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HLPIF has produced a 33.78% Total Return since inception*.
Total Returns include both capital appreciation and an annual distribution target of 2-5%.
* Source: Hamilton Lane Data.
*Performance is inclusive of annual distribution. Past performance is not a guarantee of future returns. Returns shown net of all fees and expenses.
*Performance is inclusive of annual distribution. Past performance is not a guarantee of future returns. Returns shown net of all fees and expenses.
Why Private Markets?
A single dollar in Private Equity may have grown 296%, with Public Equities up only 161%
Source: Hamilton Lane Data via Cobalt, Bloomberg (Jan 2025). Indexed at Q4 2024.
50%
greater historical annualized returns in private equity versus the world stock index over a 10-year period
Past Performance is not indicative of Future Returns.
Source: Hamilton Lane Data via Cobalt, Bloomberg. Indices used: Hamilton Lane All Private Equity with volatility de-smoothed; MSCI World Index 2024 Bloomberg.
Source: Hamilton Lane Data via Cobalt, Bloomberg. Indices used: Hamilton Lane All Private Equity with volatility de-smoothed; MSCI World Index 2024 Bloomberg.
Major Investors Major Allocations
The largest investors put billions in the private markets, while retail investors are still on the sidelines
The 90% Factor
90% of the $100M+ companies worldwide are not on the public markets
Source: World Bank open data
Americans are highly concentrated in just a few stocks
$1 of every $3 in the S&P 500 is allocated to the Magnificent 7 stocks
Source: Opening Bell Daily News
and with 50% fewer public companies, private equity access unlocks previously out of reach opportunities
Source: World Bank open data
Why Private Infrastructure?
HLPIF provides access to a diverse set of infrastructure assets from a sector projected to double in size over the next 10 years
$500
Minimum investment
2 to 5%
Annual income distribution target
Evergreen
Fund structure allows you to add to your investment at any time
Quarterly
Redemption windows provide liquidity
$58.2M
HLPIF AUM
$13.38
HLPIF Net Asset Value Per Share
Hamilton Lane. Fund AUM is calculated as the sum of the Fund’s Net Asset Value as of January 31, 2025 ($54.41 million) and the amount of capital received from subscriptions effective February 3, 2025 ($3.81 million).
Returns shown net of all fees and expenses. Performance reflects the performance of the Hamilton Lane Private Infra Fund DE Holdings LLC. Performance is inclusive of annual distribution. Past performance is not a guarantee of future returns.
Returns shown net of all fees and expenses. Performance reflects the performance of the Hamilton Lane Private Infra Fund DE Holdings LLC. Performance is inclusive of annual distribution. Past performance is not a guarantee of future returns.
Private Infrastructure has been the strongest performing asset class over the last three years, outpacing public markets and other private market categories
* Source: Hamilton Lane Data, Bloomberg (January 2025)
Private Infrastructure has a high Sharpe ratio compared to other investment categories. This figure indicates steady performance and low correlation to the public markets
* Source: Hamilton Lane Data.
Investing in Megatrends
Hamilton Lane’s Infrastructure Thesis: Invest in businesses with monopolistic market positions
HLPIF looks to invest in businesses that fit the following criteria:
- Large, fixed, long-term assets that are not easily replaced
- Essential services such as energy, power generation, data and telecommunications, waste and water
- Limited competition due to high barriers to entry, resulting in monopolistic market positions and strong pricing power
- Predictable and steady cash flows, often with long term contracted customer commitments of 10-15 years
- Cash flows often linked directly or indirectly to contracted inflation adjustments
Billions in AI Infrastructure
Megatrend 1: Billions are pouring into the development of data centers - AI’s essential infrastructure
10x
more energy consumed for a ChatGPT search than a Google search
Source: Goldman Sachs Research
Stargate AI Project
OpenAI and SoftBank plan to invest $500 Billion in US data center
Source: Goldman Sachs Research
Europe’s InvestAI Fund
$200 Billion+ to build
four gigafactories and drive AI growth
Source: European Commission
Hamilton Lane Private Infrastructure Case Study
Hyperscale data center operator with 10+ locations in North America, Europe, and Asia Pacific
Backed by
Application
Develops purpose-built single tenant data centers for AI leaders like Microsoft and Google
Revenue Streams
Capacity is pre-leased for 10-15 years with inflation escalators built into contracts, ensuring steady cash flow
Source: Hamilton Lane data
Energy Demand Everywhere
Megatrend 2: Connecting every source to meet rising energy demand
BlackRock projects data center energy demand to rise 22% per year
