What Hamilton Lane Incorporated told the SEC could break it.

Hamilton Lane's growing use of registered interval funds and daily-priced evergreen products subjects its valuation practices to heightened SEC scrutiny; NAV errors in daily-striking vehicles could trigger larger, more frequent reimbursement/remediation than monthly/quarterly products.

“The SEC continues to focus on issues related to valuation of private investment vehicles, including consistent application of the methodology, disclosure and conflicts of interest, in its enforcement, examination, and rulemaking activities. Our increased use of registered interval funds and daily-priced evergreen products may subject our valuation practices to heightened scrutiny.”

Retaliatory tariffs or trade barriers on services from the U.S. (e.g., by the EU), plus anti-American sentiment toward U.S.-based financial institutions, could raise the effective price of Hamilton Lane's services abroad and impair non-U.S. client retention and fundraising.

“For example, there is a risk that other countries, including the EU, could impose tariffs on services from the United States or put other trade barriers in place that would make it less desirable for clients in impacted jurisdictions to do business with us by effectively increasing the price of our services in such areas. We could lose existing clients and/or be unable to attract new ones in impacted jurisdictions.”

In fiscal 2026 two of Hamilton Lane's evergreen funds individually generated ~18% and ~15% of total revenues (vs. one fund at ~14% in FY2025), concentrating roughly a third of revenue in two products; a slowdown or outflows in these funds would materially affect results.

“For the fiscal year ended March 31, 2026, two evergreen Funds accounted for approximately 18 % and 15 % of the Company's total revenues, respectively. For the fiscal year ended March 31, 2025, one evergreen fund accounted for approximately 14 % of the Company's total revenues.”

Approximately 61% of fiscal 2026 management and advisory fee revenue came from clients based outside the U.S. (and ~44% of AUA), so foreign economic/political conditions and FX affect a majority of fee revenue, though no single client exceeds 2% of those fees.

“We have revenue streams from a variety of client types in multiple geographic regions, with no single client representing more than 2% of management and advisory fee revenues. Approximately 61% of our fiscal 2026 management and advisory fee revenues came from clients based outside of the United States.”