Recommendation Report
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The General Partner has generated consistent net performance
Funds I and II generated strong performance in their base currency (CAD)
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Hamilton Lane
• Funds IV, V and Alignment I remain relatively young with average hold periods of approximately 2.2 years, 0.8 years and 0.3
years, respectively
In Q3 2021, the General Partner completed one new platform investment in Alignment I and completed funding rounds for one
portfolio company in Fund III and one portfolio company in Fund IV
(mm)
Looking ahead to Q4 2021, Georgian completed one new platform investment and completed a fund round for an existing
portfolio company in Fund V
Consistent with prior funds, Georgian plans to utilize a line of credit to facilitate capital calls
Additionally, the General Partner maintains the ability to recycle capital throughout its investment period, which should benefit
net performance and narrow gross-to-net spreads
Fund
Vintage Fund Size
2008
2013
2016
2018
2019
2021
C$63
C$194
$375
$550
$850
$900
Georgian Partners
Prior Investment Performance ¹,²
1,2
As of 9/30/21
Capital
Drawn
C$82.4
C$288.2
$469.9
$527.4
$543.6
$775.1
$2,684.9
Capital
Distributed
December 2021 | Proprietary and Confidential
C$203.2
C$187.9
$278.7
$128.4
$0.0
$0.0
$798.1
NAV
DPI
C$0.0 2.5x
0.7x
0.6x
0.2x
0.0x
0.0x
0.3x
C$413.1
$429.4
$894.5
$1,081.2
$1,047.2
$3,865.4
TVPI
Track Record (cont.)
2.5x
2.1x
1.5x
1.9x
2.0x
1.4x
1.7x
Net
IRR
25.1%
19.6%
14.3%
37.3%
97.3%
43.8%
28.2%
HL Benchmark
Late-Stage VC & Growth Equity³
As of 6/30/21
Top-Quartile
DPI
Fund I
Fund II
Fund III
Fund IV
Fund V
Alignment I
Total
1 Performance shown in base currency
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 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
2.2x
1.1x
0.8x
0.4x
0.1x
0.0x
TVPI
2.2x
2.1x
2.4x
1.9x
1.5x
1.2x
Net
IRR
20.3%
15.0%
33.5%
40.5%
50.7%
54.0%
PME Benchmark
Nasdaq 100 TR
As of 9/30/21
PME
IRR
16.9%
21.8%
25.3%
33.2%
34.4%
13.2%
25.9%
Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 20View entire presentation