September, 2023
The Hamilton Lane Global Private Assets Fund I-USD share class returned -0.66% for the month of September, bringing annualized since-inception returns to +13.87%. Due to the strengthening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw slightly stronger returns, returning +0.23% and +0.48% respectively. The public markets declined in September, with the MSCI World Index returning -4.31% in USD terms.
The portfolio faced moderate downward pressure in September, mainly due to the decline in public markets. Markdowns in the Fund were offset by closing discounts on newly funded secondary investments, and the credit portfolio continued to provide yield, benefitting from the increase in base rates.
While returns were down on a blended basis, certain portfolio companies continued to demonstrate resilient operating performance. Once such example is Race Winning Brands (“RWB”). Race Winning Brands is a designer of branded automotive aftermarket products in North America. RWB’s September valuation benefitted from an uptick in quarterly earnings, driven by operational efficiency improvements and deleveraging.
The Fund also saw additional liquidity out of Project Eagle, returning roughly 14% of capital contributed to the deal following the sale VT Group. VT Group is a provider technology systems, engineering and consulting services to the US Defense and Intelligence agencies. Project Eagle has continued to drive value for the Fund, and the lead sponsor has demonstrated the ability to execute on return-driving exits amid a slowdown in broader M&A activity.
GPA put roughly $40 million to work in September towards 3 diversified secondary investments across several GPs, and 1 direct credit investment alongside Apollo. The Fund has now made 14 deals in 2023 and continues to benefit from Hamilton Lane’s differentiated sourcing engine.
As of month end, the Fund’s net cash holdings equal approximately 14.9% of NAV. The cash position is penciled to transactions projected to close in the next three to four months.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/Hamilton-Lane-GPA-Monthly-Report-Global-September-2023.pdfAugust, 2023
The Hamilton Lane Global Private Assets Fund I-USD share class returned -2.03% for the month of August, bringing annualized since-inception returns to +14.33%. Due to the strengthening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw slightly stronger returns, returning -1.44% and -1.40% respectively. The public markets declined in August, with the MSCI World Index returning -2.39% in USD terms.
As a result of our active valuation policy and public market valuation multiples contracting, several equity and secondary investments were marked down in August. Among those that were marked down was Echo Global Logistics. Echo has generated strong performance for the Fund based on underlying earnings growth since the Fund’s initial investment was made and continues to be viewed as an attractive long-term investment. The portfolio also experienced a modest negative impact from the strengthening of the US Dollar for investments denominated in other currencies.
While equities detracted this month, the credit portfolio generated stable performance due to the contractual yield and overall strength of balance sheets across the underlying companies. Credit continues to be an important driver of liquidity for the Fund while also decreasing volatility and buoying performance when equity markets pull back.
During the month, the Fund fully exited its remaining position in Toast. Toast is a cloud-based restaurant software company that develops point of sale and management systems for online order, delivery tracking, and enterprise reporting. The Fund originally invested into Toast’s convertible debt, inclusive of equity warrants, in July 2020. After the Fund’s investment, Toast went public in September 2022. Despite initially trading down in the public markets, the Fund was able to exit the remainder of its shares for a full realization above cost.
As of month end, the Fund’s net cash holdings equal approximately 9.9% of NAV. The cash position is penciled to transactions projected to close in the next three to four months.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/Hamilton-Lane-GPA-Monthly-Report-Global-August-2023.pdfJuly, 2023
The Hamilton Lane Global Private Assets Fund I-USD share class returned +1.78% for the month of July, bringing annualized since-inception returns to +15.18%. Due to the weakening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw a negative impact to returns, returning +1.25% and +1.40% respectively. The MSCI World returned +3.36% in US dollar terms.
The Fund’s performance this month was driven by a combination of the secondary and direct equity segments of the portfolio, with the top five contributors consisting of three secondary deals and two equity deals.
Project Eagle was the Fund’s largest driver for the month, accounting for roughly 20% of gains in July. This secondary investment has been a leading contributor to the Fund’s performance since Hamilton Lane led the transaction in the summer of 2021 alongside The Jordan Company. Project Eagle is a seven asset continuation fund of Resolute II assets. The uplift in value during the month was due to the impending sale of the portfolio’s largest asset, WCT Group Holdings, a global clinical research organization providing full-service, late-stage and early phase capabilities.
