Hamilton Lane (HLNE) 10-K 14 Jun 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2018	Jun. 11, 2018	Sep. 30, 2017
Entity Registrant Name	Hamilton Lane Incorporated
Entity Central Index Key	1,433,642
Document Type	10-K
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 410.6
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Common Class A
Entity Common Stock, Shares Outstanding		23,131,428
Common Class B
Entity Common Stock, Shares Outstanding		25,700,068

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Assets
Cash and cash equivalents	$ 47,596	$ 32,286
Restricted cash	1,787	1,849
Fees receivable	14,924	12,113
Prepaid expenses	2,301	2,593
Due from related parties	3,236	3,313
Furniture, fixtures and equipment, net	4,782	4,063
Investments	137,253	120,147
Deferred income taxes	73,381	61,223
Other assets	8,535	3,030
Total assets	293,795	240,617
Liabilities and Equity
Accounts payable	1,700	1,366
Accrued compensation and benefits	8,092	3,417
Deferred incentive fee revenue	6,245	45,166
Debt	84,162	84,310
Accrued members’ distributions	11,837	2,385
Payable to related parties pursuant to tax receivable agreement	34,133	10,734
Accrued dividend	3,893	0
Other liabilities	7,659	6,612
Total liabilities	157,721	153,990
Commitments and Contingencies
Preferred stock, $0.001 par value, 10,000,000 authorized; none issued	0	0
Additional paid-in-capital	73,829	61,845
Accumulated other comprehensive loss	0	(311)
Retained earnings	4,549	612
Less: Treasury stock, at cost, 0 and 114,529 held as of March 31, 2018 and 2017, respectively	0	(2,151)
Total Hamilton Lane Incorporated stockholders’ equity	78,426	60,042
Total stockholders' equity	136,074	86,627
Total liabilities and equity	293,795	240,617
Common Class A
Liabilities and Equity
Common stock	22	19
Common Class B
Liabilities and Equity
Common stock	26	28
General Partnerships
Liabilities and Equity
Stockholders' equity attributable to noncontrolling interest	7,266	9,901
Hamilton Lane Advisors, L.L.C.
Liabilities and Equity
Stockholders' equity attributable to noncontrolling interest	$ 50,382	$ 16,684

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, shares issued (in shares)	0
Treasury stock (in shares)	0	114,529
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	23,139,476	19,151,033
Common stock, shares outstanding (in shares)	23,139,476	19,036,504
Common Class B
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	25,700,068	27,935,255
Common stock, shares outstanding (in shares)	25,700,068	27,935,255

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Revenues
Management and advisory fees	$ 195,030	$ 172,674	$ 157,630
Incentive fees	49,003	7,146	23,167
Total revenues	244,033	179,820	180,797
Expenses
Compensation and benefits	82,868	72,116	92,065
General, administrative and other	38,212	31,589	26,898
Total expenses	121,080	103,705	118,963
Other income (expense)
Equity in income of investees	17,102	12,801	1,518
Interest expense	(5,989)	(14,565)	(12,641)
Interest income	528	320	194
Other non-operating income	5,036	83	5,816
Total other income (expense)	16,677	(1,361)	(5,113)
Total income before income taxes	139,630	74,754	56,721
Income tax expense	33,333	316	869
Net income	106,297	74,438	55,852
Net Income (Loss) Attributable to Parent	$ 17,341	$ 612	0
Common Class A
Earnings per share of Class A common stock
Basic (in dollars per share)	$ 0.94
Diluted (in dollars per share)	0.93
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.7	$ 0
General Partnerships
Other income (expense)
Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C.	$ 2,448	$ 1,192	(1,255)
Hamilton Lane Advisors, L.L.C.
Other income (expense)
Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C.	$ 86,508	$ 72,634	$ 57,107

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 106,297	$ 74,438	$ 55,852
Other comprehensive income (loss), net of tax:
Unrealized loss on cash flow hedge	0	(142)	(823)
Realized loss on cash flow hedge	922	44	0
Total other comprehensive income (loss), net of tax	922	(98)	(823)
Comprehensive income	107,219	74,340	55,029
Less:
Total comprehensive income attributable to Hamilton Lane Incorporated	17,652	626	0
General Partnerships
Less:
Comprehensive income (loss) attributable to non-controlling interests	2,448	1,192	(1,255)
Hamilton Lane Advisors, L.L.C.
Less:
Comprehensive income (loss) attributable to non-controlling interests	$ 87,119	$ 72,522	$ 56,284

