Competitively, insiders own roughly 11. Along with our access to data reflecting hundreds of billions of dollars of investments. For fund of fund investments, it invests in mezzanine, venture capital, private equity, turnaround, secondary investments, and special situation funds. Thus the compare of their risk, institutional ownership, analyst recommendations, profitability, dividends, earnings and valuation. Hamilton Lane Incorporated Q3 2019 Earnings Conference Call Feb.
Comparatively, insiders own roughly 11. Well, as shown on Slide eight, even considering the long bull run in the public equity market, private markets returns are showing well, against the public markets over five-year and 20-year period. The public markets are seeing increased volatility during the past few months and forecast of continuing volatility abound. What is possibly more important is that what we need more is books which come out of the academic world and provide implications and examples for understanding and analysing the behavior, thought and actions of people one meets in different settings in our everyday life. It invests in private equity markets in North America, Latin America, United States, Western Europe, Middle East, Africa, United Kingdom, Asia, Japan, and Australia.
It provides following services: separate accounts customized to each individual client and structured as single client vehicles ; specialized strategies fund-of-funds, secondaries, co-investments, taft-hartley, distribution management ; advisory relationships including due diligence, strategic portfolio planning, monitoring and reporting services ; and reporting and analytics solutions. Looking at Slide 10, the chart on the left shows the increased volatility has correlated to lower public market return. We've got exposure across different industries, different sized businesses and different geographies. Our growth continues to be driven by three simple themes: one, reups from existing clients; two, us adding brand new client relationships; and three, raising new specialized funds. Since the response to risk is essentially a response to a menacing, threatening event, emotional factors form a key component of this response. It operates through five segments: Retirement, Investment Management, Annuities, Individual Life, and Employee Benefits.
Welcome to the Hamilton Lane Q3 earnings call. And then on the tax rate, so it's declining last year. Profitability Table 2 has Hamilton Lane Incorporated and Voya Financial Inc. We think all of that is a real strength for what that book of carry dollars looks like. Value stocks can continue to be undervalued by the market for long periods of time.
And that certainty is the result of a change in a lower tax rate. The book would have gained a great deal if the author had made use of some field studies, or conducted one. It provides following services: separate accounts customized to each individual client and structured as single client vehicles ; specialized strategies fund-of-funds, secondaries, co-investments, taft-hartley, distribution management ; advisory relationships including due diligence, strategic portfolio planning, monitoring and reporting services ; and reporting and analytics solutions. Again, as the lawyers will say, borrowing any changes to state income tax regulations. The firm invests in real estate investments.
Turning to Slide 15, which profiles our earnings. For direct investments, the firm invests in mid and late venture, mature companies, growth equity, distressed debt, turnarounds, bridge financing, mezzanine financing, and buyouts in middle market companies. For direct investments, the firm invests in mid and late venture, mature companies, growth equity, emerging growth, distressed debt, later stage, turnarounds, bridge financing, mezzanine financing, and buyouts in middle market companies. Slide three of the presentation summarizes our financial performance for Q3 of fiscal 2019. Evaluating two conventional psychological models of the response to risks; 5. News, commentary and events are from third-party sources unaffiliated with Fidelity.
We have until the spring of 2019 to wrap up fundraising for these funds. They need to continue to deploy new fresh capital and they do this by allocating capital to Hamilton Lane in subsequent tranches. That being, this is not a material exposure for our firm. This book will appeal to an international audience of post-graduates, academics and researchers in the social sciences. For now, however, we remain encouraged by these developments. The two are both Asset Management companies that compete with one another. At the risk of being repetitive from prior calls, we want, again, to emphasize the embedded organic growth in our model, as we view it as one of the most important and powerful aspects of the business.
And so now we have certainty. Overall, we think the carry story continues to be a strong one. That said, I think the other big driver of the carry is what Randy had mentioned, which is we just continue to expand the number of carry earning vehicles and the carry earning dollars, and that expansion is coming from a lot of different diverse sources. From our clients perspective they've seen the data and experience these cycles before and many of them look forward to these periods as creating opportunities to find interesting investments at attractive prices. We continue to see very solid growth in our business with total year-to-date revenue up 11% versus the prior year period.