Another driver of positive performance this month was the Fund’s equity investment in STARK, a leading business to business distributor of heavy building materials for the construction industry in the Nordic region and Germany. STARK’s uplift in valuation in July was in line with public market comparables and favorable currency movements given the appreciation of the Euro versus the US dollar. Lastly, the Fund fully exited its position in Dun & Bradstreet, the fourth direct equity exit in the last nine months. The Fund originally invested directly into the equity of Dun & Bradstreet alongside Thomas H Lee. Dun & Bradstreet saw a successful IPO in June 2020, and the Fund was able to successfully monetize its remaining ownership of the company in July.
While Hamilton Lane’s deal flow remains strong across direct equity, direct credit, and secondaries, the portfolio management team continues to be highly selective in allocating new capital. As of month end, the Fund’s net cash holdings equal approximately 9.6% of NAV. The cash position is penciled to transactions projected to close in the next three to four months.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/Hamilton-Lane-GPA-Monthly-Report-Global-July-2023.pdfJune, 2023
The Hamilton Lane Global Private Assets Fund I-USD share class returned +2.24% for the month of June, bringing annualized since-inception returns to +15.02%. Due to the weakening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw a negative impact to returns, returning +1.17% and +1.38% respectively.
June was a strong month, both for the Fund and the public markets, with the MSCI World Index returning +6.05% in USD terms. The Fund’s performance this month was driven by a broad base of contributing areas, with the top five contributors consisting of three equity deals and two secondary deals, in line with the portfolio’s tactical tilts.
One of the primary drivers of performance for the portfolio in the month of June comes from Car Inc. The company, the largest rental car service provider in China, benefitted in June from significant year over year increase in year-to-date March revenue and EBITDA as a result of the continued recovery from COVID-related restrictions. The Fund invested into the equity of the company in June of 2021 alongside MBK Partners, a General Partner with a proven track record of investing in car rental companies in Asia. The Fund continues to benefit from investments into market leading companies alongside top tier managers, actively sourcing compelling opportunities across industries and geographies.
A second large driver of performance for the portfolio in June was Solenis. The Fund invested into the equity of Solenis alongside Platinum Equity Capital Partners in July of 2021, and the company has previously been highlighted as a driver of performance for the Fund in the past. Solenis is a leading manufacturer and distributor of specialty chemicals and solutions offering a broad array of process aids, water treatment chemistries, functional additives, and monitoring and control systems, serving a diverse range of end-markets such as consumer packaging, pulp & paper, tissue, food/food packaging, and municipal/industrial water treatment. In addition to strong organic growth, the company has benefitted from a successful acquisition of another player in the space. As a result of strong conviction in the business and its contribution to the portfolio, the GPA Fund participated in a follow-on investment into Solenis in June.
As of month end, the Fund’s cash holdings equal approximately 8.3% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/GPA-Monthly-Report-Global-June-2023.pdfMay, 2023
The Hamilton Lane Global Private Assets Fund I-USD share class returned -0.56% for the month of May, bringing annualized since-inception returns to 14.72%. Due to the strengthening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw a positive impact to returns, returning 0.54% and -0.30% respectively.
May saw flat to negative performance in the listed equity markets with the MSCI World down 1% in USD terms. The Global Private Assets Fund saw negative performance in the investment portfolio driven by the secondary portion of the portfolio, largely from updated valuations received from sponsors.
Although the direct equity portion of the portfolio had slightly positive performance overall, the Fund’s investment in Echo Global Logistics was the largest position detractor for the month. Echo has been highlighted a few times as a strong performance driver since the fund invested into the equity alongside The Jordan Company in November 2021. Echo has seen a decrease in EBITDA driven by a volume decline in early 2023, which has been partially offset by pricing increases in contracts.
