Hamilton Lane, a Pennsylvania-based investment management firm, announced the launch of a new senior private credit vehicle, the Hamilton Lane Senior Credit Opportunities Fund (SCOPE).
SCOPE, an evergreen vehicle designed to sit on the firm’s Evergreen Platform, now has assets under management close to $3 billion – it is one of the world’s largest evergreen platforms.
Hamilton Lane has more than $832 billion in AUM and supervision, $108 billion in discretionary assets and more than $724 billion in advisory assets, according to a spokesperson.
In a statement, the company said that evergreen vehicles allow for monthly subscriptions and liquidity with a lower investment minimum than traditional closed-end structures. SCOPE is the latest item in the evergreen product suite, joining Global Private Assets Fund and Private Assets Fund.
The GPA fund launched in May 2019 and is open to qualified investors in Australia and New Zealand, Canada, and parts of Europe, Asia, Latin America and the Middle East.
The PA fund, launched in early 2021, is a 1940 Act registered fund and is widely available to qualified US investors.
Drew Schardt, Hamilton Lane’s global co-head of investments, said: “With the addition of SCOPE, our holistic Evergreen Platform currently offers qualified investors of all sizes flexible access to a diversified suite of private market investment options spanning multiple geographies and strategies.”
SCOPE is available to qualified investors in Canada, EMEA, Australia, Latin America and Southeast Asia. Qualified investors include high-net-worth individuals and their wealth advisers.
The strategy is to target floating-rate, senior secured loans, typically the safest in an issuer’s capital structure. Also, managers expect SCOPE to invest in privately-held market-leading assets in recession-resilient sectors.