - SEA
+82-2-6191-3201 +65-6990-7838 +852 6022 6706 jtam@hamiltonlane.com
san@hamiltonlane.com kkoh@hamiltonlane.com schow@hamiltonlane.com

Will Zhan Gavin Loo

Senior Associate – Greater China Associate - SEA
wzhan@hamiltonlane.com gloo@hamiltonlane.com

Proprietary and Confidential | 39

Endnotes
Endnotes
Page 12
Please note that the data shown herein represents actual performance data for an investment of $10M to a traditional buyout 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 equity fund can provide, and should not be considered a proxy for the performance of all private equity 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.

Proprietary and Confidential | 41

Disclosures
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.
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 for 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 Global Private Assets 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.
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.
As of January 13, 2022

Proprietary and Confidential | 42

Contact Information
Philadelphia (Headquarters)
Seven Tower Bridge
110 Washington Street
Suite 1300
Conshohocken, PA 19428
USA
+1 610 934 2222
Denver
10333 East Dry Creek Road
Suite 310
Englewood, CO 80112
USA
+1 866 361 1720
Frankfurt
Schillerstr. 12
60313 Frankfurt am Main
Germany
+49 69 153 259 93
Hong Kong
Room 1001-3, 10th Floor
St. George’s Building
2 Ice House Street
Central Hong Kong, China
+852 3987 7191
Las Vegas
3753 Howard Hughes Parkway
Suite 200
Las Vegas, NV 89169
USA
+1 702 784 7690
London
4th Floor
10 Bressenden Place
London SW1E 5DH
United Kingdom
+44 20 8152 4163
Miami Scranton Tel Aviv
999 Brickell Avenue 32 Scranton Office Park 6 Hahoshlim Street
Suite 720 Suite 101 Building C 7th Floor
Miami, FL 33131 Moosic, PA 18507 Hertzelia Pituach, 4672201
USA USA P.O. Box 12279
+1 954 745 2780 +1 570 247 3739 Israel
+972 73 2716610
Milan Seoul Tokyo
Via Filippo Turati 30 12F, Gangnam Finance Center 13F, Marunouchi Bldg.
20121 Milano 152 Teheran-ro, Gangnam-gu 2-4-1, Marunouchi
Italy Seoul 06236 Chiyoda-ku
+39 02 3056 7133 Republic of Korea Tokyo 100-6313, Japan
+82 2 6191 3200 +81 (0) 3 5860 3940
New York Shanghai Toronto
610 Fifth Avenue, Suite 401 One ICC, Shanghai International Commerce Centre 150 King St. West
New York, NY 10020 No. 288 South Shaanxi Road, Xuhui, Shanghai Suite 200
USA Municipality 200031 Toronto, Ontario
+1 212 752 7667 +021 8012 3630 Canada M5H 1J9
+1 647 715 9457
Portland Singapore Zug
15350 SW Sequoia Pkwy 12 Marina View Hamilton Lane (Switzerland) AG
Suite 260 Asia Square Tower 2 Baarerstrasse 14
Portland, OR 97224 Suite 26-04 6300 Zug
USA Singapore, 018961 Switzerland
+1 503 624 9910 +65 6856 0920 +41 (0) 43 883 0352
San Diego Stockholm
7817 Ivanhoe Avenue Östermalmstorg 1, Floor 4
Suite 310 114 42 Stockholm
La Jolla, CA 92037 Sweden
USA +44 20 8152 4163
+1 858 410 9967
San Francisco Sydney
201 California Street, Suite 550 Level 33, Aurora Place
San Francisco, CA 94111 88 Phillip Street
USA Sydney NSW 2000
+1 415 365 1056 Australia
+61 2 9293 7950
Proprietary and Confidential | 43