Hamilton Lane Incorporated : Proxy Statement

110 Washington Street

Suite 1300

Conshohocken, PA 19428

Telephone: [phone]

July 21, 2022

Fellow Stockholders:

You are cordially invited to attend the Hamilton Lane Incorporated 2022 Annual Meeting of Stockholders, which will be held via live audio webcast on Thursday, September 1, 2022 at 9:30 a.m. (Eastern Time).

All Hamilton Lane Incorporated stockholders of record at the close of business on July 6, 2022 are welcome to attend the Annual Meeting, but it is important that your shares are represented at the Annual Meeting whether or not you plan to attend. To ensure that you will be represented, we ask you to vote by telephone, mail or over the Internet.

We have determined that it is in the best interest of Hamilton Lane and its stockholders to hold the Annual Meeting "virtually" via live audio webcast. The virtual Annual Meeting affords our stockholders the same rights and opportunities as an in-person meeting, while allowing them to attend the meeting regardless of their geographic location or other circumstances that could limit their ability to attend an in-person meeting. You will be able to attend and participate in the Annual Meeting online by visiting www.virtualshareholdermeeting.com/HLNE2022 at the meeting date and time described above and in the accompanying proxy statement and by entering the 16-digit control number that appears on your Notice of Internet Availability of Proxy Materials or, if you received a paper copy of the proxy materials, your proxy card (printed in the box and marked by the arrow) or the instructions that accompanied your proxy materials. You will have the ability to submit questions during the meeting via the meeting website. There is no physical location for the Annual Meeting.

Along with the other members of your board of directors, I look forward to greeting those stockholders who attend this year's meeting and would like to express our appreciation for your continued interest in the business of Hamilton Lane.

Sincerely,

Mario L. Giannini

Chief Executive Officer

Hamilton Lane Incorporated

110 Washington Street

Suite 1300

Conshohocken, PA 19428

Notice of Annual Meeting of Stockholders

Date: Thursday, September 1, 2022

Time: 9:30 a.m. Eastern Time

Place: Online via live audio webcast at www.virtualshareholdermeeting.com/HLNE2022

The principal business of the Annual Meeting will be to:

1. Elect two Class III directors for a three-year term;
2. Conduct an advisory vote to approve the compensation of our named executive officers;
3. Approve Amendment No. 2 to the Hamilton Lane Incorporated 2017 Equity Incentive Plan;
4. Ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending March 31, 2023; and
5. Transact any other business as may properly come before the meeting or any adjournment or postponement thereof.

You can vote at the Annual Meeting electronically or by proxy if you were a stockholder of record at the close of business on July 6, 2022. You may revoke your proxy at any time prior to its exercise at the Annual Meeting.

We are electronically disseminating Annual Meeting materials to our stockholders, as permitted under the "Notice and Access" rules approved by the Securities and Exchange Commission. Stockholders who have not opted out of Notice and Access will receive a Notice of Internet Availability of Proxy Materials containing instructions on how to access Annual Meeting materials via the Internet. The Notice also provides instructions on how to obtain paper copies if preferred.

By Order of the Board of Directors,

Lydia A. Gavalis

General Counsel and Secretary

Conshohocken, PA

July 21, 2022

Important Notice Regarding the Availability of Proxy Materials for the

Annual Meeting of Stockholders to be held on September 1, 2022:

