Global alternative asset manager Hamilton Lane has closed its Strategic Opportunities Fund 2016 on $210 million, exceeding its initial target of $150 million, the firm said in a statement.
Launched in March this year, the fund will make credit-oriented direct and co-investments in North America, Europe and Asia. Hamilton Lane has offered the fund to limited partners seeking short duration, risk-adjusted returns. It is structured as an annual series with a single year co-investment period.
Approximately 30 percent of the fund has been deployed across seven investments, with several active opportunities in various stages of diligence, Drew Schardt, managing director of Hamilton Lane's co-investment team said. It is also in the process of completing its first credit investment in Asia under this programme.
Limited partners in the fund include new and existing investors of the firm such as insurance companies, Taft-Harley pension plans, endowments/foundations, family offices and other financial institutions.
“In a low-yield, public market environment, private credit provides a unique alternative for those who can access it,” Erik Hirsch, chief investment officer at Hamilton Lane, said in a statement.
Hamilton Lane has more than $240 billion in assets under management. In December, the firm raised $120 million for its latest fund of funds Hamilton Lane Private Equity Fund IX and a month later announced it had raised about a fifth of its $1.25 billion target for its latest secondaries fund.
In May, the firm had promoted senior executives across its London, Americas and Hong Kong offices, as reported by Private Equity International. The three managing directors appointed in Asia are Tomoko Kitao in Tokyo, and Mingchen Xia and Josh Jacob in Hong Kong.