YouSaid · the spoken record

Erik Hirsch

lines on the record: 76
first: 2025-07-31
most recent: 2025-07-31
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I think just how much change is coming. It's so easy to go to work every day and kind of make the assumption of I'm just thinking about what I have to do today and tomorrow will be very similar to today. I think training yourself to step back and try to see around corners and try to think outside the box of saying what if it doesn't work like this forever? What if there's going to be a big change? What if this new technology is going to take off? Continuing to sort of push yourself to do that. I'm better at doing that now. I wish I had done more of that when I was younger.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“You have made that is invaluable. And I think aligning yourself in a really healthy mentor-mentee relationship, I think, is an enormously important part of a good career”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I think I would give the same advice regardless of the industry, and that goes back to your question on the mentor piece. I think we employ a whole lot of young people, and I love that. In fact, we literally just last week welcomed our brand new analyst class. They seem younger and younger to me, and I am clearly getting older, so I had the privilege of welcoming them to the firm and addressing them. And I was asked this question, and my answer was, get a mentor. I think right now, particularly with younger folks, there's a belief that everything that you need to know you can look up. I can just go online, I can ask ChatGPT, I can Google for it, and I just don't believe that's true. I still think that whether it's an investment industry or a legal profession or a medical, that while you can get a lot of knowledge via the internet and via other electronic resources, there is something about learning from the mistakes that others who have gone before.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm probably reading two books a month and I'm not closing them at least. I should accelerate and I have to learn. That's a good lesson for me to take away from this.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I know, and yet I find myself grinding through things that I'm sitting there thinking this is really not worth my time, and yet I have this compulsion of I started it, I have to finish it.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I am a voracious reader, so something is always open, not all of its good or worthy of sharing. I recently finished something that I think is worthy, which is a book called When the Sea Came Alive by Garrett Graff. I think he writes in a really interesting way where he's piecing together firsthand accounts and diaries, and so this book was really focused exclusively on the landing of on the beaches at D-Day.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I consume a lot of news, and so I also have a bit of a political junkie. So I've been enjoying a new launch of a new kind of network, I guess you'd call it, called Two Way, which is an interesting series of political conversations and access to different kind of political pundits and elected officials. So I've been consuming a fair amount of news via two-way.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm a huge believer in mentors. I've had the benefit of several. My first boss when I came out of college is still a friend and mentor today. We were recently on a vacation together and he still treats me like I work for him, which is great. And I think it's healthy and it's good to have someone in your life who reminds you where you came from and is quick to give you advice and perspective and has nothing but your best interest at heart.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, this is going to be what the managers are going to have to deal with. They're going to have to continue to deliver some level of outperformance. Now, if the ill liquidity issue completely evaporates because tokens become so freely exchangeable, then I think what you're going to simply say is, well, it's an equity strategy, so it might be the exact same return as a public equity as long as it's mirroring that. You still get the benefit of a diversification. You're still accessing assets that are non-public, and so the only way to access them is in the private world. But I think that will sort of cause a change in how people think about benchmarking and how they think about portfolio construction. We're a long ways away from that. So today, the ill liquidity premium exists and the illiquidity issue is still very much front and center. But I think you can sort of see the building blocks are being put in place that could really begin to alter how that all works.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“That certainly has been the case historically. I think what remains to be seen is that still true in a vibrant healthy token world where you have lots of buyers and sellers on these exchanges. I think what you're going to see is that discount is going to greatly reduce because access to information and the ability to move assets is going to become much easier and quicker.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“And as that world matures over time, you will have exchanges that have buyers and sellers, and so some of that ill liquidity issue that we've always been mired with given the long duration should start to lessen because you'll be able to trade more freely.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“It's moving from a physical world to a digital world. Tokens are simply tracking of investments using blockchain technology. And so instead of dealing with subscription docs and all of the pain points of all of the legal and regulatory structure, imagine doing this in a point and click world where you can access a fund digitally using a digital wallet and storing it in a digital wallet and tracking it in a digital wallet. And that is the world of tokenization. So today there are a number of token exchanges around the globe. Hamilton Lane is an investor and owner in a number of them. And if you go on today to firms like Republic or securitize here in the US, you would see product offerings there. Investors can still access documents and information, but when it's time to actually purchase or invest, they can just simply click the buy button.