Statement of Investments (1) As of September 30, 2019 Total Investment Name Investment Strategy Vintage Committed Paid-In Capital (2) Valuation Net IRR Distributions ABRY Partners VII, L.P. Corporate Finance/Buyout 2011$ 3,500,000 $ 3,716,188 $ 1,157,893 ABRY Senior Equity III, L.P. Mezzanine 2010 5,000,000 4,631,511 198,697 ABRY Senior Equity IV, L.P. Mezzanine 2012 6,503,582 6,570,994 4,461,841 ABS Capital Partners VI, L.P. Growth Equity 2009 4,000,000 3,928,337 333,664 ABS Capital Partners VII, L.P. Growth Equity 2012 10,000,000 10,350,070 10,733,227 Advent International GPE IX, L.P. Corporate Finance/Buyout 2019 50,000,000 - (307,005) Advent International GPE V-B, L.P. Corporate Finance/Buyout 2012 2,791,589 2,583,570 151,661 Advent International GPE V-D, L.P. Corporate Finance/Buyout 2005 3,173,078 3,038,405 157,684 Advent International GPE VI-A, L.P. Corporate Finance/Buyout 2008 9,500,000 9,500,000 1,464,377 Advent International GPE VII-B, L.P. Corporate Finance/Buyout 2012 30,000,000 28,200,000 23,931,202 Advent International GPE VIII-B, L.P. Corporate Finance/Buyout 2016 36,000,000 31,266,000 39,050,954 Affinity Asia Pacific Fund V, L.P. Corporate Finance/Buyout 2018 40,000,000 7,934,098 7,297,604 Alta Partners VIII, L.P. Venture Capital 2006 3,000,000 3,000,000 3,672,700 American Securities Partners VII, L.P. Corporate Finance/Buyout 2016 35,000,000 28,347,087 23,540,457 American Securities Partners VIII, L.P. Corporate Finance/Buyout 2019 50,000,000 379,032 (196,201) Apollo Investment Fund IX, L.P. Corporate Finance/Buyout 2018 50,000,000 4,661,040 3,728,039 Archer Capital Fund 5, L.P. Corporate Finance/Buyout 2012 2,195,395 2,327,926 1,548,344 Ascribe Opportunities Fund III, L.P. Distressed Debt 2014 35,000,000 56,872,747 14,878,323 Ascribe Opportunities Fund IV, L.P. Distressed Debt 2020 35,000,000 - - Atlas Venture Fund VII, L.P. Venture Capital 2006 4,500,000 4,500,000 768,165 Aurora Equity Partners VI, L.P. Buyout - Mid 2020 35,000,000 - - Austin Ventures IX, L.P. Venture Capital 2006 2,500,000 2,521,297 273,342 Austin Ventures VII, L.P. Venture Capital 1999 6,000,000 6,000,000 4,338 Austin Ventures VIII, L.P. Venture Capital 2001 2,766,667 2,766,667 95,705 Battery Ventures IX, L.P. Venture Capital 2011 2,500,000 2,458,748 3,854,083 Battery Ventures VII, L.P. Venture Capital 2005 300,000 300,000 8,687 Battery Ventures VIII Side Fund, L.P. Venture Capital 2008 560,000 526,400 127,183 Battery Ventures VIII, L.P. Venture Capital 2007 1,400,000 1,400,279 563,871 Battery Ventures X - Side Fund, L.P. Venture Capital 2013 1,950,000 1,779,375 2,083,611 Battery Ventures X, L.P. Venture Capital 2013 4,850,000 4,437,750 5,062,298 Benefit Street Partners Debt Fund IV, L.P. Special Situations 2017 50,000,000 30,820,093 30,099,767 Berkshire Fund VIII, L.P. Corporate Finance/Buyout 2011 7,000,000 7,334,771 4,837,106 Blackstone Capital Partners IV, L.P. Corporate Finance/Buyout 2003 5,057,104 4,927,026 122,534 Blackstone Capital Partners VII, L.P. Corporate Finance/Buyout 2016 50,000,000 33,867,674 39,718,375 Blackstone Capital Partners VIII, L.P. Buyout - Mega 2020 50,000,000 - - Blackstone Energy Partners II, L.P. Corporate Finance/Buyout 2015 35,000,000 28,142,671 30,644,851 Blackstone Energy Partners III, L.P. Buyout - Large 2020 50,000,000 - - Blackstone Tactical Opportunities Fund - HL L.P. Special Situations 2018 50,000,000 8,098,538 7,515,618 Blackstone Tactical Opportunities Fund II, L.P. Special Situations 2015 35,000,000 25,308,405 22,273,499 Bridgepoint Europe VI, L.P. Corporate Finance/Buyout 2018 43,771,187 6,021,418 5,121,253 Canaan IX, L.P. Venture Capital 2012 10,000,000 9,700,000 12,727,053 Canaan VII, L.P. Venture Capital 2005 3,500,000 3,500,000 553,224 Canaan VIII, L.P. Venture Capital 2007 4,000,000 3,960,000 722,067 Charterhouse Capital Partners X, L.P. Corporate Finance/Buyout 2016 49,657,099 26,952,468 29,583,885 ChrysCapital VI, LLC Corporate Finance/Buyout 2012 6,000,000 6,970,521 4,395,784 Cinven Fifth