<SEC-DOCUMENT>0001433642-17-000010.txt : 20170328
<SEC-HEADER>0001433642-17-000010.hdr.sgml : 20170328
<ACCEPTANCE-DATETIME>20170209171246
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001433642-17-000010
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hamilton Lane INC
		CENTRAL INDEX KEY:			0001433642
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				262482738
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE PRESIDENTIAL BOULEVARD
		STREET 2:		4TH FLOOR
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
		BUSINESS PHONE:		(610) 934-2222

	MAIL ADDRESS:	
		STREET 1:		ONE PRESIDENTIAL BOULEVARD
		STREET 2:		4TH FLOOR
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div><a name="s0F10A87B2AE85BD187AF1EA93D9F60E3"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;padding-left:0px;text-indent:0px;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;text-align:-moz-right;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.14529914529915%;border-collapse:collapse;text-align:left;margin-left:auto;margin-right:0;"><tr><td colspan="3"></td></tr><tr><td style="width:49%;"></td><td style="width:29%;"></td><td style="width:22%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><img src="image0a01.jpg" alt="image0a01.jpg" style="height:35px;width:260px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Kimberly K. Rubel</font></div><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(312) 569-1133</font></div><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Kimberly.Rubel@dbr.com</font></div><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></td></tr></table></div><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">February 9, 2017</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FOIA CONFIDENTIAL TREATMENT REQUESTED PURSUANT TO RULE 83</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BY HAMILTON LANE INCORPORATED</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CERTAIN PORTIONS OF THIS LETTER AS FILED VIA EDGAR WERE OMITTED. THE COMPANY IS REQUESTING CONFIDENTIAL TREATMENT WITH RESPECT TO THE BRACKETED PORTIONS OF THIS LETTER. </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">VIA EDGAR AND OVERNIGHT DELIVERY</font></div><div style="line-height:120%;padding-top:1px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-top:1px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">United States Securities and Exchange Commission </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Division of Corporation Finance </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100 F Street, N.E. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington, D.C. 20549 </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Attention:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">Erin E. Martin</font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">Chris Dunham</font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">Robert Klein</font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">Michelle Miller</font></div><div style="line-height:120%;text-align:left;padding-left:66px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Re:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Hamilton Lane Incorporated</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Registration Statement on Form S-1</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">File No. 333-215846</font></div><div style="line-height:174%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ladies and Gentlemen: </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">On behalf of our client, Hamilton Lane Incorporated (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">&#8221;), we are providing the following information to the Staff (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Staff</font><font style="font-family:inherit;font-size:11pt;">&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Commission</font><font style="font-family:inherit;font-size:11pt;">&#8221;) relating to the Company&#8217;s Registration Statement on Form S-1 (Registration No. 333-215846) (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Registration Statement</font><font style="font-family:inherit;font-size:11pt;">&#8221;) in connection with the initial public offering of the Company&#8217;s Class A common stock (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Offering</font><font style="font-family:inherit;font-size:11pt;">&#8221;). </font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">The purpose of this letter is to provide the proposed preliminary price range information relating to the Offering for the Commission&#8217;s review. </font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">As described in the Registration Statement, the Company will undertake certain transactions as part of a corporate reorganization in connection with the Offering.  Following this reorganization and the Offering, the Company will be a holding company and its sole asset will be an equity interest in Hamilton Lane Advisors, L.L.C. (&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">HLA</font><font style="font-family:inherit;font-size:11pt;">&#8221;), of which it will serve as the sole managing member.  At the completion of the Offering, certain of the original members of HLA will become holders of the Company&#8217;s Class B common stock and Class B units of HLA, and certain other original members will become holders of Class C units of HLA and certain other original members will participate in an exchange and receive </font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:11pt;"><img src="image0a01.jpg" alt="image0a01.jpg" style="height:30px;width:230px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONFIDENTIAL TREATMENT REQUESTED</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BY HAMILTON LANE INC.</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">U.S. Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;padding-left:1px;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">February 9, 2017</font></div><div style="line-height:120%;text-align:left;padding-left:1px;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Page </font><font style="font-family:inherit;font-size:12pt;">2</font></div><div style="line-height:120%;text-align:left;padding-left:1px;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Class A common stock of the Company.  Following the Offering, the Company will hold all of the outstanding Class A units of HLA, which we expect upon the completion of this offering will represent in aggregate the right to receive approximately [***]% of the distributions made by HLA.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">The initial offering price to the public of the Company&#8217;s Class A common stock is expected to be between $[***] and $[***] per share. This range reflects an implied [***]-for-[***] reverse stock split, as it is expected that approximately [***] shares of the Company&#8217;s Class A common stock will be issued in the Company&#8217;s reorganization for every [***] HLA units outstanding at the time of the offering. In connection with the offering, HLA will engage in a corresponding reverse split of units to maintain a one-to-one ratio between the value of Class A common stock and HLA units.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">HLA last issued options to purchase membership interests in 2007, and most recently issued restricted interests in March 2016. These restricted interests were issued at a valuation of $9.48 per unit, based on an independent valuation performed as of December 31, 2015. Giving effect to the [***]-for [***] reverse split of HLA units, the value of HLA units issued in March 2016 would have equaled approximately $[***] per unit. </font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">The actual price range to be included in the Company&#8217;s preliminary prospectus (which will comply with the Staff&#8217;s interpretation regarding the parameters of a bona fide price range) has not yet been finally determined and remains subject to adjustment based on factors outside of the Company&#8217;s control.  However, the Company believes that the foregoing indicative price range will not be subject to significant change and that the bona fide range will be within the range provided above absent an unforeseen, material change in circumstances. </font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">The Company respectfully requests that the Staff return to the undersigned this letter pursuant to Rule 418 of the Securities Act of 1933, as amended, once the Staff has completed its review.  For the convenience of the Staff, we have provided a self-addressed stamped envelope for this purpose.  We respectfully reserve the right to request that this letter be returned to us at an earlier date.  Please do not hesitate to contact me at (312)569-1133 if you have any questions regarding the foregoing or if I can provide any additional information. </font></div><div style="line-height:174%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:336px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Very truly yours,</font></div><div style="line-height:120%;padding-top:1px;text-align:left;padding-left:336px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-top:1px;text-align:left;padding-left:336px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">/s/ Kimberly K. Rubel</font></div><div style="line-height:120%;text-align:left;padding-left:336px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Kimberly K. Rubel</font></div><div style="line-height:120%;padding-top:1px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">cc:&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Via E-mail</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Robert Cleveland, General Counsel</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">Lydia Gavalis, Deputy General Counsel</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Hamilton Lane Incorporated</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Richard D. Truesdell, Jr.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Davis Polk &amp; Wardwell LLP</font></div><div><br></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
