Hamilton Lane goes internal for new CFO

Hamilton Lane said that it has selected Jeffrey Armbrister as its next chief financial officer, effective August 8. He will replace Atul Varma, who the firm simply said is leaving “to pursue other interests.”

A spokesperson did not have further details on Varma’s future plans but added that he will remain at the firm “for the next several months to ensure a seamless transition.”

Armbrister has been with Hamilton Lane since 2018 and has helmed its direct equity investments arm. The firm reiterated that his division recently landed over $2 billion for its latest vehicle, Hamilton Lane Equity Opportunities Fund V. Armbrister had been promoted to global head of co-investments in November 2019.

Hamilton Lane touted Armbrister’s track record internally, which has involved collaborating with boards and management teams alike on business growth and in working on strategic initiatives. The firm also touted his operational and investing experience.

Armbrister’s promotion is one of several high-profile people moves that Hamilton Lane revealed. It gave Andrew Schardt, its head of investment strategy, a pair of additional roles: he was appointed vice-chairman as well as Armbrister’s replacement in the direct equity investment division.

Richard Hope, Hamilton Lane’s EMEA head for the global investment team, will also become co-head of investments and Nayef Perry will be the sole head of credit. Perry previously served as co-head alongside Schardt.

All those promotions are effective August 8.

Hamilton Lane also noted that Ken Binick will join as the direct equity team’s head of execution. Binick’s hire is effective September 5.