Business
Hamilton Lane to Manage Private Equity Future Initiative for Massachusetts PRIM, a Program Designed to Help Remove Barriers to Investment for Diverse Managers
- The Future Initiative was designed to achieve the goals set forth by recent legislation championed by Massachusetts Treasurer Goldberg. - Signed into law in
About this update from Hamilton Lane Incorporated
[{"type":"text","content":"- The Future Initiative was designed to achieve the goals set forth by recent legislation championed by Massachusetts Treasurer Goldberg.\n - Signed into law in January 2021, An Act Enabling Partnerships for Growth sets the goal that at least 20% of PRIM's investment managers and vendors be women, minorities or persons with disabilities and that PRIM shall take affirmative steps to remove barriers to the full participation of diverse investment managers in investment opportunities.\n - Hamilton Lane will leverage its 15-year relationship with PRIM in an effort to ensure the program aligns with PRIM's overall Private Equity program and that PRIM fully leverages Hamilton Lane's Emerging & Diverse Manager platform.\n\n\nCONSHOHOCKEN, Pa., Dec. 9, 2021 /PRNewswire/ -- Hamilton Lane (NASDAQ: HLNE) announced today it will serve as the private equity manager for the Future Initiative, a program approved by the Massachusetts Pension Reserves Investment Management Board (\"PRIM\") on December 2, 2021. The program's goal is to invest up to $1 billion in emerging-diverse managers across asset classes over the next two years in a program designed to help reduce barriers and expand opportunities for emerging-diverse investment managers. \nManagement of the private equity portion of the program is an expansion of Hamilton Lane's nearly 15-year relationship with PRIM, where Hamilton Lane serves as private equity consultant to PRIM's $15 billion, award-winning private equity program. Hamilton Lane plans to facilitate the achievement of the goals set out in the Future Initiative by meeting with, performing due diligence and making investments on behalf of PRIM in diverse managers, with the goal of seeding managers who can perform and institutionalize over time and ultimately graduate to PRIM's core private equity program. Consistent with PRIM's core private equity strategy, the program will target buyout, growth equity and venture capital strategies.\n\"We are thrilled to have the opportunity both to build on our long-tenured relationship with PRIM and to leverage our experience and expertise investing capital with diverse managers,\" said Cori English, Principal at Hamilton Lane and long-term manager of the PRIM relationship. \nHamilton Lane reviews and invests a significant amount of capital into the diverse and emerging manager universe on be...