Hamilton Lane (HLNE) started an underwritten public offering of 1.57 million shares to be sold by the company and a single stockholder

Net proceeds from the sale of its shares will be used to settle in cash exchanges of membership units in the Hamilton Lane Advisors subsidiary, Hamilton Lane, the parent, said Monday in a statement.

The company won't receive any proceeds from the sale by the stockholder.

Hamilton Lane shares fell 2.7% in recent after-hours activity.