UMB Fund Services has been appointed to provide fund administration, accounting, transfer agency, distribution and custody services for the Hamilton Lane Private Assets Fund (PAF).
PAF merged from a private to registered product to become the firm’s first US evergreen fund.
The fund helps to broaden accessibility to qualified US investors and features a lower minimum investment of $50,000 and simple 1099 tax reporting.
It also targets fee-efficient investments and provides the potential for attractive risk-adjusted returns and limited administrative burden.
“We are pleased to continue providing services to Hamilton Lane following the conversion of the firm’s private fund into a registered product,” says Maureen Quill, executive vice president, executive director of registered funds at UMB Fund Services.
Quill continues: “We look forward to supporting the growth of Hamilton Lane’s Private Assets Fund with our expertise as the firm markets the fund to qualified clients.”
Fred Shaw, chief risk officer at Hamilton Lane, states: “UMB Fund Services’ expertise across registered closed-end funds, coupled with their high-touch service, will help us offer the fund to a broader set of US investors seeking access to the private markets.”
UMB Fund Services was also recently appointed fund administrator for Bow River Capital’s evergreen fund.