Project Jordan, a secondary deal with Madison Dearborn Capital Partners, funded during the month of May. Project Jordan is a multi-asset continuation vehicle of three insurance brokerage assets. The transaction offers strong alignment with the General Partner, as well as exposure to a recessionresilient sector with underlying geographic diversification.
While Hamilton Lane’s deal flow remains strong across direct equity, direct credit and secondaries, the portfolio management team continues to be highly selective in allocating new capital. As of month end, the Fund’s cash holdings equal approximately 7.5% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/GPA-Monthly-Report-Global-May-2023_1.pdfApril, 2023
The Hamilton Lane Global Private Assets Fund I-USD share class returned 0.47% for the month of April, bringing annualized since-inception returns to 15.21%. Due to the weakening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw a negative impact to returns, returning 0.01% and 0.13% respectively.
April was another positive month in listed equity markets, with the MSCI World returning 1.75% in USD terms. The Global Private Assets Fund also saw positive performance in the investment portfolio with the direct equity portion driving return. The Fund did see a slight negative impact in return due to updated secondary valuations flowing through this month.
Oldcastle BuildingEnvelope (OBE) was the largest driver of performance for the month of April. Previously a performance driver, the Fund originally invested into the equity alongside KPS Capital Partners in April 2022. OBE is a North American manufacturer and distributor of custom solutions for architectural glass, storefronts and entrances, railings and more. OBE has been able to use its marketleading scale to increase prices, passing all cost inflation to the end customer. This has resulted in both margin expansion and revenue growth. The company has also paid down debt and seen singledigit EBITDA growth.
April also marked the realization of the Fund’s direct equity holding of Hims, a direct-to-consumer health and wellness brand. The Fund originally invested directly into the equity of the company in February 2020. After the Fund’s investment, Hims went public via a SPAC transaction in late 2020. After initially trading down, the company saw fundamentals rebound due to significant revenue growth and the Fund was able to exit its shares during the month of April.
While Hamilton Lane’s deal flow remains strong across direct equity, direct credit and secondaries, the portfolio management team continues to be highly selective in allocating new capital.
As of month end, the Fund’s cash holdings equal approximately 6.5% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/GPA-Monthly-Report-Global-April-2023.pdfMarch, 2023
The Hamilton Lane Global Private Assets Fund I-USD share class returned 1.27% for the month of March, bringing annualized since-inception returns to 15.42%. Due to the weakening of the US Dollar, the partially hedged I-EUR and I-GBP share classes saw a negative impact to returns, returning 0.19% and 0.59% respectively.
March was generally a positive month for performance, with the MSCI World returning 3.09% in USD terms. The Global Private Assets Fund also saw positive performance, with about 70% of that performance driven by the secondary portion of the portfolio.
The largest position driver was the Fund’s new investment into Project Waterford. Project Waterford is a highly diversified LP Secondary consisting of seven high-quality funds. Hamilton Lane won the restricted process, in part due to the strong relationships with each of the sponsors in the portfolio. In addition to purchasing the portfolio at a discount, which benefited GPA’s performance for the month, the portfolio is expected to have near-term liquidity events as well as further potential for value creation in the assets.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/GPA-Monthly-Report-Global-March-2023.pdfFebruary, 2023
The Hamilton Lane Global Private Assets Fund I-USD share class returned 0.56% for the month of February, bringing annualized since-inception returns to 15.40% Due to the strengthening of the US Dollar, the partially hedged I-EUR and I-GBP share classes performed slightly better, returning 1.26% and 0.94% respectively.
February saw negative returns in the listed public equity markets with the MSCI World returning -2.40% in USD terms.
The Global Private Assets Fund saw positive investment returns in USD terms. All portions of the portfolio were up, with a combination of equity and secondary deals driving the overall return.
Continuing its positive trajectory, Solenis UK was the largest driver of performance for the month. This is a direct equity investment alongside Platinum Equity the Fund entered in September 2021. Solenis UK is a manufacturer and distributor of specialty chemicals focused on water treatment. The increase in valuation was primarily driven by an uplift in the multiple, based on the Firm’s potential take-private of a competitor, implying a higher multiple for the combined entity. While pending completion, the combined company is expected to provide a number of attractive cross-selling opportunities, including meeting increasing customer demand for water management, cleaning and hygiene solutions.