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“No standardization at all. It has to change. The investor will not tolerate it. That's the reality is that you can't expect that individual investor who has been so trained and has adopted that frictionless environment for their entire portfolio and now to say to them, well, for the five percent of your portfolio, it's going to be a gigantic pain in the rear. They're going to say, I'm not dealing with that. So it can't stay this way. So one of the things that we believe will be one of the change agents is the world of tokenization. That does make things much cheaper, faster, and without friction, and so Hamilton Lane has been a very early and aggressive adopter of that technology. We've tokenized more funds, we believe, than anybody else in the world.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the number of firms that are going to be capable of successfully servicing that investor base is relatively small.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“Not so today while the industry has been growing from both a number of managers and asset perspective, I think if we were to fast forward and come back and have this conversation in ten years, I think the asset base will have continued to grow. I think the number of participants will actually have gone down.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“Think one of them is back to this retail question, which is how was the emergence of this new investor class going to impact the industry? Because I believe it's going to impact it dramatically in the technology, in the flow of capital, in the style of investing. And so what are the ripple effects? I suspect there'll be positive and negative of that. And so what does that sort of shake out and impact then do to the industry? One of the things I think we're going to clearly see is that if you want to be a player in the industry, a fund manager, a service provider, the need for your own infrastructure, your own technology to be substantial is very real. And that's adding a whole nother layer of expense to the management of these businesses. Some will figure that out and will have the size and the scale and the growth to sort of do that, and I suspect a number of firms will simply.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“That were properly caring and feeding of that customer base, which is, again, different than the customer base that we've historically dealt with, and making sure that all of that is oriented to sort of achieving success there is right now a huge strategic priority”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“One who is accustomed to everything being on their phone and everything being available now. Think about how we all interact with the public equity world as individual investors. I'm sitting here in front of a Bloomberg terminal. I have unlimited access to information and I can execute on anything I want to do right here without moving more than a couple of fingers. The private markets today technologically are not built that way. And so there's a lot of change I think that's going to be coming around private market infrastructure and I mean the infrastructure for our industry and how we interact with the customer. And that flow through is going to not only start with the retail investor but it will then flow back to the institutional investor. So strategically for Hamilton Lane we're very focused on making sure that we're getting that market segment right, that we're purpose building to make sure”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they're both related, actually. The answer is going to be sort of one and the same. I think what's next is there is going to be this adoption and influx of retail capital. We're seeing it, but it's still very early innings. If you look at the institutional world, most institutional investors have an allocation to the private markets that's north of 10%. If you look at the average retail investor, their exposure to the asset class is about zero percent. And if you look at just wealth statistics around the globe, there are trillions and trillions and trillions of dollars in the hands of individual savers globally. So if you believe that they over time will have portfolios that look much more similar to an institutional portfolio, there's a huge amount of capital that's going to get migrated. But that capital is coming from a different type of investment.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“You get some of that when it comes time to sell are you in a good space? Is your industry growing? So you get some of that halo effect, but you're still pinned to a single asset. And on a relative basis, most private markets portfolios are pretty concentrated. So if you're a fund manager running a private markets portfolio, you might end up with a portfolio of fifteen companies. Well, you can't be wrong on a bunch of those, or that's you're going to have a terrible result. The winners won't be big enough to outweigh the losers.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“Markets going in. But on the private side, a lot less macro overlay and much more fundamental focus on that single asset.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's a reasonable assessment and the public markets have the advantage of momentum. Everyone can kind of collectively agree and kind of drink that Kool-Aid, then you get the benefit of the sort of the tide is rising. It's different in the private markets. If you and I are out there to go do a deal, we're about to walk away owning a company. Well, we're going to live and die by that company's actual results. And so hoping that tariff impacts will be either non-existent or hoping that they will change or that they will be short-lived, that's not a strategy because if we're wrong, that company's earnings and revenue is going to be fundamentally altered and then we're going to have a hard time selling that company. So I think you have a difference of in the public equity world, I see much more macro overlay because you're sort of trying to figure out, yes, is this a good company and how do I assess the company? And at the same time, you're trying to figure out, well, generally what direction are the”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“Agree to what norm is, and they're both kind of staring off at each other, looking to see higher, lower, better, worse. And the result of that is causing sort of a lack of this volume across the industry.