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Private Assets Fund Fact Sheet

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Private Assets Fund Fact Sheet July 2021 Overview Seeks Attractive Risk-Adjusted Returns / Private Assets Fund Potential for Reduced Volatility1 compared to Public Markets A Unique Opportunity to Access the Private Markets Portfolio includes a short duration component Hamilton Lane Private Assets Fund is a ‘40 Act Typically, there is no management fee or performance fee paid to participate alongside Registered evergreen fund designed to provide underlying managers unlike an investment in a FOF investors with a private markets portfolio through structure a single allocation Diversified Portfolio • Investment Type • Industry • Geography • Deal Size • Strategy • General Partner Hamilton Lane - Global Private Markets Investment Manager • Alternative investment management firm dedicated $757.1B $30.8B 1,200+ exclusively to private markets for more than 29 years Assets under Capital deployed Direct transactions 2 • Broad platform drives differentiated deal flow, management & in 2020 reviewed annually 3,4 access and information advantages supervision • Strategic, long-term partner within the GP community 470+ 18 150 Employees3 Global offices3 Investment Professionals Current Portfolio Construction5 AUM as of 7/31/2021 – $204M ROW6 14% Co-Direct Equity Growth Secondary 39% 23% Buyout 43% 58% Investment Europe Geography Strategy Type 18% North America Credit 68% 19% Co-Direct Credit 19% Monthly Fund Performance Class I Shares Year Jan Feb March April May June July Aug Sep Oct Nov Dec YTD SI 2020 N/A N/A N/A N/A N/A N/A N/A N/A 0.11%* 3.72%* 1.52%* 2.20%* 7.72%* 19.58%* 2021 0.00% 0.27% 2.25% 1.28% 1.71% 4.92% 0.17% - - - - - 11.00% Performance shown is cumulative and net of all fees and expenses. Past performance is not a guarantee of future returns. * The inception date for the Class I shares is January 4, 2021. The Class I share performance for periods prior to January 4,2021reflects the performance of the Evergreen Private Fund L.P. which has an inception date of September 1, 2020. 1Although the Fund is allocated across sectors and asset classes, it is a non-diversified fund and subject to risks associated with concentrated investments in a specific industry or sector and therefore may be subject to greater volatility than a more diversified investment. 2As of December 31, 2020 3As of June 30, 2021 4Inclusive of $92.0B in assets under management and $665.0B in assets under supervision as of June 30, 2021. 5As of July 31, 2021. The Investment Type chart equals 100%, but appears slightly higher due to rounding. 6Denotes: “Rest of World” *The Hamilton Lane Evergreen Private Fund LP (“EPF”) was reorganized into the Hamilton Lane Private Assets Fund (“PAF”) on 12/31/20. PAF is under common management of the prior EPF noted above. Performance for each investor will vary from overall fund performance depending on fee structure and timing of investment. The historical returns attributable to prior EPF does not represent the actual performance, and is not indicative of future results, of PAF. There is no certainty that PAF investment objectives will be met. Additional information is available upon request. EPF and PAF both have a management fee of 1.50%. The fee for EPF was calculated based off of the greater of the Fund’s NAV or NAV plus uncalled commitments, whereas PAF is calculated based off of the average daily managed assets. Any differences between the calculations as a result of the different fee bases is expected to be minimal. Visit us at www.hamiltonlane.com For Institutional Use Only/Not For Retail Use 20210910-1819937Page 1 July 2021 Private Assets Fund A Unique Opportunity to Access the Private Markets Monthly Commentary The Hamilton Lane Private Assets Class I shares returned 0.17% for the month of July, bringing year to date returns for 2021 to 11.00% and since inception returns to 19.58%. The Fund continues to be a diversified portfolio across GPs, sectors, geographies and companies. July’s performance was driven by two counterbalancing story lines. Dampening performance was the decline in the public stock price following the recent IPO of Bright Health. Bright Health held its IPO in June of this year and has seen volatility in the two months since hitting the public markets. Despite the negative movement for the month, the investment is still held significantly above cost and we remain bullish on the position moving forward. We remain aligned with the sponsor, NEA, in terms of our hold and exit, and believe NEA is incentivized to drive future growth at the company given it is their largest ever holding across their portfolios. Buoying performance for the month were broad gains across the remainder of the portfolio, with