The Devil Is in the Details: Middle-Market Infrastructure Investing

The French novelist Gustave Flaubert famously said, “le bon Dieu est le dans detail,” which over the years has been loosely interpreted to mean, “the Devil is in the details.” A perfectionist, Flaubert constantly strove to find “le mot juste,” or “just the right word” in his novels, sometimes occupying an entire week writing and rewriting a single page with an intense focus on detail.1 Why? To ensure that his writing was “rhythmic as verse, precise as the language of sciences, undulant, deep-voiced as a cello, tipped with flame: A style that would pierce your idea like a dagger, and on which your thought would sail easily ahead over a smooth surface, like a skiff before a good tail wind.”2

Never in our lives could we hope to write something so beautiful. But Flaubert was right, the Devil is most certainly in the details.

What does this have to do with investing? Or even infrastructure? As middle market-focused investors, we will endeavor to explain.

1 Gosse, Edmund William (1911). “Flaubert, Gustave”. In Chisholm, Hugh (ed.). Encyclopædia Britannica. Vol. 10 (11th ed.). Cambridge University Press. pp. 483–484.
2 Flaubert, Gustave. The Letters of Gustave Flaubert 1830–1857. Translated by Steegmuller, Francis.

Hamilton Lane
Hamilton Lane

Hamilton Lane (NASDAQ: HLNE) is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs nearly 600 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $857 billion in assets under management and supervision, composed of over $112 billion in discretionary assets and over $744 billion in non-discretionary assets. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies.
* as of March 31, 2023

Ryan Jaggers
Managing Director, Business Development

Hamilton Lane
Seven Tower Bridge
110 Washington Street
Suite 1300
Conshohocken, PA 19428
+1 610 934 2222

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