Nothing has changed the landscape
as much as GP-led secondaries.

That golden touch might stay
golden a bit longer.

2022 Market Overview
King Midas and the Golden Touch

Our 2022 Market Overview draws parallels between the story of King Midas and the exuberance of the private markets of late. Will the industry come to rue the gift of a golden touch? Is all that glitters really gold?

Source: Hamilton Lane Annual Discretionary General Partner ESG Questionnaire 2020, Hamilton Lane General Partner Survey 2021 (December 2021)

Purchase price multiples (EV/EBITDA) over the next 12 months will:

1Please be aware that the information herein is based upon results of a survey conducted by Hamilton Lane Advisors, L.L.C. (the “Firm”) of a number of private markets participants. The results of the survey may not necessarily represent the opinions of the Firm or its employees, officers or directors. Publication of this report does not indicate and endorsement by the Firm of the results included herein and should not be relied upon when making investment decisions. 

The sentiment amongst GPs is that prices aren't likely to come down anytime soon1

How Expensive Is It?

All Private Equity 10-Year Rolling TWRs

Retail and family office investors 
accounted for 32% of private 
markets NAV in 2020

Last year’s Market Overview prominently featured a debate around whether the private markets, particularly private equity, had outperformed the public markets. Looking at the performance data again this year, the reality is that there’s nothing to debate.

Outperformance of Public Markets

of GPs report that they are working ESG into some part of their due diligence process1

~90%

either at screening, closing, or throughout all stages