Hamilton Lane Private Assets Fund

A per-share NAV composition is the monthly disclosure of NAV-struck perpetual REITs; this fund’s valuation — the Level I / II / III fair-value hierarchy and the unobservable inputs behind the marks — renders in The Book · Marks

all 83Tender offer filing 21Portfolio holdings filing 20Amended tender offer 19Imported record 10Shareholder report 6Semiannual shareholder report 5Prospectus supplement 1Registration statement 1

Cap: 5.0% NAV/qtr (all windows) · All 21 windows filled in full

Not disclosed by this fund: assets invested

0001193125-26-247900 period 2026-03-31: NPORT-P fundInfo totalAssets, totalLiabs, and netAssets.

Frequency

Quarterly tender

Cap

5.0% of NAV / qtr

Annual cap

Not disclosed

Gate cap

5.0%

Notice period

30d

Settlement lag

92d

Early repurchase fee

Not disclosed

Lockup

None stated

Min investment

$50,000

Accreditation

Qualified Client

Tax form

1099

Program type

Quarterly tender

Windows observed: 21 · median open-to-pricing 59d · derived from filed window dates

Incentive fee

10.0% · preferred return with high-water mark · fund level

Management-fee base

Investment management fee: 1.40% per annum of managed assets (total assets including leverage minus accrued liabilities other than borrowings), calculated monthly at month-end and paid quarterly. reduced from 1.50% effective march 14, 2025. incentive fee: 10.00% of net profits each calendar quarter, subject to loss recovery account (no explicit hurdle rate stated). reduced from 12.50% effective march 14, 2025. distribution and service fees apply to class r and class d shares. early repurchase fee: 2% for shares held less than one year. expense limits: 1.45% (class r), 0.75% (class i), 1.00% (class d) on non-investment management/incentive expenses.

Expense ratio after waivers

not yet covered by AltHarbor

Each cell is the latest disclosed return for that window — windows are filed on different cadences, so hover any figure for its own as-of date. Returns are NAV-based total returns net of fund expenses, as the manager states them.

Not shown: IRR, MOIC, TVPI, DPI and PME. These are draw-down LP metrics; this is an evergreen, NAV-struck fund that reports a NAV-based total return, so an LP cash-flow multiple would misrepresent the vehicle — it is omitted by design, not missing.

L1 $529M 8.6% · L2 $0 0.0% · L3 $562M 9.2% · NAVexp $5.04B 82.2%

Of $5.60B disclosed fair value, $5.60B (100.0%) is named at the issuer level across 302 positions; — sits in 0 sized-but-unnamed buckets. Higher named share = more transparent single-name risk. Strategy mix renders in The Book; the full company register in The Names.

Management fee is charged on investment management fee: 1.40% per annum of managed assets (total assets including leverage minus accrued liabilities other than borrowings), calculated monthly at month-end and paid quarterly. reduced from 1.50% effective march 14, 2025. incentive fee: 10.00% of net profits each calendar quarter, subject to loss recovery account (no explicit hurdle rate stated). reduced from 12.50% effective march 14, 2025. distribution and service fees apply to class r and class d shares. early repurchase fee: 2% for shares held less than one year. expense limits: 1.45% (class r), 0.75% (class i), 1.00% (class d) on non-investment management/incentive expenses..

The two-part incentive-fee mechanics (lookback / per-class expense caps & recapture) are not yet surfaced — they need a dedicated terms table still in the schema queue.