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Hamilton Lane Private Equity Fund plc

UNAUDITED SCHEDULE OF DIRECT INVESTMENTS

As at 31 May 2010

		Cumulative
	Investment	Investment	Distributions	Realized	Remaining
	Commitments	Funded	Received	Gains (Losses)	Cost	Fair Value	% of
Investments	US$	US$	US$	US$	US$	US$	NAV

Apollo Investment Fund IV, L.P.	6,841,000	6,825,476	(9,713,259)	2,887,783	-	1,135,260	6.17

Aurora Equity Partners II, L.P.	3,775,867	3,775,867	(2,767,614)	-	1,008,253	2,362,054	12.85

Fenway Partners Capital Fund II, L.P.	5,130,750	5,011,432	(5,284,007)	465,616	193,041	1,284,797	6.99

Hamilton Lane Coinvest, L.P.	5,460,246	5,460,246	(8,595,222)	3,134,976	-	318,856	1.73

Kelso Investment Associates VI, L.P.	3,420,500	2,893,336	(3,664,840)	771,504	-	354,478	1.93

Levine Leichtman Capital Partners II, L.P.	7,580,905	7,580,905	(7,578,496)	-	2,409	2,137,392	11.62

Madison Dearborn Capital Partners III, L.P.	6,853,175	6,853,175	(9,659,494)	2,806,319	-	637,809	3.46

McCown De Leeuw & Co. IV, L.P.	3,420,500	2,907,391	(1,890,735)	-	1,016,656	238,517	1.30

OCM Opportunities Fund II, L.P.	5,130,752	5,130,752	(7,708,694)	2,577,942	-	7,780	0.04

Providence Equity Partners III, L.P.	3,420,500	2,978,734	(4,571,733)	1,593,096	97	133,817	0.73

Providence Growth Investors, L.P.	684,100	583,012	(561,149)	-	21,863	72,465	0.39

Quad-C Partners V, L.P.	5,130,750	4,395,446	(6,414,751)	2,019,305	-	244,358	1.33

Questor Partners Fund II, L.P.	5,130,750	4,687,138	(4,680,392)	-	6,746	1,341,782	7.30

Thomas H. Lee Foreign Fund IV-B, L.P.	6,841,000	6,166,430	(5,340,098)	-	826,332	-	-

Welsh, Carson, Anderson & Stowe VIII, L.P.	6,841,000	6,841,000	(5,863,646)	-	977,354	2,184,068	11.88


Total private equity partnerships	75,661,795	72,090,340	(84,294,130)	16,256,541	4,052,751	12,453,433	67.72

The accompanying notes are an integral part of these condensed financial statements.

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Hamilton Lane Private Equity Fund plc

UNAUDITED SCHEDULE OF DIRECT INVESTMENTS

		Cumulative
	Investment	Investment	Disposition	Realized	Remaining	Fair
	Commitments	Funded	Proceeds	Gains (Losses)	Cost	Value	% of
Current Direct Investments	US$	US$	US$	US$	US$	US$	NAV

ADCO Global, Inc. common stock (1,125.32 shares)	1,125,320	1,125,320	-	-	1,125,320	490,654
ADCO Global, Inc. Series A redeemable exchangeable
cumulative preferred stock (5,910 shares)	684,100	684,100	(156,330)	63,230	591,000	1,637,480
ADCO Global, Inc. Series B redeemable exchangeable
cumulative preferred stock (2,186 shares)	253,100	253,100	(50,055)	15,555	218,600	522,210
ADCO Global, Inc. Series C redeemable exchangeable
cumulative preferred stock (1,626 shares)	188,200	188,200	(29,004)	3,404	162,600	304,231
	2,250,720	2,250,720	(235,389)	82,189	2,097,520	2,954,575	16.07


Concentra, Inc. common stock (52,712 shares)	640,296	640,296	(299,047)	-	341,249	452,111	2.46

VMP Holdings Company I, LLC (52,712 units)	200,696	200,696	-	-	200,696	476,928	2.59

	3,091,712	3,091,712	(534,436)	82,189	2,639,465	3,883,614	21.12
Exited Direct Investments
Concentra, Inc. $187,442 14% senior discount
debentures due 2010	72,536	141,857	(168,096)	26,239	-	-	-

Generac Portable Products, Inc.	1,382,858	1,382,858	(440,746)	(942,112)	-	-	-

Pangea Submarine Systems, Inc.	2,155,368	2,248,091	-	(2,248,091)	-	-	-

Tabletop Holdings, LLC member interest (0.7154%)	1,080,753	1,080,753	(1,709,935)	629,182	-	-	-


	4,691,515	4,853,559	(2,318,777)	(2,534,782)	-	-	-

Total direct investments	7,783,227	7,945,271	(2,853,213)	(2,452,593)	2,639,465	3,883,614	21.12


Total investments						16,337,047	88.84

Other net assets						2,051,307	11.16

Total net assets						18,388,354	100.00

As at 31 May 2010

The accompanying notes are an integral part of these condensed financial statements.