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Members’ Equity (Deficit)	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	General PartnershipsNoncontrolling Interests	Hamilton Lane Advisors, L.L.C.Noncontrolling Interests
Beginning balance at Mar. 31, 2015	$ 73,690		$ 56,238	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 17,452	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	55,852		57,107							(1,255)
Other comprehensive income (loss)	(823)								(823)
Equity-based compensation	3,730		3,730
Purchase of membership interests	(173,622)		(173,622)
Sale of membership interest / Issuance of common stock	3,268		3,268
Proceeds received from option exercises	586		586
Member distributions	(69,790)		(69,790)
Capital contributions from (distributions to) non-controlling interests, net	(4,829)									(4,829)
Ending balance at Mar. 31, 2016	(111,938)		(122,483)	0	0	0	0	0	(823)	11,368	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	74,438
Other comprehensive income (loss)	(98)
Ending balance at Mar. 31, 2017	86,627		0	19	28	61,845	612	(2,151)	(311)	9,901	16,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	106,297						17,341			2,448	86,508
Other comprehensive income (loss)	922								311		611
Equity-based compensation	5,648					1,980					3,668
Proceeds received from option exercises	313					108					205
Member distributions	(46,395)										(46,395)
Capital contributions from (distributions to) non-controlling interests, net	(5,083)									(5,083)
Repurchase of Class A shares for employee tax withholding subsequent to Reorganization and IPO	(6,473)			(1)		(2,672)					(3,800)
Retirement of treasury stock	0	$ (2,151)				(2,151)		2,151
Issuance of shares for acquisition	612					212					400
Deferred tax adjustment	7,012					7,012
Dividends declared	(13,404)						(13,404)
Offering adjustments	(2)			4	(2)	7,681					(7,685)
Equity reallocation between controlling and non-controlling interests	0					(186)					186
Ending balance at Mar. 31, 2018	$ 136,074		$ 0	$ 22	$ 26	$ 73,829	$ 4,549	$ 0	$ 0	$ 7,266	$ 50,382

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Operating activities:
Net income	$ 106,297	$ 74,438	$ 55,852
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,891	1,915	2,027
Change in deferred income taxes	22,983	26	730
Change in payable to related parties pursuant to tax receivable agreement	(5,076)	0	0
Amortization of deferred financing costs	167	845	857
Write-off of deferred financing costs	1,657	3,359	2,408
Equity-based compensation	5,544	4,681	3,730
Gain on sale	0	0	(5,408)
Equity in income of investees	(17,102)	(12,801)	(1,518)
Proceeds received from investments	14,391	10,843	4,105
Other	1,244	77	117
Changes in operating assets and liabilities:
Fees receivable	(2,624)	(285)	4,041
Prepaid expenses	299	(1,038)	(49)
Due from related parties	77	(461)	101
Other assets	16	(610)	(1,009)
Accounts payable	334	725	(1,026)
Accrued compensation and benefits	4,675	(612)	(920)
Deferred incentive fee revenue	(38,921)	0	43,206
Other liabilities	840	577	1,931
Net cash provided by operating activities	96,692	81,679	109,175
Investing activities:
Purchase of furniture, fixtures and equipment	(2,254)	(1,275)	(921)
Cash paid for acquisition of business	(5,228)	0	0
Distributions received from investments	16,055	8,782	21,587
Contributions to investments	(30,346)	(24,222)	(18,164)
Net cash (used in) provided by investing activities	(21,773)	(16,715)	2,502
Financing activities:
Repayments of senior secured term loan	(87,038)	(162,600)	(121,680)
Borrowings of debt, net of deferred financing costs	85,066	0	253,988
Contributions from non-controlling interest in Partnerships	276	532	629
Distributions to non-controlling interest in Partnerships	(5,359)	(3,191)	(5,458)
Proceeds from IPO, net of underwriting discount	0	203,205	0
Payment of deferred offering costs	0	(5,844)	0
(Repurchase) issuance of Class B common stock	(2)	28	0
Sale of membership interests	0	4,669	3,268
Purchase of restricted stock for tax withholdings	(6,473)	(2,151)	0
Purchase of membership interests	0	(55,983)	(173,622)
Proceeds received from option exercises	313	1,192	586
Dividends paid	(9,511)	0	0
Members’ distributions	(36,943)	(80,457)	(67,815)
Other	0	(611)	0
Net cash (used in) financing activities	(59,671)	(101,211)	(110,104)
Increase (decrease) in cash, cash equivalents, and restricted cash	15,248	(36,247)	1,573
Cash, cash equivalents, and restricted cash at beginning of year	34,135	70,382	68,809
Cash, cash equivalents, and restricted cash at end of year	$ 49,383	$ 34,135	$ 70,382

