Private markets investment firm Hamilton Lane has closed its inaugural Venture Access Fund (Vaf) at $615.3 million, exceeding its initial target of $500 million. The fund focuses on top-performing, oversubscribed venture funds and companies.
The fund, featuring a mix of primary and secondary transactions designed to accelerate capital returns and mitigate the J-curve, closed 23% above its original target, shared the provider. The goal is to provide limited partners with a fee-efficient, high-quality venture capital investment solution.
This fund is the firm’s first globally distributed venture vehicle. The fundraising effort attracted a diverse group of investors, including public and corporate pension funds, financial institutions, Taft-Hartley plans, family offices, and foundations and endowments.
Miguel Luina, co-head of venture and growth equity at Hamilton Lane, said: “We are thrilled to announce the final close of the inaugural Vaf, 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.
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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.”
The current venture capital market dynamics also played a role in the fund’s success. Investors are increasingly seeking exposure to high-growth areas such as artificial intelligence and disruptive technologies. Additionally, the secondary market has grown, as companies remain private for longer periods, prompting shareholders to explore alternative liquidity solutions.
Matt Pellini, co-head of venture and growth equity at Hamilton Lane, added: “For those with scale, expertise and strong relationships, the current VC market presents compelling opportunities, driven by active company formation and rapid value creation from AI 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.”