The second-largest position driver for the month of February was the Fund’s investment into Project Newman. This is a dual-asset structured secondary deal for BCM One (a business communication and managed services provider) and RMS (a health care technology company). The increase in value was driven by BCM’s ongoing M&A activity and successful integration of assets, facilitating top and bottomline growth.
While Hamilton Lane’s deal flow remains strong across direct equity, direct credit and secondaries, the portfolio management team continues to be highly selective in allocating new capital.
As of month end, the Fund’s net cash holdings equal approximately 8.7% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/GPA-Monthly-Report-Global-February-2023.pdfJanuary, 2023
The Hamilton Lane Global Private Assets Fund I-USD share class returned 3.13% for the month of January, bringing annualized since-inception returns to 15.60%. Due to the strengthening of the Euro and British Pound Sterling relative to the US Dollar, the partially hedged I-EUR and I-GBP share classes performed slightly worse, returning 2.38% and 2.42% respectively.
January saw positive returns in the listed public equity markets with the MSCI World returning 7.08% in USD terms.
The Global Private Assets Fund also saw positive investment returns in USD terms. All portions of the portfolio were up, with two equity positions driving a large portion of overall return.
Urbaser was the largest position driver for the month of January. This is a direct equity position the Fund invested alongside Platinum Equity in October 2021. Urbaser is a provider of environmental management services. The company focuses on municipal and water waste, including treatment and disposal services. Over the last year, the company has seen single digit EBITDA growth and has also paid down significant debt. These two factors contributed to an increased valuation of the company.
The second position driver for the month of January was the Fund’s investment into Solenis UK. This is another direct equity investment alongside Platinum Equity the Fund entered in September 2021. Solenis UK is a manufacturer and distributor of specialty chemicals focused on water treatment.
Since the Fund’s original investment, the company has grown EBITDA organically and through the successful acquisition of a competitor. The acquisition is additive to Solenis’ portfolio of services, increasing its offerings of residential and commercial pool and spa water treatment solutions.
While Hamilton Lane’s deal flow remains strong across direct equity, direct credit and secondaries, the portfolio management team continues to be highly selective in allocating new capital.
As of month end, the Fund’s net cash holdings equal approximately 9.4% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/GPA-Monthly-Report-Global-January-2023.pdfDecember, 2022
The Hamilton Lane Global Private Assets Fund I-USD share class returned 0.28% for the month of December, bringing 2022 returns to 8.33% and annualized since-inception returns to 15.01%. Due to the strengthening of the Euro and British Pound Sterling relative to the US Dollar, the partially hedged I-EUR and I-GBP share classes performed slightly worse, returning -1.11% and -0.02% respectively. This brings 2022 returns for the I-EUR share class to 9.53% and 11.15% for the I-GBP share class.
The MSCI World ended December down -4.25% and the year 2022 down -18.14% in dollar terms, while each of the Global Private Assets Fund’s share classes returned positive results, ranging from the high single digits to the mid-teens.
Performance for the month of December was mainly driven by the secondary portion of the portfolio, through a combination of new deals closing at a discount or uplifts due to strong investment fundamentals.
The Fund invested into two secondary transactions at a discount to NAV during the month which helped drive returns. The first transaction was Project Junction, a secondary purchase of two buyout funds from an LP. The Hamilton Lane team had familiarity with the portfolio of assets, which are predominantly health care-focused companies.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/gpa-monthly-report-global-december-2022.pdfNovember, 2022
The Hamilton Lane Global Private Assets Fund I-USD share class returned 3.40% for the month of November, bringing annualized since-inception returns to 15.29%. Due to the strengthening of the Euro and British Pound Sterling relative to the US Dollar, the partially hedged I-EUR and I-GBP share classes performed slightly worse, returning 1.26% and 1.92% respectively.
November was a strong month for the public equity markets, with the MSCI World Index ending the month up 6.95% in USD terms. The Global Private Assets Fund also saw positive investment performance for the month, with the majority of return being driven by the direct equity portion of the portfolio.
