1、Infrastructure Market Overview2025Institutional Use Only/Not for Public Use.This document is not an offer to sell,or a solicitation of any offer to buy,any security or to enter into any agreement with Hamilton Lane or any of its affiliates.Securities distributed in the United Statesby Hamilton Lane

2、Securities LLC,member FINRA,SIPC.Please note that the information contained herein is intended for discussion purposes only.All information contained herein,including but not limited to proposed terms,fees,structure,diversification targets,or strategy is subject to change upon issuance of final offe

3、ring and subscription documentsTable of ContentsPrivate Markets 3Infrastructure Market 11Power Generation North America 21Power Generation Europe 27Digital Infrastructure 31Transport/Logistics 45Environmental 52Energy 602Proprietary and ConfidentialPrivate Markets$16.0$34.1$58.1$77.1$0.69$2.89$10.15

4、$13.36 2024202020071999Private Equity86%Private Credit4%Real Estate8%Infrastructure1%Natural Resources1%Evolution of the Private MarketsPrivate Equity71%Private Credit9%Real Estate15%Infrastructure2%Natural Resources3%Private Equity68%Private Credit15%Real Estate10%Infrastructure5%Natural Resources2

5、%Private Equity68%Private Credit14%Real Estate10%Infrastructure6%Natural Resources2%Private Markets Diversification2MSCI World Market CapPrivate Markets Total ExposureGrowth of Private Markets USD Trillions1Source:Hamilton Lane data via Cobalt,Bloomberg as of September 30,2024.Totals may not sum due

6、 to rounding1,2 Total exposure and market caps as of year-end for 1999,2007,2020 and 9/30/24 for 2024Proprietary and Confidential433%31%46%36%34%45%66%32%$0$50$100$150$2002017 2018 2019 2020 2021 2022 2023 2024InfrastructureTop 5 Fundraises$-$100$200$300$400$500$60020032006200920122015201820212024NA