Organization

Organization	12 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Hamilton Lane Incorporated (or “HLI”) was incorporated in the State of Delaware on December 31, 2007. The Company was formed for the purpose of completing an initial public offering (“IPO”) and related transactions (“Reorganization”) in order to carry on the business of Hamilton Lane Advisors, L.L.C. (“HLA”) as a publicly-traded entity. As of March 6, 2017, in connection with the Reorganization discussed below, HLI became the sole managing member of HLA. Unless otherwise specified, “the Company” refers to the consolidated entity of Hamilton Lane Incorporated and Hamilton Lane Advisors, L.L.C. and subsidiaries throughout the remainder of these notes. HLA is a registered investment advisor with the United States Securities and Exchange Commission (“SEC”), providing asset management and advisory services, primarily to institutional investors, to design, build and manage private markets portfolios. HLA generates revenues primarily from management fees, by managing assets on behalf of customized separate accounts, specialized fund products and distribution management accounts, and advisory fees, by providing asset supervisory and reporting services. HLA sponsors the formation, and serves as the general partner or managing member, of various limited liability partnerships consisting of specialized funds and certain single client separate account entities (“Partnerships”) that acquire interests in third-party managed investment funds that make private equity and equity-related investments. The Partnerships may also make direct co-investments, including investments in debt, equity, and other equity-based instruments. The Company, which includes certain subsidiaries that serve as the general partner or managing member of the Partnerships, may invest its own capital in the Partnerships and generally makes all investment and operating decisions for the Partnerships. HLA operates several wholly owned entities through which it conducts its foreign operations. Reorganization In connection with the IPO, the Company completed a series of transactions on March 6, 2017, which are described below: • HLI amended and restated its certificate of incorporation to, among other things, provide for Class A common stock, Class B common stock, and preferred stock. • HLA amended and restated its limited liability company agreement to, among other things, (i) appoint HLI as the sole managing member of HLA, and (ii) classify the interests that were acquired by HLI as Class A units, the voting interests held by the continuing members of HLA as Class B units, and the non-voting interests held by the continuing members of HLA as Class C units. • HLA effectuated a reverse unit split of 0 .68 -for-1 for each unit class. All unit-based data, including the number of units and per unit amounts in these consolidated financial statements and accompanying notes have been retroactively adjusted for the reverse split. • Certain HLA members exchanged their HLA units for 3,899,169 shares of Class A common stock of HLI. • HLI issued to the Class B unitholders of HLA one share of Class B common stock for each Class B unit that they owned in exchange for a payment of its par value. • Certain Class B unitholders of HLA entered into a stockholders agreement where they agreed to vote all their shares of voting stock in accordance with the instructions of HLA Investments, LLC. • HLI entered into an exchange agreement with the direct owners of HLA pursuant to which they will be entitled to exchange HLA units for shares of HLI’s Class A common stock on a one-for-one basis. Initial Public Offering On March 6, 2017, HLI issued 13,656,250 shares of Class A common stock in the IPO at a price of $16.00 per share. The net proceeds totaled $203,205 after deducting underwriting commissions of $15,295 and before offering costs of $5,844 that were incurred by HLA. The net proceeds were used to purchase 11,156,250 newly issued Class A units in HLA for $166,005 , and 2,500,000 Class A units from existing HLA owners for $37,200 . Subsequent to the IPO and Reorganization transactions, HLI is a holding company whose principal asset is a controlling equity interest in HLA. As the sole managing member of HLA, HLI operates and controls all of the business and affairs of HLA, and through HLA, conducts its business. As a result, HLI consolidates HLA’s financial results and reports a non-controlling interest related to the portion of HLA units not owned by HLI. The assets and liabilities of HLA represent substantially all of HLI’s consolidated assets and liabilities with the exception of certain deferred tax assets and liabilities, accrued dividends, and amounts payable to related parties pursuant to a tax receivable agreement. The Reorganization is considered a transaction between entities under common control. As a result, the consolidated financial statements for periods prior to the IPO and the Reorganization are the consolidated financial statements of HLA as the predecessor to HLI for accounting and reporting purposes. 2018 Offering In March 2018, HLI and certain selling stockholders completed a registered offering of an aggregate of 4,531,001 shares of Class A common stock at a price of $34.25 per share (the “2018 Offering”). The purpose of the 2018 offering was to provide liquidity to significant direct and indirect owners of HLA. The shares sold consisted of (i) 696,315 shares held by the selling stockholders and (ii) 3,834,686 newly issued shares by HLI. HLI received approximately $125,200 in proceeds from the sale of its shares, net of underwriting discounts and commissions, and used all of the net proceeds to settle in cash exchanges by certain members of HLA of a total of 2,235,187 Class B units and 1,599,499 Class C units. In connection with the exchange of the Class B units, HLI also repurchased for par value and canceled a corresponding number of shares of Class B common stock. HLI did not receive any proceeds from the sale of shares by the selling stockholders. As of March 31, 2018 and 2017 , HLI held approximately 42.1% and 34.2% of the economic interest in HLA. As future exchanges of HLA units occur, the economic interest in HLA held by HLI will increase.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying financial statements include the accounts of the Company, and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Consolidation The Company performs an analysis to determine whether it is required to consolidate entities, by determining if the Company has a variable interest in each entity and whether that entity is a variable interest entity (“VIE”). The Company performs the variable interest analysis for all entities in which it has a potential variable interest, which primarily consist of all Partnerships where the Company serves as the general partner or managing member, and general partner entities not wholly owned by the Company. If the Company has a variable interest in the entity and the entity is a VIE, it will also analyze whether the Company is the primary beneficiary of this entity and whether consolidation is required. In evaluating whether it has a variable interest in the entity, the Company reviews the equity ownership and whether the Company absorbs risk created and distributed by the entity, as well as whether the fees charged to the entity are customary and commensurate with the level of effort required to provide services. Fees received by the Company are not variable interests if (i) the fees are compensation for services provided and are commensurate with the level of effort required to provide those services, (ii) the service arrangement includes