American alternative investment management firm Hamilton Lane has extended the deadline to complete fundraising for its latest flagship secondary vehicle to the first quarter of 2024, a top executive said during the FY2024 second-quarter earnings call on Wednesday. 

Hamilton Lane Secondary Fund VI, which is reportedly targeting a corpus of $5 billion, was initially targeting to close the fund by the end of the year. The fund has already gathered almost $2.5 billion in capital, according to a quarterly report that ended September 30, 2023. It has also invested around $527 million from the fund. 

“Originally, we had until the calendar fourth quarter of 2023 to finish raising this fund. However, demand and opportunity remain strong, and our existing investors have granted us an extension to the end of March 2024,” said vice chairman and head of strategic initiatives Erik Hirsch. 

Its 2019-vintage predecessor fund raised $3.9 billion against a $3 billion target. The latest secondary fund is on track to surpass the prior fund size, Hirsch said, without going into detail about meeting its targeted corpus.

The challenging macro environment has forced several private equity giants to delay or close below their fundraising targets. Recently, Carlyle closed its eight flagship fund below the targeted $22 billion, after asking investors for an extension on its close, according to media reports.

Hamilton Lane announced in September that Hirsch, who has been at the firm for nearly 25 years, had been appointed as co-CEO, alongside Hong Kong-based vice chairman Juan Delgado-Moreira. The new leadership is expected to come into effect on January 1, 2024. 

The firm has been active in the secondary space for over two decades and has $857 billion in assets under management and supervision. In January, it opened a new office in Shanghai, adding to its existing presence across Asia-Pacific, including Hong Kong, Seoul, Singapore, Sydney, and Tokyo.