Investments (Tables)

12 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments

Investments consist of the following:

	March 31,
	2021		2020
Equity method investments in Partnerships	$	240,337	$	166,106
Equity method investments in Partnerships held by consolidated VIEs (See Note 5)	4,787		9,988
Other equity method investments	1,297		1,168
Other investments	17,381		13,394
Investments valued under the measurement alternative	109,821		17,091
Investment held in trust	276,003		—
Total Investments	$	649,626	$	207,747

Equity Method Investments

The Company’s equity method investments in Partnerships consist of the following types:

	March 31,
	2021		2020
Primary funds	$	74,064	$	37,317
Secondary funds	31,054		19,872
Direct/co-investment funds	63,061		50,288
Customized separate accounts	72,158		58,629
Total equity method investments in Partnerships	$	240,337	$	166,106

The summarized financial information of the Company’s equity method investments in Partnerships is as follows:

	March 31,
	2021		2020
Assets
Investments	$	22,445,159	$	17,577,766
Other assets	610,672		415,221
Total assets	$	23,055,831	$	17,992,987
Liabilities and Partners’ Capital
Debt	$	11,838	$	61,114
Other liabilities	116,593		107,600
Total liabilities	128,431		168,714
Partners’ capital	22,927,400		17,824,273
Total liabilities and partners’ capital	$	23,055,831	$	17,992,987
	Year Ended March 31,
	2021		2020		2019
Investment income	$	389,571	$	300,121	$	211,797
Expenses	201,791		185,769		149,598
Net investment income	187,780		114,352		62,199
Net realized and unrealized gain	3,232,126		1,830,599		618,047
Net income	$	3,419,906	$	1,944,951	$	680,246

Reconciliation of Other Investments

The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining value:

	Private equity funds		Direct credit co-investments		Direct equity co-investments		Total other investments
Balance as of March 31, 2019	$	3,734	$	3,940	$	4,814	$	12,488
Contributions	2,526		—		1,875		4,401
Distributions	(777)		(1,970)		—		(2,747)
Net gain	303		(214)		(837)		(748)
Balance as of March 31, 2020	$	5,786	$	1,756	$	5,852	$	13,394
Contributions	246		—		—		246
Distributions	(1,566)		(1,025)		(949)		(3,540)
Net gain (loss)	1,788		254		5,427		7,469
Transfer out of Level 3	—		—		(4,271)		(4,271)
Balance as of March 31, 2021	$	6,254	$	985	$	6,059	$	13,298

Schedule of Assumptions Used

The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of assets were as follows:

	March 31, 2021
				Significant
	Fair		Valuation	Unobservable				Weighted
	Value		Methodology	Inputs	Range			Average
Private equity funds	$	6,254	Adjusted net asset value	Selected market return	2%	-	12.4%	4.2%
Direct credit co-investments	$	985	Discounted cash flow	Market yield	9.3%	-	9.3%	9.3%
Direct equity co-investments	$	6,059	Market approach	EBITDA multiple	7.75x	-	14.75x	10.42x
			Market approach	Equity multiple	1.52x			1.52x

	March 31, 2020
				Significant
	Fair		Valuation	Unobservable				Weighted
	Value		Methodology	Inputs	Range			Average
Private equity funds	$	5,786	Adjusted net asset value	Selected market return	(7.4)%	-	(3)%	(6.2)%
Direct credit co-investments	$	1,756	Discounted cash flow	Market yield	11.5%	-	12.6%	12.5%
Direct equity co-investments	$	5,852	Market approach	EBITDA multiple	7.25x	-	12x	9.93x
			Market approach	Equity multiple	1.05x			1.05x