only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated at arm’s length and (iii) the Company’s other economic interests in the VIE held directly and indirectly through its related parties, as well as economic interests held by related parties under common control, where applicable, would not absorb more than an insignificant amount of the entity’s losses or receive more than an insignificant amount of the entity’s benefits. Evaluation of these criteria requires judgment. For entities determined to be VIEs, an evaluation is required to determine whether the Company is the primary beneficiary. The Company evaluates its economic interests in the entity specifically determining if the Company has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance (“the power”) and the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE (“the benefits”). When making the determination on whether the benefits received from an entity are significant, the Company considers the total economics of the entity, and analyzes whether the Company’s share of the economics is significant. The Company utilizes qualitative factors, and, where applicable, quantitative factors, while performing the analysis and the Company has determined that it is not the primary beneficiary of each of the Partnerships, therefore consolidation is not required for those entities. For the general partner entities that are not wholly owned by the Company that are determined to be VIEs, the Company has determined it is the primary beneficiary since it has the power and the benefits; therefore consolidation of these entities is required. The portion of the consolidated subsidiaries owned by third parties and any related activity is eliminated through non-controlling interests in general partnerships in the Consolidated Balance Sheets and income (loss) attributable to non-controlling interests in general partnerships in the Consolidated Statements of Income. For entities that are not determined to be VIEs, the Company analyzes whether it has a controlling financial interest to determine whether consolidation is required. At each reporting date, the Company determines whether any reconsideration events have occurred that require it to revisit the primary beneficiary analysis and will consolidate or deconsolidate accordingly. See Note 4 for additional disclosure on VIEs. Accounting for Differing Fiscal Periods The Partnerships primarily have a fiscal year end as of December 31, and the Company accounts for its investments in the Partnerships using a three-month lag due to the timing of financial information received from the investments held by the Partnerships. The Partnerships primarily invest in private equity funds, which generally require at least 90 days following the calendar year end to present audited financial statements. The Company records its share of capital contributions to and distributions from the Partnerships in investments in the Consolidated Balance Sheets during the three month lag period. The Company’s revenue earned from Partnerships, including both management and advisory fee revenue and incentive fee revenue, is not accounted for on a lag. To the extent that management is aware of material events that affect the Partnerships during the intervening period, the impact of the events would be disclosed in the Notes to Consolidated Financial Statements. Foreign Currency Foreign currency balances and transactions of the Company, including its foreign subsidiaries are translated into U.S. Dollars, which is the functional currency. Assets and liabilities relating to foreign subsidiaries are translated using the exchange rates prevailing at the end of each reporting period. Results of the Company’s foreign subsidiaries are translated using the weighted-average exchange rate for each reporting period. Foreign exchange (gains) losses related to the Company and its foreign subsidiaries are included in general, administrative and other expenses in the Consolidated Statements of Income and were ($92) , $175 , and $4 for the years ended March 31, 2018 , 2017 and 2016 , respectively. Cash, Cash Equivalents and Restricted Cash Cash deposits in interest-bearing money market accounts and highly liquid investments, with an original maturity of three months or less, are classified as cash equivalents. Interest earned on cash and cash equivalents is recorded as interest income in the Consolidated Statements of Income. Restricted cash at March 31, 2018 and 2017 was primarily cash held by the Company’s foreign subsidiaries to meet applicable government regulatory capital requirements. Fees Receivable Fees receivable are equal to contractual amounts reduced for allowances, if applicable. The Company considers fees receivable to be fully collectible; accordingly no allowance for doubtful accounts has been established as of March 31, 2018 or 2017 . If accounts become uncollectible, they will be expensed when that determination is made. Furniture, Fixtures and Equipment Furniture, fixtures and equipment consist primarily of leasehold improvements, furniture, electronic equipment, and computer hardware and software and are recorded at cost, less accumulated depreciation. Depreciation is recognized in accordance with the straight-line method over the estimated useful lives as follows: Computer equipment 3 years Furniture and fixtures 5-7 years Office equipment 3-5 years Leasehold improvements are capitalized and depreciated over the shorter of their useful life or the life of the lease. Expenditures for improvements that extend the useful life of an asset are capitalized. Expenditures for ordinary repairs and maintenance are expensed as incurred. Intangibles and Goodwill The Company’s intangible assets consist of customer relationship assets identified as part of previous acquisitions. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 7 to 10 years, reflecting the contractual lives of such assets. The Company does not hold any indefinite-lived intangible assets. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company has no t recognized any impairment charges in any of the periods presented. The carrying value of the intangible assets was $ 3,021 and $ 400 , and is included in other assets in the Consolidated Balance Sheets as of March 31, 2018 and 2017 , respectively. The accumulated amortization of intangibles was $ 696 and $ 370 as of March 31, 2018 and 2017 , respectively. Amortization of intangible assets was $ 326 , $ 91 , and $ 91 for each of the years in the three-year period ended March 31, 2018 , respectively, and is included in general, administrative and other expenses in the Consolidated Statements of Income. The estimated amortization expense for the next five fiscal years is $ 459 , $ 455 , $ 414 , $ 414 , and $ 410 , respectively. Goodwill of $ 3,943 and $ 1,069 as March 31, 2018 and 2017 , respectively, is included in other assets in the Consolidated Balance Sheets and was recorded in conjunction with previous acquisitions. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of the Company’s reporting unit is less than the respective carrying value. The reporting unit is the reporting level for testing the impairment of goodwill. If it is determined that it is more likely than not that a reporting unit’s fair value is less than its carrying value or when the quantitative approach is used, a two-step quantitative assessment is performed to (a) calculate the fair value of the reporting unit and compare it to its carrying value, and (b) if the carrying value exceeds its fair value, to measure an impairment loss. The Company performed the annual impairment assessment as of December 31, 2017 noting that no goodwill impairment existed. Equity Method Investments Investments over which the Company is deemed to exert significant influence but not control are accounted for using the equity method of accounting. For investments accounted for under the equity method of accounting, the Company’s share of income (losses) is included in equity in income of investees in the Consolidated Statements of Income. The Company’s equity in income of investees is generally comprised of realized and unrealized gains from the underlying funds and portfolio companies held by the Partnerships. The carrying amounts of equity method investments are reflected in investments in the Consolidated Balance Sheets. Fair Value of Financial Instruments The Company considers cash and cash equivalents, fees receivable, prepaid expenses, other assets, investments, accounts payable, accrued compensation and benefits, senior secured term loan, and other liabilities to be its financial instruments. The carrying amount reported in the Consolidated Balance Sheets for these financial instruments equals or closely approximates their fair values; except for investments carried at cost, which are discussed in Note 3, and senior secured term loan and interest rate caps, which are discussed in Note 7. Revenue Recognition Revenues consist primarily of management and advisory fees and incentive fees. Management and advisory fees are generally comprised of management fees from customized separate accounts, specialized funds, and distribution management services, and advisory fees from non-discretionary advisory and reporting services. Revenue from specialized funds and customized separate accounts are determined by applying a percentage to unaffiliated net invested capital or committed capital under management. Generally, customized separate accounts are contractual arrangements involving an investment management agreement between the Company and a single client. In some cases, a customized separate account will be structured as a limited partnership with a subsidiary of the Company as general partner or managing member. Specialized funds are primarily limited partnerships having multiple investors with a subsidiary of the Company serving as general partner or managing member. Distribution management fees are earned by applying a percentage to assets under management or proceeds received. Revenue from advisory clients is generally a fixed fee, and reporting and diligence services are generally charged on a per fund or transaction basis. Management and advisory fee revenues are recognized in the period during which the related services are performed and the amounts have been contractually earned. Incentive fees earned on the performance of certain separate accounts (“Performance Fees”) are recognized based on the performance during the period, subject to the achievement of minimum return levels, in accordance with the respective terms set out in the client agreement. Performance Fees are recognized when the return levels are met and are not subject to contingencies. With respect to the Partnerships, incentive fees (“Carried Interest”) are allocated to the general partner/managing member based on cumulative fund performance to date, subject to a preferred return to limited partners/non-managing members. The Company has elected to adopt “Method 1” for revenue recognition based on a formula. Under this method, incentive fees are recognized when fixed or determinable and all related contingencies have been resolved. Carried Interest received by the Company before the above criteria have been met are deferred and recorded as deferred incentive fee revenue in the Consolidated Balance Sheets. The Company may receive tax distributions related to taxable income allocated by the Partnerships, which are treated as advanced incentive fees and subject to the same recognition criteria. Tax distributions are subject to clawback unless the taxes are non-recoverable. Compensation and Benefits Compensation and Benefits consists of (a) base compensation comprising salary, bonuses, and benefits paid and payable to employees, (b) equity-based compensation associated with the grants of restricted stock awards to employees, and (c) incentive fee compensation which consists of Carried Interest and Performance Fee allocations as detailed below. Equity-based awards issued are measured at fair value at the date of grant. The fair value of the restricted stock grant is based on the closing stock price on the trading day before the date of grant less the present value of expected dividends. Expenses related to employee equity-based compensation are recorded evenly over the vesting period using the straight-line method. See Note 9 for more information regarding accounting for equity-based awards. Incentive fee compensation expense includes compensation directly related to incentive fees. Certain employees of the Company are granted allocations or profit-sharing interests and are thereby, as a group, entitled to a 25% portion of the incentive fees earned by the Company from certain Partnerships and certain managed accounts subject to vesting. Amounts payable pursuant to these arrangements are recorded as compensation expense when they have become probable and reasonably estimable. The Company’s determination of the point at which it becomes probable and reasonably estimable that incentive fee compensation expense should be recorded is based on its assessment of numerous factors, particularly those related to the profitability, realizations, distribution status, investment profile and commitments or contingencies of the individual funds that may give rise to incentive fees. Incentive fee compensation may be expensed before the related incentive fee revenue is recognized. Other Non-Operating Income Other non-operating income for the year ended March 31, 2018 consisted primarily of a non-cash adjustment to payable to related parties pursuant to the tax receivable agreement. Other non-operating income for the year ended March 31, 2016 consisted primarily of a non-cash gain of $5,408 on the merger transaction of an entity in which the Company had an investment. The fair value of the consideration received, which consisted of equity in the acquiring company, was $10,798 . Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized for the expected future tax consequences attributable to temporary differences between the carrying amount of the existing tax assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied in the years in which temporary differences are expected to be recovered or settled. The principal items giving rise to temporary differences are the use of accelerated depreciation and certain basis differences resulting from acquisitions and the recapitalization transactions. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. As a result of the Reorganization and IPO, HLI became the sole managing member of HLA, which is organized as a limited liability company and treated as a “flow-through” entity for income taxes purposes. As a “flow-through” entity, HLA is not subject to income taxes apart from foreign taxes attributable to its operations in foreign jurisdictions. Any taxable income or loss generated by HLA is passed through to and included in the taxable income or loss of its members, including HLI following the Reorganization and IPO, on a pro rata basis. As a result, the Company does not record income taxes on pre-tax income or loss attributable to the non-controlling interests in the general partnerships and HLA, except for foreign taxes discussed above. HLI is subject to U.S. federal and applicable state corporate income taxes with respect to its allocable share of any taxable income of HLA following the Reorganization and IPO. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well for all open tax years in these jurisdictions. The Company evaluates tax positions taken or expected to be taken in the course of preparing an entity’s tax returns to determine whether it is “more-likely-than-not” that each tax position will be sustained by the applicable tax authority. Tax Receivable Agreement The Company’s purchase of HLA Class A units concurrent with the IPO, and periodic exchanges by holders of HLA units for shares of the Company’s Class A common stock pursuant to the Exchange Agreement, result in increases in its share of the tax basis of the tangible and intangible assets of HLA, which will increase the tax depreciation and amortization deductions that otherwise would not have been available to HLI. These increases in tax basis and tax depreciation and amortization deductions reduce the amount of cash taxes that HLI would otherwise be required to pay in the future. HLI has entered into a tax receivable agreement (“TRA”) with the other members of HLA (the “TRA Recipients”) that requires it to pay them 85% of the amount of cash savings, if any, in U.S. federal, state, and local income tax that HLI actually realizes (or, under certain circumstances, is deemed to realize) as a result of the increases in tax basis in connection with exchanges by the TRA Recipients described above and certain other tax benefits attributable to payments under the TRA. Segments The Company operates its business in a single segment, which is how the chief operating decision maker (who is the chief executive officer) reviews financial performance and allocates resources. Accordingly, the Company considers itself to be in a single operating and reportable segment structure. Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash and fees receivable. The majority of the Company’s cash, cash equivalents, and restricted cash are held with one major financial institution and expose the Company to a certain degree of credit risk. Substantially all cash amounts on deposit with major financial institutions exceed insured limits. The concentration of credit risk with respect to fees is generally limited due to the short payment terms extended to clients by the Company. The Company derives revenues from clients located in the United States and other foreign countries. The below table presents revenues by geographic location: Year Ended March 31, 2018 2017 2016 United States $ 130,737 99,098 $ 104,337 Israel 24,387 16,675 18,642 Other foreign countries 88,909 64,047 57,818 Total revenues (1) $ 244,033 $ 179,820 $ 180,797 (1) Revenues are attributed to countries based on location of the client or investor. The Company recognized approximately 17% of its total revenues for the year ended March 31, 2018 from previously deferred incentive fees from one of its co-investment funds. Dividends and Distributions Dividends and distributions are reflected in the consolidated financial statements when declared. Related Parties For purposes of classifying amounts, the Company considers its employees, directors, equity method investments, and the TRA Recipients to be related parties. Refer to Note 13 for details on transactions with related parties. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards update (ASU) No. 2014-09, “ Revenue from Contracts with Customers ” (ASU 2014-09). ASU 2014-09 represents a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to receive in exchange for those goods or services. The Company will adopt the new standard as of April 1, 2018 using the modified retrospective approach with the cumulative effect of initial application recognized at the date of initial application. The adoption of the new standard will not have a material impact to our consolidated financial position or results of operations. A summary of the changes that will be implemented upon adoption of the new standard are discussed below. The Company currently recognizes incentive fee revenue when required return levels are met and all contingencies have been resolved. Under the new standard, the Company will recognize incentive fee revenue when it concludes that it is probable that a significant reversal in the cumulative amount of incentive fee revenue will not occur which may impact the timing of revenue recognition related to incentive fee revenue The Company has evaluated the presentation of certain reimbursable costs on a gross versus net basis and anticipates recording these costs on a gross basis upon the adoption of the new standard. While these changes are not expected to have a material impact to consolidated operating income, they will impact the components of revenues and expenses. Additionally, commissions paid that are directly associated with new separate account contracts will be capitalized and amortized over an estimated customer contract period. This change is not expected to have a material impact to the consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01) , which requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, and entities may early adopt. The Company will adopt ASU 2016-01 on April 1, 2018 and the adoption is not expected to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “ Leases” (ASU 2016-02). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the consolidated balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. The Company expects its total assets and total liabilities on its consolidated statements of financial condition to increase upon adoption of this guidance as a result of recording a lease asset and lease liability related to our operating leases. The Company is continuing to evaluate the impact that this guidance will have on its consolidated financial statements. The Company expects to adopt the new leasing guidance on April 1, 2019. In March 2016, the FASB issued ASU No. 2016-09, “ Improvements to Employee Share-Based Payment Accounting ” (ASU 2016-09). ASU 2016-09 changes how companies account for certain aspects of share-based payments to employees. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted in any interim or annual period but all of ASU 2016-09 must be adopted in the same period. The Company elected to early adopt the amended guidance on April 1, 2016. The primary impact of adoption was the recognition of excess tax benefits in the provision (benefit) for foreign income taxes rather than equity. The Company elected to apply the amendment to classify excess tax benefits as an operating activity in its Consolidated Statements of Cash Flows prospectively. Adoption of the guidance had no cumulative impact on members’ deficit as of March 31, 2016. In August 2016, the FASB issued ASU No. 2016-15, “ Classification of Certain Cash Receipts and Payments ” (ASU 2016-15). ASU 2016-15 clarifies cash flow classification of several discrete cash flows issues including debt prepayment costs and distributions received from equity method investees. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt ASU 2016-15 on April 1, 2018 and the adoption is not expected to have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, “ Statement of Cash Flows - Restricted Cash” (ASU 2016-18) . ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this update are effective for years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the standard on October 1, 2016 and retrospectively applied the amendment. Other than the change in presentation of restricted cash within the Consolidated Statements of Cash Flows, the adoption of this standard did not have a material impact on its Consolidated Financial Statements. Reclassifications Certain prior period amounts have been reclassified to conform with current period presentation.