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's more back to the choppiness, to use my own word, of is today really the day I want to sell this company to maximize value. And by the way, that potential buyer is also thinking to themselves is today the day I actually want to buy this business. Could the price get lower tomorrow or might it get higher tomorrow? So I would say we haven't seen buyer and seller”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think what's happening in the US politically has been very choppy. Tariffs, changes in the labor workforce, new regulations, changes in tax code. It's a lot of altering the landscape. And so I think one of the reasons why we have seen a fair amount of public market volatility while it's generally been still moving up, we've seen a fair amount of volatility and in our world it's harder to price assets today because you're trying to look ahead to see, okay, does this company have exposure to something that might be tariff impacted? How much exposure and what will be the tariff impact and how long will the tariff impact be in place? So what you've seen in our industry is that deal volume, deal doing remains relatively healthy. Deal exiting remains pretty slow.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“Could be well over a thousand managers who were in the top quartile relative to the bottom quartile. And then you sort of see everything that's kind of in the middle. So lots of choice for investors, but it's also why, frankly, a firm like ours has the ability to exist, navigating all of that is hard. It takes a lot of resources, a lot of expertise, a lot of data, a lot of technology to try to figure out from those thousands of choices which ones do you want to put in your portfolio.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the mistake that people made is that they just simply made the kind of bold and incorrect assumption that time or growth or scale would sort of cause a reversion. Of return or a reversion to the mean or a collapsing of dispersion. And it just goes back to what we just said. No, this is about a skill set and what choices you make with the business and what choices you make with your own business. And again, you've got winners and losers. What's not happening in our industry is there's not a winner take all. There are thousands of private fund managers around the globe operating in different geographies and across different styles and strategies. And that number is generally continued to grow year after year after year. So lots and lots of fun managers. And if we then put them on a plot chart across performance, you'd sort of see a big gaping between the top quartile, which is still a huge number of managers.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“Move into the business. And one of those choices is around deal flow. Not every manager has an equal access to the same deal flow. In fact, proprietary deal flow was very much still alive and well in the private markets because there's no screen that they can log into to simply look up, hey, what's available to buy today in the private markets? It's really about getting out there unearthing opportunities networking, meeting with management teams, meeting with sellers. All of that is a skill set. All of that is frankly unequal. And all of that then leads to way better outcomes or way worse outcomes.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“And so, one of the examples I always say when I'm talking to audiences about this topic is if I put 10 people out of the audience and I gave each of the ten a chance to be the CEO of this particular business for a year, we would have ten wildly different outcomes, because each of the ten would make very different decisions on marketing and manufacturing and hiring and culture, and so whether there's more or less capital thrown at that company, it's not going to alter the outcome. What's going to alter the outcome primarily is what decisions were being made, and were they good decisions or bad decisions? It's sort of the very definition of active management where people are hands-on with that company making choices. Fundamental choices. So some people make better choices than others, and so the dispersion remains very, very high, despite the fact that more and more capital continues to”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“So in years where you've seen lots of capital raised, you haven't seen any correlation to performance good or bad. And in fact, if you look at performance over long periods of time, one thing that has been true is that the dispersion of performance has remained very wide. Pundits would have said and did say twenty years ago, well, as the industry matures, the dispersion will shrink, and the difference between top and bottom will become very small because the markets will quote become more efficient. And in fact, that hasn't happened at all, and it hasn't happened for a pretty basic reason. If you think about what is a private equity investment”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I think like in anything, people do things better and some people do things worse. I think the interesting part with the private markets is that capital flows have really not been a good barometer of much of anything.