Shares of Hamilton Lane Inc. (HLNE) surged 5.18% early Tuesday, driven by the company’s strong fiscal first-quarter results that significantly exceeded analyst expectations.

The private-markets investment firm reported adjusted earnings of $1.94 per share, far surpassing the FactSet consensus estimate of $1.53. Revenue for the quarter jumped 56% year-over-year to $275.3 million, easily topping the $221.9 million Wall Street forecast. The top-line growth was fueled by a more than doubling of incentive fees, which reached $114 million.

Further bolstering investor confidence, Hamilton Lane disclosed that fee-earning assets under management grew 12% to $83.7 billion, and total AUM reached $146.35 billion. The company also declared a quarterly dividend of $0.60 per share, with a targeted full-year dividend of $2.40, representing an 11% increase from the prior fiscal year.