Spotlight on Bryan Jenkins, Head of Portfolio Strategy & Research, Hamilton Lane
Global Thought Leader Spotlight
Bryan Jenkins, Head of Portfolio Strategy & Research, Hamilton Lane
In my role as Head of Portfolio Strategy and Research at Hamilton Lane, I lead the firm’s efforts to design resilient private markets portfolios for clients globally. My team sets private markets asset allocation, guides portfolio construction and pacing, and applies quantitative research and risk analysis across strategies and structures.
We draw on Hamilton Lane’s proprietary data and analytics platform to evaluate opportunities, model outcomes and help investors understand the trade-offs between return, risk and liquidity.
I also chair our Portfolio Management Committee and serve on the Evergreen Portfolio Committee, ensuring our market views are reflected in client portfolios.
Liquidity pressure driving opportunity, with greater need for selectivity
A slowdown in exits has led to longer hold periods that have reduced distributions and increased NAV across private markets, but particularly in private equity.
The secondary market enables both LPs and GPs to enhance liquidity, actively manage portfolios, rebalance fund exposures and extend value creation.
The market has experienced explosive growth and is estimated to have seen over US$210 billion in transaction volume over 2025, although it still represents a small percentage of broader market turnover. Further, the market is capital constrained with limited supply and mixed asset quality, making selectivity critical.
Structural evolution of secondaries and GP-led transactions
GP-led secondaries and continuation vehicles have become a permanent feature of the market. These structures can provide access to high-quality assets at attractive entry points. Increased complexity around valuation, governance and alignment elevates execution risk.
Secondaries as a strategic portfolio construction tool
Secondaries are increasingly viewed as a long-term strategic allocation rather than a tactical trade. Key benefits include shorter duration, earlier cash flows and J-curve mitigation.
As competition increases, outcomes will depend more on access, information advantage and disciplined risk management.
Implications for sophisticated investors
Investors should approach secondaries with a portfolio-level mindset, recognising that outcomes will be increasingly driven by selectivity and execution rather than market beta.
First, investors should position secondaries as a strategic allocation within private markets, using them to improve liquidity, shorten duration and smooth cash flows while maintaining exposure to private asset returns. This is particularly valuable in an environment of slower exits and elevated NAV.
Second, portfolio construction should emphasize manager skill, access and information advantage. As dispersion in asset quality increases, investors should prioritise managers with deep underwriting capabilities, strong GP relationships and the ability to source proprietary or restricted transactions, rather than relying on broadly intermediated deals.
Third, investors should be thoughtful about structural complexity, particularly in GP-led transactions. While these can offer compelling risk-adjusted returns, governance, valuation discipline and alignment must be carefully assessed.
Bryan will be presenting at Global Investment Institute’s upcoming Family Office Investment Forum, taking place on Thursday, 19 March 2026 in Melbourne CBD, Victoria. To register your interest in attending, click here or for more information email zlatan@globalii.com.au.
Bryan Jenkins, Head of Portfolio Strategy & Research, Hamilton Lane
Bryan is Head of Portfolio Strategy & Research at Hamilton Lane, where he oversees portfolio strategy, quantitative research, risk assessment and the development of the firm’s proprietary data and analytics. Bryan chairs the Portfolio Management Committee and is a member of Hamilton Lane’s Evergreen Portfolio Committee. He is also a member of the BVCA’s Research Advisory Group.
Bryan began his career at Hamilton Lane in 2012. He has previously held roles on the firm’s Research and Private Markets Analytics teams.
Bryan received a B.S. in Computer Engineering from Drexel University.
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