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Hamilton Lane Private Equity Fund plc

UNAUDITED STATEMENT OF NET ASSETS

As at 31 May 2010

		31 May 2010	28 February 2010
	Notes	US$	US$
Assets
Financial assets at fair value:
Private equity partnerships (Cost US$4,052,751)		12,453,433	12,941,952
Direct investments (Cost US$2,639,465)		3,883,614	3,861,254
Total investments	1	16,337,047	16,803,206

Current assets
Cash at bank	8	2,403,426	1,813,191
Sundry receivables and prepayments		3,400	3,400
Total assets		18,743,873	18,619,797

Current liabilities (amounts falling due within one year)
Sundry payables and accrued expenses		355,519	353,201

Net assets attributable to shareholders		18,388,354	18,266,596

Number of shares outstanding	5	115,360.87	115,360.87

Net asset value per share attributable to shareholders		US$159.40	US$158.34

The accompanying notes are an integral part of these condensed financial statements.

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Hamilton Lane Private Equity Fund plc

UNAUDITED STATEMENT OF OPERATIONS

For the three months ended 31 May 2010

		Three months ended	Year ended	Three months ended
		31 May 2010	28 February 2010	31 May 2009
	Notes	US$	US$	US$
Income
Interest and dividends		-	-	-
Net fair value gain (loss) on investments		190,280	234,355	(716,961)
Total net income (loss)		190,280	234,355	(716,961)

Expenses
Administration fees		15,000	60,000	15,000
Management fees		13,214	78,520	27,542
Audit fees		12,411	46,567	21,157
Custodian fees		6,000	24,000	7,848
Directors' fees		4,923	22,308	5,662
Tax fees		2,625	5,250	1,512
Legal fees		-	132,142	7,757
Sundry expenses		12,038	54,053	7,177
Total operating expenses		66,211	422,840	93,655

Operating gain (loss)		124,069	(188,485)	(810,616)

Finance costs
Distributions to shareholders	2	-	(283,492)	(283,492)

Gain (loss) for the period after finance costs		124,069	(471,977)	(1,094,108)

Withholding taxes	3	(2,311)	62,180	(310)

Net increase (decrease) in net assets
attributable to shareholders from operations		121,758	(409,797)	(1,094,418)

Gains and losses arose solely from continuing operations. There were no gains and losses other than those dealt with in the Statement of Operations above.

The accompanying notes are an integral part of these condensed financial statements.

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Hamilton Lane Private Equity Fund plc

UNAUDITED STATEMENT OF CASHFLOWS

For the nine months ended 30 November 2009

	Three months ended	Year ended	Three months ended
	31 May 2010	28 February 2010	31 May 2009
	US$	US$	US$
Cashflows from operating activities
Interest and dividend income	-	-	-
Operating expenses	(66,211)	(422,840)	(93,655)
Decrease in sundry receivables and prepayments	-	194,713	194,713
Increase (decrease) in sundry payables and accrued expenses	2,318	(214,334)	(135,202)
Payments to underlying investments	(29,595)	(95,558)	124,004
Cash distributions received from private equity partnerships	615,293	1,258,791	160,009
Proceeds received from sale of stock
(received as distributions from private equity partnerships)	68,430	51,765	51,765

Net cash provided by operating activities	590,235	772,537	301,634

Cashflows from financing activities
Distributions paid	-	(283,492)	(283,492)

Net cash used in financing activities	-	(283,492)	(283,492)

Net increase in cash and cash equivalents	590,235	489,045	18,142

Cash and cash equivalents - beginning of period	1,813,191	1,324,146	1,324,146

Cash and cash equivalents - end of period	2,403,426	1,813,191	1,342,288


Supplemental disclosure of non cash investing activities
Distributions received from private equity partnerships in the form of stock	74,553	59,410	59,410

The accompanying notes are an integral part of these condensed financial statements

2-8.

Hamilton Lane Private Equity Fund plc

NOTES TO THE UNAUDITED & CONDENSED FINANCIAL STATEMENTS

1 Accounting policies

The significant accounting policies applied in the preparation of these condensed financial statements are consistent with the accounting policies applied in the preparation of the Audited Financial Statements for the year to 28 February 2010.

Basis of preparation

These condensed financial statements are prepared in accordance with Generally Accepted Accounting Principles and comply with the ASB statement on interim reports and as such condensed financial statements and selected note disclosures have been presented. The same accounting policies and methods of computation followed in the most recent audited financial statements have been used in the preparation of these unaudited condensed financial statements.

Investments

The Company's financial instruments are investments in closed-ended private equity partnerships and private equity co-investments which are directly managed by the general partners or sponsors of the investments. As a consequence, the Company is not directly responsible for the management of the risks related to its investments even though it is indirectly subject to financial risks through the limited partnerships and their underlying assets.

2 Distributions

The fund made distributions totaling $0 (2009: $283,492) to shareholders during the period.

3 Witholding taxes

	31 May 2010	28 February 2010
	US$	US$
Withholding tax on distributions	(2,311)	-
Withholding taxes	-	62,180
	(2,311)	62,180

4 Changes in the portfolio

A list specifying for each investment the total purchases and sales which took place during the period under review may be obtained free of charge, upon request at the registered office of the Company.