The top three portfolio drivers for the month were all equity positions: Echo Global Logistics, Race Winning Brands, and Advanz Pharma. These investments, diversified across sector and geography, saw markups in value driven by a combination of EBITDA growth at the company level, and public comparables trading up. Since the Fund’s initial investments in Echo Global Logistics and Advanz Pharma, both companies have successfully launched new products and services, and have also completed transformative acquisitions to each of their respective businesses.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/GPA-Monthly-Report-Global-November-2022.pdfOctober, 2022
The Hamilton Lane Global Private Assets Fund I-USD share class returned 3.02% for the month of October, bringing annualized since-inception returns to 14.58%. Due to the strengthening of the Euro and British Pound Sterling relative to the US Dollar, the partially hedged I-EUR and I-GBP share classes performed slightly worse, returning 2.40% and 1.99% respectively.
October was a strong month for the public equity markets. The MSCI World Index ended the month up 7.18% in USD terms. The Global Private Assets Fund also saw positive investment performance for the month, with over 50% of performance driven by the secondary portion of the portfolio. During the month, updated quarterly marks from General Partners showed overall strength in the underlying portfolio companies driven by EBITDA growth and distributions from partial realizations.
Adding to the returns generated by the secondary portion of the portfolio, Oldcastle BuildingEnvelope (OBE), a recent direct equity investment alongside KPS, was the second largest performance driver for the month. OBE helps architects, glaziers and contractors solve design challenges and bring products to life.
They design, engineer and manufacture solutions in architectural glass, windows and railings, as well as storefronts and entrances. Since the Fund invested in OBE six months ago, the company has been able to increase prices to offset supply cost inflation. This has allowed OBE to experience double-digit EBITDA growth and pay down debt, resulting in an uptick in valuation, despite the decline in public market comparables. Deal flow remains strong across the direct credit, direct equity and secondary portions of the portfolio, but the portfolio management team continues to be highly selective in allocating new capital. As of month end, the Fund’s net cash holdings equal approximately 9.6% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/GPA-Monthly-Report-Global-October-2022.pdfSeptember, 2022
The Hamilton Lane Global Private Assets Fund I-USD share class returned -3.01% for the month of September, bringing annualized since-inception returns to 13.97%. Due to the weakening of the Euro and British Pound Sterling relative to the US Dollar, the partially hedged I-EUR and I-GBP performed slightly better, returning -2.20% and -2.57% respectively.
The Fund’s negative investment performance in USD terms came amid a month of broader volatility in the public markets. Global listed equity markets were down generally, with the MSCI World returning -9.30% in USD terms during the month of September. The Fund’s negative investment return in September was almost entirely driven by changes in the valuation multiples of the comparable public companies, rather than the underlying financial performance of the Fund’s portfolio companies. The portfolio also experienced a modest negative impact from the strengthening of the US Dollar for investments denominated in other currencies
Despite the markdowns taken in the majority of positions, some investments were able to generate positive performance. Project Moneyball, a proactively sourced acquisition of four funds from a large institutional LP, was the top-performing investment for the month. Since the Fund’s investment in March of this year, various underlying portfolio companies in the transaction have surpassed expectations for budgeted earnings growth, and one company completed a successful refinancing.
Deal flow remains strong across the direct credit, direct equity and secondary portions of the portfolio, but the portfolio management team continues to be highly selective in allocating new capital.
As of month end, the Fund’s net cash holdings equal 10% of NAV. The cash position is fully penciled to transactions projected to close in the next three months.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/GPA-Monthly-Report-Global-September-2022.pdfAugust, 2022
The Hamilton Lane Global Private Assets Fund I-USD share class returned 1.85% for the month of August, bringing annualized since-inception returns to 15.39%. Due to the weakening of the Euro and British Pound Sterling relative to the US Dollar, the partially hedged I-EUR and I-GBP performed slightly better, returning 2.42% and 3.24% respectively.
