Hamilton Lane, together with Braemont Capital and Delta‑v Capital, completed a $500 million non‑control growth‑equity investment in VFN Holdings (Vero Networks) on February 23, 2026. The deal gives Hamilton Lane a stake in the fiber‑infrastructure company and grants its senior infrastructure and real‑assets team members Brent Burnett and Peter Udbye seats on VFN’s board.
VFN Holdings is building fiber‑to‑the‑premise and wholesale networks across the United States. The new capital will fund that expansion and future strategic acquisitions. "This financing will enable Vero to build new fiber infrastructure to data centers, homes, schools, cell towers and businesses," said Vero CEO Matt Erickson. He added, "Further, we will continue to be on the lookout for attractive acquisitions, all while we consistently deliver high‑quality service to our customers."
Hamilton Lane manages $1.0 trillion in assets under management as of December 31, 2025, with $146.1 billion in discretionary assets and $871.5 billion in non‑discretionary assets. The firm’s Q3 CY2025 results showed revenue of $198.6 million, up 18 % year‑over‑year, and an adjusted EPS of $1.55, underscoring its strong track record of deploying capital into high‑growth infrastructure assets.
VFN previously raised $80 million in August 2024, led by Delta‑v Capital and Hamilton Lane, indicating a deepening partnership. The new $500 million investment continues that relationship and positions VFN to accelerate growth across its network portfolio.
The transaction aligns with the broader trend of increased investment in digital infrastructure driven by AI, remote work, cloud computing, and 5G rollouts. "We believe in the long‑term demand trends for fiber infrastructure," said Hamilton Lane’s Brent Burnett. "We believe in the long‑term demand trends for fiber and are excited to partner with a management team that has an exceptional track record of execution in this space." Delta‑v’s Rand Lewis added, "We have worked with Vero's leadership team for two decades. They are world class operators with a fantastic record of value creation in fiber. We have a strong conviction in the company's ability to execute on both organic and acquisition‑driven opportunities. This new investment will provide Vero with the resources necessary to accelerate growth while maintaining the quality and reliability its customers have come to expect."
The transaction underscores Hamilton Lane’s continued focus on deploying capital into high‑growth infrastructure assets and expanding its influence in the broadband sector, while the board seats for Burnett and Udbye signal a close partnership and oversight of VFN’s strategic direction.
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