CONSHOHOCKEN, PA — Hamilton Lane (Nasdaq: HLNE) has closed its Infrastructure Opportunities Fund II with nearly $2 billion in total commitments, far surpassing its original target and signaling surging global appetite for middle-market infrastructure investments.
The firm said $1.5 billion was raised directly in the fund, with nearly $400 million more invested alongside it through related vehicles, pushing total commitments well beyond the $1.25 billion target. Including co-investments, the new fund is more than three times the size of its predecessor, Infrastructure Opportunities Fund I, reflecting what the firm described as strong demand for its globally diversified strategy.
Infrastructure Opportunities Fund II focuses on direct co-investments and secondary transactions in the middle market, aiming to deliver diversified exposure, attractive income and total returns. The strategy is designed to capitalize on long-term economic forces such as digitization, artificial intelligence, power delivery, supply chain optimization and resource efficiency.
“We are thrilled to announce the successful final close of the fund, a significant milestone for our infrastructure platform,” said Brent Burnett, global head of infrastructure and real assets at Hamilton Lane. He said those global megatrends are fundamentally underpinned by infrastructure and create what he described as a target-rich environment for mid-market investing.
The fund attracted more than 30 new investors worldwide while retaining a high re-up rate from the first infrastructure fund. Hamilton Lane reported notable growth in commitments from Asia and the Middle East, alongside increased participation from the Americas and Europe. Limited partners include public and private pension plans, Taft-Hartley plans, foundations and endowments, insurance companies, asset managers, private wealth clients and family offices.
Strong global demand helped the fund exceed its target by roughly 20 percent, underscoring infrastructure’s expanding role in private markets portfolios. Hamilton Lane said the fund is structured to provide differentiated access to opportunities while building on the firm’s established investment approach.
Approximately 40 percent of the fund’s capital has already been committed across 14 deals. The portfolio is diversified by asset type, sector and geography, spanning GP-led and LP-led secondaries as well as non-control direct investments. Current holdings include Cold-Link Logistics, Flexential and Dispatch Energy.
Hamilton Lane has invested in infrastructure for more than 25 years through commingled funds, evergreen vehicles and separately managed accounts. As of September 30, 2025, the firm’s infrastructure platform encompassed nearly 200 general partner relationships and more than $87 billion in assets under management and supervision.
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