Source: McKinsey Data Center Demand Models, RBC BlackRock Investment Institute, BNEF, Grid Strategies, Goldman Sachs Research
Apollo Chief Economist believes we “need to add 3 New York Cities to the power grid” by 2030
Source: Apollo Academy
Hamilton Lane Private Infrastructure Case Study
Gulf Coast Express
Natural gas pipeline connecting Permian Basin, America’s largest oil and gas field, to the US Gulf Coast
Backed by
Application
2 billion cubic feet of natural gas moved per day
Revenue Streams
Capacity fully contracted through 2029 with extension options through 2039
Supply Chains are Critical to National Security
Megatrend 3: "Securing our supply chains is critical to our national security and economic prosperity"
Department of Homeland Security
Supply chain industry expected to nearly double to $17.6B by 2034
Ports, airports, semiconductors, critical minerals are all critical to national security
Source: Market Research Future
Hamilton Lane Private Infrastructure Case Study
Heathrow Airport
Hamilton Lane served as co-lead in an investment into a fund that owns major infrastructure assets, including 22% of London’s largest airport and a joint venture with one of the world’s largest shipping operators
Backed by
Application
Heathrow is Europe's busiest airport and the second largest worldwide for international passengers
Revenue Streams
Heathrow generates revenue from air traffic, retail concessions, parking, and other sources, with revenue increasing 26% in 2023
Hamilton Lane Private Infrastructure Case Study
Calpine
Calpine owns low emission LNG plants that support grid reliability and the integration of renewable energy sources into the power grid
Notable investors
Constellation Energy acquired Calpine for a net purchase price of $26.6 Billion in January 2025
Private Equity for Every Investor*
Private Infrastructure Outperforms Public Markets
On a 10 year annualized basis, Private Infrastructure outperformed public market equivalents by 86%.*
Source: Hamilton Lane data, Bloomberg as of January 2024. Past performance is not a guarantee of future returns.
*May not be suitable for every investor
*May not be suitable for every investor
Why Hamilton Lane?
Hamilton Lane is a leading global private markets investment management firm
$956 BN
Total amount of assets under management and supervision*
1,000+
General Partner relationships
3,000
Deals reviewed each year
10%
Deals selected
Source: Hamilton Lane Data via Cobalt, Bloomberg. Indices used: Hamilton Lane All Private Equity with volatility de-smoothed; MSCI World Index 2024 Bloomberg. *Inclusive of $134.9B in discretionary assets under management and $821.2B in non-discretionary assets under management, as of 12/31/2024.
Data Drives Deal Flow
Hamilton Lane's network provides access to deals from leading private markets firms across the world
152,000
Private Companies
56,700
Private Market Funds
11,500
Fund Families
Hamilton Lane tracks performance
of major private companies, the funds that invest in them and the general partners who build those funds
1,000+
General Partner Relationships
Hamilton Lane builds relationships with the top partners in each key sector
3,000
Investment Opportunities Reviewed Per Year
These top firms trust Hamilton Lane data, bringing deals for analysis and often asking Hamilton Lane to co-invest
10%
of Deals Chosen for Investment
Hamilton Lane is highly selective, investing in less than 1 in 10 of the opportunities presented
Hamilton Lane Data as of 12/31/23
Hamilton Lane co-invests alongside some of the top names in the private markets
Source: Hamilton Lane data
A Track Record of Consistent Performance
Hamilton Lane’s Infrastructure Performance
25 years
of sector investment
$77.6B
of assets under management and supervision*
*Inclusive of $5.8B in discretionary assets under management and $71.8B in assets under supervision, as of December 31, 2024
22% Gross IRR
is the average IRR (Internal Rate of Return) for Hamilton Lane Infrastructure investments over a 20 year track record. The most common parallel in retail investing is Annualized Returns.
21% Pro-Forma Net IRR
Internal Rate of Return ("IRR") is calculated on a pooled basis using daily cash flows. Gross IRR is presented net of management fees, carried interest and expenses charged by the general partners of the underlying investments, but does not include Hamilton Lane management fees, carried interest or expenses since it is not possible to allocate such items accurately in a composite measured at different points in time. Pro-Forma Net IRR represents the modeled performance for each investment, aggregated by vintage year or other groupings where applicable. Vintage year is generally determined for each investment based on the timing of the initial cash flow for each investment, but may differ in certain circumstances. Actual cash flows dates and amounts are used as the input basis for the fee model. The Net IRR is calculated net of a model management fee schedule as listed below.
