Potential conflicts of interest during the investment process at Hamilton Lane are monitored through a multi-stage approach. During investment due diligence, the diligence teams compile information on potential conflicts that our underlying managers may face, or any conflicts that Hamilton Lane may face with a specific fund manager. Conflicts, when noted, are detailed in the investment due diligence report that is provided to the investment committee. Additional conflicts could arise during the investment allocation process. Hamilton Lane seeks to mitigate these conflicts by documenting the rationale for each investment allocation, and then layering in a review of each proposed allocation by the Compliance department. Post the investment and due diligence phase, ongoing monitoring and reporting is carried out by a separate department, independent from the investment team, as is performance reporting so that we can be sure of an objective approach to each investments IRR and MOIC, as well as it potential for future appreciation.