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, if you look around the globe, we can go anywhere very quickly and see that there's huge need for infrastructure overhaul. Our systems, roads, telecom, power sources, all of that is aging in a way that governments are just frankly not able to keep up with it, and they're not able to finance it. And so you're seeing more partnerships with private infrastructure to go and deal with, again, whether it's transportation needs or energy needs, all of that becoming much more in the purview of the private markets.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“They got bigger and they got regulated in a way that made it harder for them to participate here. And I think the private credit firms have frankly just done a better job of making that an asset class and making that both accessible to borrower and lender. And so I think all of that has actually been a positive development.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“The Midwest, US, and you wanted to expand and add another factory, you would have probably gotten in your car and driven down to your local bank where you knew the bank manager and they knew you because you were the big employer in that town and you said, I'm going to build another factory and they said great. And they were going to give you a loan to do that. That's really not existing much anymore. Private credit has really taken that over in a much more sort of programmatic way. So I think there's a couple of big examples of some of the changes that you're seeing across the asset class.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“It depends on which vertical we want to focus on. I would say probably the biggest difference is really around the client base. In the 90s, as we had mentioned, it was really just a game for institutional investors, and today that's no longer true. Today, the retail investor has finally been afforded the opportunity to take advantage of what the institutional investor has been taking advantage of for many, many, many years. So that's the biggest change. I think on the investing side, the expansion of some of the verticals is also a big change. Private credit has really taken over from banks, particularly regional banks, as well as large banks, in being the primary provider of lending capital to businesses. That's been a huge sea change. If we had gone back into the eighties or nineties or even in the two thousands and you were a local business owner that had a small factory and a town in the”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“They want to consume it rather than giving some arbitrary scorecard that says this is how you should look at it, or instead empower people by saying, here's the data, you do with the data that you think is best for you and your organization.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“So, as we were looking at ESG for the private world, we didn't want to replicate what we saw the mistakes being made we thought in the public side, and there wasn't really anything out there at the time, and so we created from whole cloth, we came together, we met some of the now management team of Nevada, shared a philosophy around the problem that we were trying to solve, gathered up a group of various shareholders now, including the Ford Foundation, SP, Microsoft, a lot of other interesting institutional investors, and we literally created Nevada from Holecloth. And now today, Nevada is the world's largest collector of ESG data for private companies. Interesting technology, interesting solution, and allowing investors and clients of Nevada to consume data.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“I think our investors liked it. And that was the irony that they liked the alignment. They liked that we were, again, a lot of our capitals at risk alongside of there. Our clients like it, shareholders liked it. But again, in sort of the way the public equity ESG scoring works, it's a little bit blind to nuance. It's controlled company bad, therefore bad score.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“So, controlled company means that the insiders, some shareholders, have supervoting shares. And so we are technically controlled by those inside shareholders as opposed to our outside shareholders.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“A little bit nonsensical. And so take us for an example. Hamilton Lane in the public equity world has a pretty lousy ESG score. Well, we have an incredibly good environmental footprint. We do all kinds of carbon offsetting, so no issue there. We have very positive societal impact. We're helping with an awful lot of retirement benefits. We're consistently listed as a best place to work.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“This is a great example of seeing a problem and not seeing an obvious solution. Our clients, no different than they focus on the public equity side, if they want to understand what sort of happening around ESG issues with companies that they're investing in. And so they're beginning to ask for various data points and various tracking. There was no system to do this. And what you also realized very quickly was that investors did not have a one size fits all approach to this. An investor in Norway has a very different orientation around what ESG means to them than an investor in Japan or an investor in Saudi Arabia. And so trying to say to all these investors, oh here's the one way you have to look at it. We thought was a total losing proposition. We also thought that frankly the ESG metrics and the way that scoring is working on the public equity side.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“There was no pressure of us to have to exit. We weren't using client capital. We weren't using fund capital. And our thinking was if this is going to be something that's good for us, it's going to probably be good for others in the industry. And if we're going to be helping to drive these businesses and to help give them ideas and real-time feedback and become a customer, then we'd rather align with them by actually being an owner as well. So I spent several years developing and sourcing and working on these various partnerships with some other Hamilton Lane people to try to get us into a much better position to have a market leading tech stack, a variety of these strategic partnerships, and we've had a couple of these that have exited very successfully, so it was also a good use of balance sheet capital.