5 Summary of funds committed and drawn

Shares in the Company are issued on each drawdown date. During the period under review there were no capital drawdowns. As at 31 May 2010, funds committed and drawn and the number of shares in issue were as follows:

	Number of Shares in issue	Share capital US$	Number of Shares in issue	Share capital US$
	31 May 2010	31 May 2010	28 February 2010	28 February 2010
Committed	N/A	83,123,000	N/A	83,123,000
Funds drawn	115,361	78,966,850	115,361	78,966,850

The Company's Prospectus provides that the period during which the Company could draw down the shareholders' committed capital ended on 12 June 2004. Therefore, the Company will not make any additional capital calls and the shareholders no longer have an obligation to fund the remaining 5% of their capital commitments.

6 Shareholders' funds

The Company has an authorised minimum share capital of 30,000 subscriber shares of US$1 each, 7 of which were outstanding at 31 May 2010. The subscriber shares do not entitle the holders to any dividend, and on a winding-up entitle the holders to receive the amount paid up thereon but not otherwise to participate in the assets of the Company. The subscriber shares do not form part of the net assets of the Company and are thus disclosed in the financial statements by way of this note only. The Company has an authorised share capital of 100,000,000,000 shares of no par value. At 31 May 2010, 115,360.87 shares were in issue.

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Hamilton Lane Private Equity Fund plc

NOTES TO THE UNAUDITED & CONDENSED FINANCIAL STATEMENTS

7 Shares held in company

At 31 May 2010, four shareholders held in excess of 10% of shares in the Company:
	No of shares	% holding

Pensionskasse Schweiz Elekrizitatswerke	34,695.84	30.08
Alpinvest Partners	27,756.58	24.06
Pensionsfonds der Shell (Switzerland)	13,878.31	12.03
Goldstar Ltd	13,878.31	12.03

8 Cash at bank

Cash at bank is held with Northern Trust (Guernsey) Limited who have been appointed by Northern Trust Fiduciary Services (Ireland) Limited as their Global Sub-Custodian.

9 Exchange rates

	31 May	28 February
	2010	2010
	US$	US$

Euro	0.81	0.73

10 Related party transactions

In the opinion of the Directors, the Investment Manager, the Investment Advisor and the Directors listed below are related parties under FRS8 "Related Party Transactions". Fees payable to these parties are disclosed in the Statement of Operations. Paul Bagley and Kelly A Moylan are also Directors of the Investment Manager, HLSP Investment Management LLC. Paul Bagley, Thompson H Rogers, Juan Delgado-Moreira and Randy Stilman, Directors of the Company, indirectly own interests in HLSP Investment Management LLC. During the period distributions totalling US$0 (2009 US$2,807) were paid to HLSP Investment Management LLC.

11 Soft commission arrangements

There were no soft commission arrangements affecting the Company during the period ended 31 May 2010.

12 Historical Net Asset Value data, net of distributions

	31 May 2010	28 February 2010	29 February 2009
	US$	US$	US$

Net Asset Value	18,388,354	18,266,596	18,676,393

Net Asset Value per share	159.40	158.34	161.90

13 Events since the period end

There were no other events occurring after the period end which would have a material impact on the condensed financial statements.

14 Approval of the financial statements

The condensed financial statements were approved by the Board of Directors on 29 July 2010.

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This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange.

Company name	Hamilton Lane
Headline	Unaudited & Condensed Financial Statements

Investment Advisor	Directors of the Company
Hamilton Lane Investment Holdings LLC	Kelly A Moylan
One Presidential Boulevard	Paul Bagley
4^th Floor	Thompson H Rogers
Bala Cynwyd, PA 19004	Frank Ennis *
USA	David McCabe *
	Randy Stilman
	Juan Delgado-Moreira (appointed 09 June 2010) W Duke DeGrassi (resigned 09 April 2010)
Registered Office
First Floor, Fitzwilton House
Wilton Place	*Independent non-executive Directors
Dublin 2
Ireland
Company registration number: 268036


Investment Manager and Distributor	Custodian
HLSP Investment Management LLC	Northern Trust Fiduciary Services (Ireland) Limited
One Presidential Boulevard	Georges Court
4^th Floor	54-62 Townsend Street
Bala Cynwyd, PA 19004	Dublin 2
USA	Ireland


Legal Advisors	Administrator
William Fry	Northern Trust International Fund Administration
Fitzwilton House	Services (Ireland) Limited
Wilton Place	Georges Court
Dublin 2	54-62 Townsend Street
Ireland	Dublin 2
	Ireland


Independent Auditors	Sponsoring Irish Stock Exchange Broker
PricewaterhouseCoopers	Davy Stockbrokers
Chartered Accountants and Registered Auditors	Davy House
One Spencer Dock	49 Dawson Street
North Wall Quay	Dublin 2
Dublin 1	Ireland
Ireland


Secretary
Wilton Secretarial Limited
Fitzwilton House
Wilton Place
Dublin 2
Ireland

___________________________________________________________________________________

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