Private markets investment powerhouse Hamilton Lane, with nearly $824bn in assets, held the final close of its fifth co-investment fund – Hamilton Lane Equity Opportunities Fund V -, raking in $2.1bn and making it its largest to date.

The amount surpasses both the firm’s $2bn target and the $1.7bn raised for a previous vehicle that closed in 2019, the largest at the time.

The fund focuses on providing investors with diversified exposure to unique and differentiated deals through an efficient fee structure. Including fund V, Hamilton Lane’s Direct Equity platform has raised approximately $3.7bn since the outset of the fundraise in 2020.

“The dynamics of today’s fundraising environment are leading GPs to seek additional sources of direct co-investment capital in deals,” noted Jeff Armbrister, Head of Direct Equity Investments.

The Fund is an extension of Hamilton Lane’s broader Direct Equity platform, which includes commingled co-investment funds and discretionary separate accounts, and represents more than $13bn in discretionary assets.

Investors include public pensions, sovereign wealth funds, Taft-Hartley pension plans, endowments, foundations, high-net-worth individuals and other financial institutions.