Investments

Investments	12 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: March 31, 2018 2017 Equity method investments in Partnerships $ 105,389 $ 83,488 Equity method investments in Partnerships held by consolidated VIEs (See Note 4) 14,704 19,653 Other equity method investments 876 661 Investments carried at cost 16,284 16,345 Total Investments $ 137,253 $ 120,147 The Company’s equity method investments in Partnerships represent its ownership in certain specialized funds and customized separate accounts. The strategies and geographic location of investments within the Partnerships vary by fund. The Company has a 1% interest in substantially all of the Partnerships. The Company’s other equity method investments represent its ownership in a technology company that provides benchmarking and analytics of private equity data and its ownership in a joint venture that automates the collection of fund and underlying portfolio company data from general partners. The Company recognized equity method income related to its investments in Partnerships and other equity method investments of $ 17,102 , $12,801 , and $1,518 for the years ended March 31, 2018 , 2017 , and 2016 , respectively. The Company’ s equity method investments in Partnerships held by consolidated VIEs consisted of direct/co-investment funds. The Company’s equity method investments in Partnerships consist of the following types: March 31, 2018 2017 Primary funds $ 20,708 $ 18,741 Secondary funds 11,158 7,111 Direct/co-investment funds 29,469 15,202 Customized separate accounts 44,054 42,434 Total equity method investments in Partnerships $ 105,389 $ 83,488 The Company evaluates each of its equity method investments to determine if any were significant pursuant to the requirements of Regulation S-X. As of and for the years ended March 31, 2018 and 2017 , no individual equity method investment held by the Company met the significance criteria, and as a result, the Company is not required to present separate financial statements for any of its equity method investments. The summarized financial information of the Company’s equity method investments in Partnerships is as follows: March 31, 2018 2017 Assets Investments $ 12,002,005 $ 8,999,677 Other assets 412,766 282,380 Total assets $ 12,414,771 $ 9,282,057 Liabilities and Partners’ Capital Debt $ 48,008 $ 71,876 Other liabilities 56,972 45,043 Total liabilities 104,980 116,919 Partners’ capital 12,309,791 9,165,138 Total liabilities and partners’ capital $ 12,414,771 $ 9,282,057 Year Ended March 31, 2018 2017 2016 Investment income $ 233,255 $ 93,470 $ 103,871 Expenses 130,771 109,648 96,352 Net investment income (loss) 102,484 (16,178 ) 7,519 Net realized and unrealized gain 1,647,977 1,121,595 184,831 Net income $ 1,750,461 $ 1,105,417 $ 192,350 The Company’s investments carried at cost include other proprietary investments that are not consolidated, over which the Company does not exert significant influence and for which fair value is not readily determinable. The Company has determined in accordance with the applicable guidance that it is impracticable to estimate the fair value of the investments carried at cost due to limited information available. As of March 31, 2018 and 2017 , the Company did not identify any significant events or changes in circumstances that have a significant adverse effect on the carrying value of these investments carried at cost.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates certain VIEs for which it is determined that the Company is the primary beneficiary. The consolidated VIEs are general partner entities of certain Partnerships, which are not wholly owned by the Company. The total assets of the consolidated VIEs are $ 14,704 and $ 19,653 as of March 31, 2018 and 2017 , respectively and are recorded in Investments in the Consolidated Balance Sheets. The consolidated VIEs had no liabilities other than deferred incentive fee revenue of $6,245 and $45,166 as of March 31, 2018 and 2017 , respectively. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs, if any. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities, except for certain entities in which there could be a claw back of previously distributed carried interest. The Company holds variable interests in certain Partnerships that are VIEs, which are not consolidated, as it is determined that the Company is not the primary beneficiary. Such Partnerships are considered VIEs because limited partners lack the ability to remove the general partner or dissolve the entity without cause, by simple majority vote (i.e. have substantive “kick out” or “liquidation” rights). The Company’s involvement with such entities is in the form of direct equity interests in, and fee arrangements with, the Partnerships in which it also serves as the general partner or managing member. In the Company’s role as general partner or managing member, it generally considers itself the sponsor of the applicable Partnership and makes all investment and operating decisions. As of March 31, 2018 , the total commitments and remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIEs are $13,878,761 and $5,155,715 , respectively. These commitments are the primary source of financing for the unconsolidated VIEs. The maximum exposure to loss represents the potential loss of assets recognized by the Company relating to these unconsolidated entities. The Company believes that its maximum exposure to loss is limited because it establishes separate limited liability or limited partnership entities to serve as the general partner or managing member of the Partnerships. The carrying amount of assets and liabilities recognized in the Consolidated Balance Sheets related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows: March 31, 2018 2017 Investments $ 77,016 $ 60,597 Fees receivable 517 430 Due from related parties 1,837 1,742 Total VIE assets 79,370 62,769 Deferred incentive fee revenue 6,245 45,166 Non-controlling interests (7,266 ) (9,901 ) Maximum exposure to loss $ 78,349 $ 98,034