particular uplift from our investments in Project Nirvana and Project Delta. Project Nirvana is the Fund’s largest investment made alongside NewView Capital into six growth companies in the technology sector. Project Nirvana is a good example of an investment that had an attractive discount at entry, as well as strong underlying companies that have seen solid growth and the ability to raise continued financing rounds at higher valuations. We believe this type of post-investment growth is essential for driving long-term returns for the secondary portfolio. As of early August, the Fund is fully deployed with all cash penciled for deals expected to close in the next two months. The future pipeline continues to be strong, particularly in the direct equity and secondary spaces. Private Assets Fund Top Ten Investments as of 7/31/2021 Company/Fund General Partner Investment Type Sector % of Total AUM* Project Nirvana NewView Capital Mgmt. Secondary Purchase Information Technology 9.34% Bright Health New Enterprise Assoc. Co/Direct Equity Healthcare 4.98% Project Delta Castlelake Co/Direct Equity Industrials 4.93% Project Midway Jordan/Zalaznick Advisors, Inc. Secondary Purchase Multiple 4.90% Visma TPG Capital Co/Direct Equity Information Technology 4.81% Project Lotus Legend Capital Mgmt. Secondary Purchase Healthcare 4.64% Area Wide Protective Kohlberg Investors Co/Direct Equity Industrials 4.54% PharmaZell Group Bridgepoint Capital Ltd. Co/Direct Equity Healthcare 4.47% Project Pershing Centre Lane Partners Secondary Purchase Multiple 4.43% Groupe CEP Bridgepoint Capital Ltd. Co/Direct Equity Financials 4.34% *Percentages of AUM does not take into account cash on hand. Visit us at www.hamiltonlane.com/paf For Institutional Use Only/Not For Retail Use 20210910-1819937Page 2 Private Assets Fund A Unique Opportunity to Access the Private Markets Fund Terms The Fund: Hamilton Lane Private Assets Fund Investment Manager: Hamilton Lane Advisors, LLC Structure: 40 Act Regulated Investment Company; Closed-End non-diversified Tender Offer Management Fee: 1.5% non-leveraged. See prospectus for additional leveraged information. 12.5% at the deal level with preferred return of 6% on co/direct credit investments, 8% on other Performance Fee: investments Subscriptions: Monthly with 7 days notice Targeting no more than 5% of Fund NAV per quarter via tender offer, subject to the discretion of the Fund’s Repurchases: Board of Directors Repurchase Fee: 2% of the redemption price if within first 12 months Qualified Client; Shares are generally being offered only to investors that are either (i) U.S. persons for U.S. Investor Qualification: federal income tax purposes or (ii) non-U.S. persons that meet eligibility standards as defined by the Fund pursuant to applicable law in the relevant jurisdiction Valuation: Monthly NAV calculation Tax Reporting: 1099 Please note that the Private Assets Fund is not liquid, and is not suitable for all investors. The Private Assets Fund does not constitute a balanced investment program and is intended to be a part of an investors overall portfolio. 1The Investment Management Fee is equal to 1.50% on an annualized basis of the Fund’s average daily Managed Assets during such period. “Managed Assets” means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes). Because the Investment Management Fee is based on the Fund’s Managed Assets, any leverage utilized by the Fund will result in an increase in such fee (as a percentage of net assets attributable to Shares). The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. The unleveraged expense ratio as of the most recent prospectus is 3.86% gross/3.41% net for the Class I shares. As of the date of the fact sheet, the Fund was unleveraged. See prospectus for leveraged expense ratios and fees. The Advisor has contractually waived certain Fund expenses through January 4, 2022 and will automatically renew for consecutive twelve-month term. The performance returns for the Fund reflect a waiver in effect. In the absence of such waiver, the returns would be reduced. Performance figures do not reflect the 2% early withdrawal fee that may apply to some unit holders. Review the prospectus carefully for a complete list of fees, expenses and repurchase terms. Visit us at www.hamiltonlane.com/paf For Institutional Use Only/Not For Retail Use 20210910-1819937Page 3 Private Assets Fund A Unique Opportunity to Access the Private Markets Disclosures Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. You should consider the Private Assets Fund’s investment objectives, risks, charges, and expenses carefully before investing. For a prospectus that contains this and other information about the Fund, call 1 (888) 882-8212 or visit our website at www.hamiltonlane.com .
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