Hamilton Lane Selects UMB Fund Services as Administrator of first US-registered closed-end fund

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UMB Fund Services has been retained to provide fund administration, accounting, transfer agency, distribution and custody services for the Hamilton Lane Private Assets Fund (PAF), which merged from a private to registered product to become the firm’s first US evergreen fund.

“We are pleased to continue providing services to Hamilton Lane following the conversion of the firm’s private fund into a registered product,” says Maureen Quill, executive vice president, executive director of registered funds at UMB Fund Services. “We look forward to supporting the growth of Hamilton Lane’s Private Assets Fund with our expertise as the firm markets the fund to qualified clients.”

Hamilton Lane (NASDAQ: HLNE), founded in Philadelphia in 1991, is a private markets investment management firm providing innovative solutions to sophisticated investors around the world. The PAF broadens accessibility to qualified US investors. Compared to traditional private market offerings, the fund features a lower minimum investment of USD50,000 and simple 1099 tax reporting; targets fee-efficient investments; and provides the potential for attractive risk-adjusted returns and limited administrative burden.

“We are pleased to have UMB Fund Services as a key service provider for PAF,” says Fred Shaw, Chief Risk Officer at Hamilton Lane. “UMB Fund Services’ expertise across registered closed-end funds, coupled with their high-touch service, will help us offer the fund to a broader set of US investors seeking access to the private markets.”

UMBFS ranked as the top transfer agency for US registered closed-end funds based on the number of accounts serviced in the 2020 Mutual Fund Service Guide. In 2019, UMBFS was named Best Interval Fund Administrator in the Fund Intelligence Operations and Services Awards. 

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