Hamilton Lane delivered a strong FY2025, with assets, AUM, and fee-related earnings rising and the dividend increased. The Evergreen platform and specialized funds drove growth, though some gains reflected timing items and crystallization timing in carry.
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Summarise how it is performing in FY 2025
Hamilton Lane had a strong FY2025, with continued growth in assets, revenue, and earnings, although some reported growth rates were influenced by the timing of retro fees and incentive-fee realization.12 The clearest takeaway is that the business kept scaling, and fee-related earnings grew faster than management and advisory fees, indicating improved operating leverage in the year.3
| Metric | FY2025 |
|---|---|
| Total asset footprint | $958 billion, up 4% year over year 1 |
| AUM | $138 billion, up 11% year over year 1 |
| AUA | $819 billion, up 3% year over year 1 |
| Management and advisory fees | $514 million, up 14% year over year 3 |
| Fee-related earnings | $276 million, up 34% year over year 3 |
| GAAP EPS / non-GAAP EPS | $5.41 / $5.04 3 |
| Specialized funds revenue | Up $54 million, or 21%, driven mainly by a $4 billion increase in Evergreen fee-earning AUM and over $1 billion raised in the latest secondary fund 2 |
| Customized separate account revenue | Up $6 million, or 4% 2 |
| Technology solutions revenue | Up $5 million, or 18% 2 |
| Incentive fees | $199 million, up 95%; excluding the $58 million initial crystallization impact, about $140 million, up 40% 2 |
| Unrealized carry balance | About $1.3 billion, up 3% year over year 2 |
| Annual dividend | Increased 10% to $2.16 per share 3 |
Q1 FY2025 was particularly strong, with management and advisory fee revenue up 33%, fee-related earnings up 33%, total asset footprint up 15% to $940 billion, AUM up 11% to $130 billion, and fee-earning AUM up 13% to $67.7 billion.45
Q2 FY2025 year to date remained solid, with management and advisory fees up 21%, fee-related earnings up 21%, GAAP EPS of $2.85, and non-GAAP EPS of $2.58.67
Q3 FY2025 year to date showed continued expansion, with management and advisory fees up 18%, specialized funds revenue up 28%, and fee-earning AUM rising to $71 billion, up 13% year over year.89
By the full-year FY2025 report, top-line growth was still healthy at 14%, but the strongest point was that fee-related earnings grew 34%, outpacing revenue growth and supporting stronger profitability.3
Hamilton Lane’s specialized funds platform, especially Evergreen, was the main growth engine in FY2025, with management explicitly tying specialized-fund revenue growth to a larger Evergreen fee-earning AUM base and continued fundraising in its secondary fund.2 The customized separate account business also continued to grow, though more modestly, and remained a stable contributor to overall revenues.2
The year also featured meaningful carry generation, with incentive fees up sharply to $199 million, but management noted that part of that increase reflected a $58 million initial crystallization impact, which means the headline year-over-year jump overstates the underlying recurring pace.2 That is important context because Hamilton Lane’s carry income can be lumpy, depending on fund waterfalls, exits, and crystallization timing.25
FY2025 was a good year by almost any reasonable standard: assets grew, revenue rose, earnings grew faster than revenue, the dividend increased again, and the Evergreen platform continued to scale.132 The only caution is that some of the reported growth was affected by timing items, so the cleanest signal is the combination of double-digit fee growth, strong FRE growth, and continued expansion of the fee-earning asset base.32
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