Recommendation Report
Net Performance and Benchmarks
($mm)
Fund
Fund I
Fund II
Fund III
Fund IV
Fund V
Alignment I
Total
●
Hamilton Lane
●
●
●
●
Georgian Partners
Prior Investment Performance ¹,2
As of 9/30/21
Vintage Fund Size % Drawn³
2008
2013
2016
2018
2019
2021
$63
194
375
550
850
900
100%
100%
97%
90%
60%
77%
DPI
2.1x
0.7x
0.6x
0.2x
0.0x
0.0x
0.3x
December 2021 | Proprietary and Confidential
TVPI
2.1x
2.1x
1.5x
1.9x
2.0x
1.4x
1.7x
Net
IRR
19.6%
19.1%
14.3%
37.3%
97.3%
43.8%
27.4%
Quarters
to Break
J-Curve
n/a
n/a
n/a
4
2
0
HL Benchmark
Late-Stage VC & Growth Equity4
As of 6/30/21
Spread vs. Top-Quartile
DPI
Executive Summary (cont.)
-0.1x
-0.4x
-0.2x
-0.1x
-0.1x
0.0x
TVPI
-0.2x
0.0x
-0.9x
0.1x
0.5x
0.2x
Fundraise Update
First close held on 12/3/21 for $400 million of commitments in Fund VI and $200 million in Alignment II
Interim close targeted for February 2022
Final close targeted for late-June 2022
The General Partner has offered existing investors the opportunity to invest in both Fund VI and Alignment II
New investors will receive access to Fund VI by investing in Alignment II
Net
IRR
-67 bps
+414 bps
-1913 bps
-320 bps
+4660 bps
-1020 bps
PME Benchmark J-Curve Benchmark
Nasdaq 100 TR
As of 9/30/21
Spread
vs. PME
+268 bps
-271 bps
-1097 bps
+406 bps
+6289 bps
+3063 bps
+278 bps
1 Cash flows for Funds I and II were provided in CAD and converted to USD using the OANDA spot rate
2 Capital drawn, capital distributed and NAV are calculated from the cash flows of fee-paying limited partners and excludes any cash flows from the General Partner's commitment
3 Percent drawn provided by the General Partner, as of 6/30/21
4 Benchmark shown represents a blended benchmark of late-stage venture capital and growth equity; benchmarks as of 9/30/21 are not yet available
Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices
Growth Equity
As of 6/30/21
Comparison to Peers
(quarters)
n/a
n/a
n/a
1 earlier
Equal
n/a
Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 4View entire presentation