Hamilton Lane Shorted on Accounting, Down 50%

Short seller Hunterbrook Capital disclosed a short position, alleging one‑third of Hamilton Lane’s Private Assets Fund gains stem from day‑one mark‑ups.
In 2025 the firm altered its fee structure, boosting reported fee‑related earnings margin from ~32% to 59% for nine months ended Dec 2025.
Co‑CEOs Erik Hirsch and Juan Delgado‑Moreira each received 544,000 restricted shares worth ~$71 million, as stock fell 50% from peak.
The Global Private Assets Fund saw a record $172 million net outflow in March, nine times the $19 million outflow in September.