Hamilton Lane has announced the final close of its Venture Access Fund (VAF), raising $615.3 million in commitments and exceeding its $500 million target fund size by 23 per cent.
VAF marks its first globally distributed venture vehicle and, according to the firm, features a venture portfolio that targets “top-performing, oversubscribed funds and companies”.
Moreover, its composition of primary and secondary transactions is designed to accelerate capital back to investors and provide limited partners with a fee-efficient VC solution.
Hamilton Lane’s co-head of venture and growth equity, Miguel Luina, commented: “We are thrilled to announce the final close of the inaugural Venture Access Fund, which surpassed our target fund size despite the difficult fundraising environment.
“This achievement is a testament to the confidence our clients and investors have in our ability to access premier venture opportunities and navigate a dynamic market.”
Moreover, the investment manager clarified that the fundraise saw participation from a group of global and diversified investors, including public and corporate pension funds, financial institutions, Taft-Hartley plans, family offices and foundations and endowments.
“VAF represents a unique opportunity for investors to gain exposure to what we believe to be best-in-class venture capital managers, breakout companies, well-priced secondaries and high-potential co-investments. Our institutional approach to portfolio construction and strong relationships aimed to deliver a high-quality experience to investors of all types,” Luina said.
Co-head of venture and growth equity, Matt Pellini, said the current VC market presents compelling opportunities, driven by active company formation and rapid value creation from artificial intelligence and other disruptive technologies, and lower overall capital availability.
“Specifically, the opportunity set within the secondary market is robust, as the trend of companies staying private longer persists, causing existing shareholders to seek alternative methods of liquidity,” Pellini said.