Public markets faced another month of volatility and negative performance in August, with MSCI World ending the month down 4.2% in USD terms. The Global Private Assets fund, however, saw positive investment performance for the month driven by strong EBITDA growth across a number of investments. Over 85% of August’s positive performance came from direct equity positions, driven by markups attributed to a variety of factors, including increase in revenue, margin expansion, debt paydown and implementation of cost saving initiatives.
Although the underlying portfolio continues to remain fundamentally healthy, the portfolio experienced some negative valuation impacts due to the strengthening of the US Dollar, particularly in portfolio companies headquartered in Western Europe.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/Hamilton-Lane-GPA-Monthly-Report-August-2022_1.pdfJuly, 2022
The Hamilton Lane Global Private Assets Fund I-USD share class returned 2.96% for the month of July, bringing annualized since-inception returns to 15.17%. Due to the weakening of the Euro and British Pound Sterling relative to the US Dollar, the partially hedged I-EUR and I-GBP share classes performed slightly better, returning 3.81% and 3.09% respectively. After significant volatility in the public markets over the last few months, markets ended July up with the MSCI World returning 8% in USD terms. The Global Private Assets fund benefited from the public market rally, particularly in the secondary portion of the portfolio. Over 75% of July’s positive performance came from the secondaries, driven by markups attributed to public market movement during the month and new financial information from the sponsor. Although the underlying portfolio continues to remain fundamentally healthy, the portfolio experienced a negative impact due to the strengthening of the US Dollar, particularly in portfolio companies headquartered in Western Europe.
One of the larger drivers of performance for the month of July was the Fund’s position in Brooks Semiconductor, an equity investment made alongside Thomas H. Lee Partners at the beginning of the year. Brooks is a leading provider of high precision, high throughput vacuum robots and systems as well as contamination control solutions to the global semiconductor capital equipment industry. Recently, the business expanded into collaborative robotics for multimarket application. Since the Fund’s investment in Brooks, the company has been able to grow sales and earnings and benefitted from the continued strong demand for semiconductors in the wake of the global chip shortage.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/ROWHamilton-Lane-GPA-Monthly-Report-July2022.pdfDecember, 2020
The Hamilton Lane Global Private Assets Fund (AUD) returned +1.2% for the month of December, bringing annualised net return since inception to +12.1% and making it 16 out of 20 months of positive performance. By comparison, the MSCI World 100% Hedged AUD Index returned +3.4% for the month of December and +10.3% for the year 2020. The continued strengthening of the Australian dollar negatively impacted December performance of the Fund, even with the majority of this exposure hedged. This impact amounted to approximately 170 bps in the month of December and 550 bps for the year 2020.
As of mid-January, the Fund is fully allocated with all cash committed towards deals pending close. The Fund has grown to over 500 underlying company exposures across 70 unique investments. Gains continue to be widespread across the portfolio and, similar to last month, less than 12% of investments saw a decrease in value in December. Two drivers of return worth highlighting in the direct equity portfolio are Hims and AmeriLife Group. Investors may remember Hims from the news in October that a listed acquisition company managed by Oaktree was acquiring the direct-to-consumer health and wellness company. Since then, the publicly listed acquirer has meaningfully traded up, with its price rising 48% month over month in December.
The positive reception in the public markets has provided a strong return on our initial investment, marking the second time this year we have seen one of our direct equity holdings successfully taken public. AmeriLife Group, which the Fund invested into in February 2020 alongside sponsor THL, is one of two national insurance marketing organisations in the US. It acts as the primary intermediary in the distribution of senior health, life, and retirement products. A significant part of the investment thesis included an acquisition strategy within the highly fragmented insurance industry segment in which AmeriLife operates. Successful execution of this strategy has generated double digit adjusted EBITDA growth on an annualised basis.
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The investment objective is to obtain capital appreciation over the medium- and long-term through investments in the Main Fund. The Main Fund will seek to make direct or indirect investments in private assets globally and build a diversified portfolio over time to avoid concentrated risk exposures and to provide sufficient liquidity for limited redemptions at the level of the Main Fund. The Fund will seek to make direct or indirect investments in private assets globally and build a diversified portfolio over time to avoid concentrated risk exposures and to provide sufficient liquidity for limited redemptions.