Fund, L.P. Corporate Finance/Buyout 2012 30,431,468 31,844,248 12,121,528 Cinven Fourth Fund Corporate Finance/Buyout 2007 8,703,820 8,703,820 (5,722) CVC Capital Partners VI, L.P. Corporate Finance/Buyout 2014 35,927,333 30,503,593 30,717,118 CVC Capital Partners VII, L.P. Corporate Finance/Buyout 2017 51,271,433 8,295,976 10,132,999 CVC European Equity Partners III, L.P. Corporate Finance/Buyout 2001 5,000,000 4,971,395 327,615 CVC European Equity Partners IV, L.P. Corporate Finance/Buyout 2005 10,272,630 9,272,243 6,682 CVC European Equity Partners V, L.P. Corporate Finance/Buyout 2008 10,199,059 10,168,349 1,352,237 Hamilton Lane | 9.30.2019 | Proprietary & Confidential 1 Statement of Investments (1) As of September 30, 2019 Total Investment Name Investment Strategy Vintage Committed Paid-In Capital (2) Valuation Net IRR Distributions ECI 9, L.P. Corporate Finance/Buyout 2009$ 3,034,857 $ 6,308,166 $ 1,317,508 EIF United States Power Fund IV, L.P. Corporate Finance/Buyout 2011 12,500,000 14,416,184 11,986,335 El Dorado Ventures VII, L.P. Venture Capital 2005 5,000,000 4,850,000 242,420 EnCap Energy Capital Fund IX, L.P. Corporate Finance/Buyout 2013 20,000,000 22,447,093 11,109,935 EnCap Energy Capital Fund VIII Co-Investor, L.P. Co/Direct Investment 2011 900,000 926,872 490,698 EnCap Energy Capital Fund VIII, L.P. Corporate Finance/Buyout 2011 3,750,906 3,817,476 1,015,321 EnCap Energy Capital Fund X, L.P. Corporate Finance/Buyout 2015 30,000,000 26,368,298 26,672,272 EnCap Energy Capital Fund XI, L.P. Corporate Finance/Buyout 2017 50,000,000 10,206,826 8,323,654 Energy Spectrum Partners VI, L.P. Corporate Finance/Buyout 2011 7,172,458 6,423,159 1,982,614 Eos Capital Partners IV, L.P. Corporate Finance/Buyout 2007 3,359,996 3,169,979 1,597,274 EQT V, L.P. Corporate Finance/Buyout 2006 9,259,617 9,285,411 285,343 First Reserve Fund X, L.P. Corporate Finance/Buyout 2004 7,000,000 7,001,067 23,758 First Reserve Fund XII, L.P. Corporate Finance/Buyout 2008 12,024,418 12,867,735 2,086,195 General Atlantic Investment Partners 2017, L.P. Growth Equity 2018 35,000,000 17,894,358 18,267,790 Genstar Capital Partners IX, L.P. Corporate Finance/Buyout 2019 44,600,000 5,059,016 4,851,392 Green Equity Investors IV, L.P. Corporate Finance/Buyout 2003 5,700,000 5,641,410 6,402 Green Equity Investors V, L.P. Corporate Finance/Buyout 2007 6,208,861 5,914,431 2,318,995 Green Equity Investors VI, L.P. Corporate Finance/Buyout 2012 25,000,000 27,163,695 27,707,761 Green Equity Investors VII, L.P. Corporate Finance/Buyout 2017 50,000,000 34,886,030 40,105,488 GTCR Fund IX, L.P. Corporate Finance/Buyout 2006 7,000,000 6,665,395 19,116 GTCR Fund X, L.P. Corporate Finance/Buyout 2011 22,500,000 23,361,046 3,103,509 GTCR Fund XI, L.P. Corporate Finance/Buyout 2014 31,000,000 27,697,986 29,710,976 Harvest Partners VI, L.P. Corporate Finance/Buyout 2011 12,505,031 12,431,689 7,068,708 Hellman & Friedman Capital Partners IX, L.P. Corporate Finance/Buyout 2019 50,000,000 - (318,563) Hellman & Friedman Capital Partners VII, L.P. Corporate Finance/Buyout 2011 6,000,000 5,721,409 9,017,239 Hellman & Friedman Capital Partners VIII, L.P. Corporate Finance/Buyout 2016 35,000,000 35,155,635 38,474,063 InterWest Partners IX, L.P. Venture Capital 2005 3,000,000 3,000,000 516,777 ISQ Global Infrastructure Fund II, L.P. Infrastructure 2018 50,000,000 19,489,441 18,552,691 ISQ Global Infrastructure Fund, L.P. Infrastructure 2015 20,000,000 26,786,720 17,641,564 JMI Equity Fund IX, L.P. Growth Equity 2018 35,000,000 4,480,000 4,525,213 JMI Equity Fund VI, L.P. Growth Equity 2007 4,000,329 4,000,329 161,495 JMI Equity Fund VII, L.P. Growth Equity 2011 7,000,000 6,846,000 5,740,229 JMI Equity Fund VIII, L.P. Growth Equity 2015 15,000,000 15,960,000 16,095,473 K4 Private Investors, L.P. Corporate Finance/Buyout 2018 35,000,000 16,220,685 15,243,201 Kelso Investment Associates IX, L.P. Corporate Finance/Buyout 2015 45,000,000 37,077,674 33,417,673 Kelso Investment Associates VII, L.P.