Private markets investment management firm Hamilton Lane is to acquire the business of 361 Capital (361 Capital), a Denver-based boutique alternative asset management firm.

The acquisition aims to expand Hamilton Lane’s presence and capabilities in the US private wealth channel. The 361 Capital team, led by Chairman and CEO Tom Florence and President Josh Vail, will remain in Denver, CO, growing Hamilton Lane’s footprint to 18 locations around the world.

The deal is the latest development in Hamilton Lane’s expansion into the private wealth universe, following the recent launch of the Hamilton Lane Private Asset Fund (PAF), a closed-end management investment company, available to qualified US investors that offers a portfolio of private equity and private credit assets through a single investment. In addition, the Hamilton Lane Global Private Assets Fund (GPA) launched in 2019, and is open to high net worth and wholesale investors in Australia and New Zealand, Canada, and parts of Europe, Asia, Latin America and the Middle East. GPA has seen strong demand to-date, with AUM more than quintupling since inception, an indication of the growing interest in private markets from a broader swath of investors.

Erik Hirsch, Vice Chairman and Head of Strategic Initiatives at Hamilton Lane, says: “We recognised the strategic opportunity and benefit of making the private markets accessible to a broader universe of investors, and enabling them to gain access to the asset class’s return potential. Through our GPA and PAF Funds, our strong platform and investment expertise, and our proven ability to service a diverse client base, we are committed to reaching, educating and supporting private wealth investors interested in the private markets. Bringing on the experienced and strong team from 361 Capital furthers our ability to deliver on that objective.”

Tom Florence, chairman and CEO of 361 Capital, says: “Our firms share an overarching commitment to delivering world-class client service, as well as award-winning cultures. We believe our 20 years of experience in the alternative private wealth space, together with Hamilton Lane’s investment platform, reach and deal flow, will be a powerful combination. We are happy to be joining a highly respected global leader in the private markets.”

Closing is expected to occur later this quarter and is subject to customary closing conditions. 361 Capital is being represented by Piper Sandler & Company in the transaction.

Source: Private Equity Wire