The Notice of Annual Meeting, Proxy Statement and our

2022 Annual Report to Stockholders are available electronically at

www.proxyvote.com

HAMILTON LANE INCORPORATED
PROXY STATEMENT
TABLE OF CONTENTS
QUESTIONS AND ANSWERS..............................................................................................................	1
Why am I receiving these materials?.............................................................................................	1
What is included in these materials?.............................................................................................	1
What is the purpose of the Annual Meeting?................................................................................	1
How does the board of directors recommend I vote on these proposals?.....................................	1
Who is entitled to vote at the Annual Meeting?............................................................................	1
What is the difference between holding shares as a stockholder of record and as a beneficial
owner?...........................................................................................................................................	2
How can I vote my shares?............................................................................................................	2
If I submit a proxy, how will it be voted?.....................................................................................	3
Can I change my vote or revoke my proxy?..................................................................................	3
Can I attend the Annual Meeting, and how can I submit a question?...........................................	3
What constitutes a quorum at the Annual Meeting?......................................................................	4
What is the voting requirement to approve each of the proposals?...............................................	4
What is the impact of abstentions, withhold votes and broker non-votes?...................................	4
Who pays for the cost of this proxy solicitation?..........................................................................	5
Where can I find the voting results of the Annual Meeting?.........................................................	5
Why did I receive a Notice of Internet Availability of Proxy Materials rather than a full set of
proxy materials?............................................................................................................................	5
How can I obtain Hamilton Lane's Form 10-K?...........................................................................	5
How do I submit a stockholder proposal for consideration at next year's annual meeting of
stockholders?.................................................................................................................................	5
How do I recommend a director nominee?...................................................................................	6
PROPOSAL NO. 1-ELECTIONOF DIRECTORS...........................................................................	7
Hartley R. Rogers..........................................................................................................................	7
Mario L. Giannini..........................................................................................................................	8
David J. Berkman..........................................................................................................................	8
O. Griffith Sexton..........................................................................................................................	9
R. Vann Graves.............................................................................................................................	10
Erik R. Hirsch................................................................................................................................	10
Leslie F. Varon..............................................................................................................................	10
EXECUTIVE OFFICERS.......................................................................................................................	12
Atul Varma....................................................................................................................................	12
Michael T. Donohue......................................................................................................................	12
Lydia A. Gavalis............................................................................................................................	12
Juan Delgado-Moreira...................................................................................................................	13
CORPORATE GOVERNANCE.............................................................................................................	14
Code of Ethics...............................................................................................................................	14
Director Independence...................................................................................................................	14

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Board Risk Oversight....................................................................................................................	14
Communications with Directors....................................................................................................	14
Director Nominations....................................................................................................................	15
Board Diversity.............................................................................................................................	15
Attendance at Annual Meeting......................................................................................................	16
Related-PartyTransaction Approval Policy..................................................................................	16
Board of Directors Leadership Structure.......................................................................................	16
Board of Directors Meetings and Committees..............................................................................	17
Audit Committee...........................................................................................................................	17
Compensation Committee.............................................................................................................	18
Compensation Committee Interlocks and Insider Participation....................................................	18
Prohibitions on Hedging and Pledging Transactions....................................................................	18
DIRECTOR COMPENSATION.............................................................................................................	19
OWNERSHIP OF COMMON STOCK.................................................................................................	20
EXECUTIVE COMPENSATION..........................................................................................................	23
Compensation Discussion and Analysis........................................................................................	23
Summary Compensation Table.....................................................................................................	30
Grants of Plan-BasedAwards in Fiscal 2022................................................................................	32
Outstanding Equity Awards at 2022 Fiscal Year End...................................................................	33
Option Exercises and Stock Vested in Fiscal 2022.......................................................................	34
Executive Compensation Arrangements.......................................................................................	35
Potential Payments upon Termination or Change in Control........................................................	38
Pay Ratio Disclosure.....................................................................................................................	40
EQUITY COMPENSATION PLAN INFORMATION........................................................................	41
PROPOSAL NO. 2-ADVISORY VOTE TO APPROVE THE COMPENSATION OF THE
COMPANY'S NAMED EXECUTIVE OFFICERS..............................................................................	42
PROPOSAL NO. 3-APPROVAL OF AMENDMENT NO. 2 TO THE HAMILTON LANE
INCORPORATED 2017 EQUITY INCENTIVE PLAN......................................................................	43
CERTAIN RELATIONSHIPS AND RELATED-PARTYAND OTHER TRANSACTIONS.........	49
The Reorganization.......................................................................................................................	49
HLA Operating Agreement...........................................................................................................	49
Tax Receivable Agreement...........................................................................................................	50
Exchange Agreement.....................................................................................................................	53
Stockholders Agreement...............................................................................................................	54
Registration Rights Agreement.....................................................................................................	54
Indemnification Agreements.........................................................................................................	54
Registered Offering.......................................................................................................................	55
Investments in Our Funds..............................................................................................................	57
Transactions with Unaffiliated Principal Stockholders.................................................................	57
Special Purpose Acquisition Company.........................................................................................	58
AUDIT COMMITTEE REPORT...........................................................................................................	59
PROPOSAL NO. 4-RATIFICATION OF APPOINTMENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM.................................................................................	60

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Audit Committee Pre-ApprovalPolicies and Procedures.............................................................	61
AVAILABILITY OF ANNUAL REPORT ON FORM 10-K...............................................................	62
OTHER BUSINESS.................................................................................................................................	62
HOUSEHOLDING PROXY MATERIALS..........................................................................................	62
APPENDIX A - AMENDMENT NO. 2 TO THE HAMILTON LANE INCORPORATED 2017
EQUITY INCENTIVE PLAN	A-1

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