Hamilton Lane reported assets under management of $46 billion as of June 30, up 10% from March 31 and up 17% from a year earlier, according to the alternative investment consultant and money management firm's earnings report released Tuesday.
Hamilton Lane went public on March 1. Its combined assets under management and advisement were $359.4 billion as of June 30, the end of the firm's fiscal year. This is up 5% from March 31 and up 13.8% from June 30, 2016.
Hamilton Lane attributed the increase, in part, to the growth of its fee-earning investment offerings, including $18 billion in customized separate accounts as of June 30, up 6% from June 30, 2016, and $9 billion in specialized funds, a 29% increase from a year earlier. Hamilton Lane closed two specialized funds during the year: the $1.9 billion Hamilton Lane Secondary Fund IV on June 7 and the $435 million Hamilton Lane Strategic Opportunities Fund 2017 on June 14.
The AUM increase was partially offset by $444 million in distributions in the quarter ended June 30, down 60% from $1.1 billion distributed in the three months ended March 31 and down 41% from $754 million distributed as of June 30, 2016.
GAAP net income was $5.5 million for the quarter June 30. Hamilton Lane did not provide GAAP net income for the first quarter or the second quarter of 2016.
Management fees for the quarter ended June 30 were $51.7 million, up 38% from the quarter ended March 31 and up 11% from the quarter ended June 30, 2016. Incentive fees were $1 million, up from $278,000 in the quarter ended March 31 and down from $2 million in the year-over-year quarter.