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Pennsylvania-headquartered private markets investment manager Hamilton Lane has just announced the final close of its Venture Access Fund which exceeded its target fund size, raising $615.3 million in commitments. 

The fund, which closed 23 per cent over its $500 million target, features a venture portfolio that targets top-performing, oversubscribed funds and companies, the firm said in a statement.

The fund is the firm’s first globally distributed venture vehicle and represents an evolution of its venture and growth equity platform. The fundraise centered on attractive venture capital market dynamics and LP demand, with participation from a group of global and diversified investors, spanning public and corporate pension funds, financial institutions, Taft-Hartley plans, family offices and foundations and endowments. Investors include the Illinois State Board of Investments, Santa Barbara County Employees Retirement System and Textron.

“The fund represents an opportunity for investors to gain exposure to what we believe to be best-in-class venture capital managers, breakout companies, well-priced secondaries and high-potential co-investments. Our institutional approach to portfolio construction and strong relationships aimed to deliver a high-quality experience to investors of all types,” Miguel Luina, co-head of venture and growth equity at Hamilton Lane, said.

“For those with scale, expertise and strong relationships, the current VC market presents compelling opportunities, driven by active company formation and rapid value creation from AI and other disruptive technologies, and lower overall capital availability,” Matt Pellini, co-head of venture and growth equity at Hamilton Lane, added. “Specifically, the opportunity set within the secondary market is robust, as the trend of companies staying private longer persists, causing existing shareholders to seek alternative methods of liquidity.”