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“partnerships with a variety of primarily tech startups that were focused on the private markets. So what we were doing was we were starting to meet with these firms who were trying to identify problems and areas that were going to impede scaling in the private markets. And we took an ownership stake in a variety of these businesses. To date, we've done over fifteen transactions where we've taken anywhere from very small ownership stakes to very, very large ownership stakes. And the benefit of doing it with balance sheet capital was we got to be unlimitedly patient.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“What we realize my partners and I and our board was that as we were continuing to evolve one of the areas that we needed to have a real rethink on was technology. Having spent fourteen or so years as CIO in building out the various investment verticals and putting senior leadership in place, really the thought was the best place for me to spend the next part of my career was doing the same thing on the technology side of the business, while Hamilton Lane had embraced technology and had various technologies that we had been using, I think the view was we foresaw growth accelerating and the idea was we needed to really rethink the tech stack. And we took an interesting approach. So in my job as the sort of head of strategic initiatives, I was afforded the opportunity to have access to Hamilton Lane's balance sheet capital, and in using that balance sheet capital, we went off and established”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“It's real. It changes the mindset. I have the benefit of interacting with lots of different investment heads who run all kinds of different investment firms. And as a public company ourselves, I'm also constantly interacting with our public equity shareholders and research analysts. And it is just a different mindset. The Hamilton Lane team is thinking about things over many, many years. They're not fixating on what's going to happen this week or this quarter with that company. They're thinking, how can I invest a dollar today and five years from now turn that dollar into three dollars or four dollars? It's just a different orientation.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“We have to be looking both at short-term and long term simultaneously to decide where you sort of see trends going, how that's going to impact the company or manager that you're about to invest in. But we don't have the ability that the public market has, which is to say two hours after making a trade, I'm going to change my mind and unwind that. Once we do something, we're going to own it for a while.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“This is the luxury of being a global firm with global deal flow, and most of our clients take a global view on portfolio construction. They want the best investment opportunities, the best managers that we can access for them. And so in building portfolios, we have the ability to move around the globe to take advantage of whatever we think is interesting at that moment in time. Now, unlike the public markets, we have to be making investment decisions with an eye towards how's this going to play out over the next sort of three, five, six years, because most of the investments that we're making have a fairly long duration, again, long relative to public markets. So once you're investing in a private company, the work then starts, the value add then actually is happening, and that exit ultimately comes years in the future. I think our investment view is to be balanced.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“So that footprint combined with the client base has already established us in a very geographically diversified way. I think as we look forward, I suspect the twenty two offices will continue to grow. We have plans to open up in other locations. And if you look at the map of where we are, there are some very big places where we are not at present. So India, for example, would be a fairly large economy, but so far has had a very small private markets industry. That will change over time, and I think you'll likely see a Hamilton Lane office there at some point in the future. So there are a number of places that you can look around the globe and say, well, I can imagine that at some point in time that would make sense to have an office presence there.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“So today we have twenty two offices around the globe, so we already have a very large geographic footprint. And our client base is also about equally split between kind of North America and non-North America. So while we're a US headquartered business located outside of Philadelphia, we have a very global feel to the firm in that you have hundreds of employees who are operating outside of the US. And my partner and co CEO is a Hong Kong resident and operates out of Asia.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think no one would have predicted that we would have gotten this large. So I think that in itself has been a surprise. But I think what's been noteworthy, you hoped it was going to be true, but you weren't sure, was that could you continue to grow and could you continue to expand again in different ways across geographies, across clientele, and at the same time maintain the firm's core DNA? And I think one of the reasons why the growth has occurred and why the success has been there is that we have done that. The roots of the firm are still very present in how we interact with customers today, how we interact with our own employees, how we interact as a team, how we interact with shareholders, all of that still, I think, remains kind of very true to the firm's values and foundations. And so being able to achieve both of those was always the goal, again, always a risk that you don't pull it off.”
2025-07-31 · Masters in Business · The Future of Private Credit with Erik Hirsch · IDENTIFIED FROM THE TRANSCRIPT · source