Furniture, Fixtures, and Equipm

Furniture, Fixtures, and Equipment	12 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Furniture, Fixtures and Equipment	Furniture, Fixtures, and Equipment Furniture, fixtures, and equipment consist of the following: March 31, 2018 2017 Computer equipment $ 4,056 $ 5,598 Furniture and fixtures 4,183 3,855 Leasehold improvements 2,464 3,812 Office equipment 3,602 2,072 14,305 15,337 Less: accumulated depreciation 9,523 11,274 Furniture, fixtures, and equipment, net $ 4,782 $ 4,063 Depreciation expense was $ 1,565 , $1,824 and $1,936 for the years ended March 31, 2018 , 2017 and 2016 , respectively, and is included in general, administrative and other expenses in the Consolidated Statements of Income.

Acquisition

Acquisition	12 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisition	Acquisition On August 11, 2017, HLA acquired substantially all the assets of Real Asset Portfolio Management LLC (“RAPM”) for a total aggregate purchase price of approximately $ 5,840 , of which $ 5,228 was paid in cash with the remainder settled in 27,240 shares of Class A common stock valued at approximately $ 612 . An additional amount based upon an agreed-upon multiple of earnings, which is currently estimated at approximately $ 6,069 , could be payable to the principals of RAPM who are now employees of HLA if they remain employed by HLA through the expected payment date in October 2018. As the amount is contingent upon future employment, the amount will be recognized as compensation expense over the required performance period. The Company recorded approximately $ 2,948 of intangible assets related to the acquired investment management contracts, which assets will be amortized over 8 years , and $ 2,874 of goodwill, which are both recorded in other assets in the Consolidated Balance Sheets. The remaining assets acquired and liabilities assumed were not material to the consolidated financial statements. Revenue and net income attributable to the acquisition of RAPM were not material for the year ended March 31, 2018 , and pro forma information related to this acquisition is not included because the impact on the Company’s Consolidated Statements of Income is not considered to be material.

Debt

Debt	12 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Term Loan and Revolving Loan On August 23, 2017, HLA entered into a Term Loan and Security Agreement (the “Term Loan Agreement”) and a Revolving Loan and Security Agreement (the “Revolving Loan Agreement” and, together with the Term Loan Agreement, the “Loan Agreements”) with First Republic Bank (“First Republic”) for $75,000 and $10,450 , respectively. After expenses, the net amount of cash received was $85,066 and was utilized to pay off the outstanding principal amount and accrued interest of the predecessor credit facility. The previous unamortized deferred financing costs of $1,657 were written off and are included in interest expense in the Consolidated Statements of Income. The Term Loan Agreement provides for a term loan facility in an aggregate principal amount of $75,000 and also contains an accordion feature that allows HLA to increase the commitment under the facility by up to $25,000 under certain conditions (the “Term Loan Facility”). Borrowings under the Term Loan Facility accrue interest at a floating per annum rate equal to the prime rate minus 1.25% , subject to a floor of 2.75% . The Term Loan Facility matures on November 1, 2024. At March 31, 2018 , the Company had an outstanding balance net of unamortized debt discount and deferred financing costs of $ 351 on the Term Loan Facility of $ 73,712 . The Revolving Loan Agreement provides for a revolving credit facility up to an aggregate principal amount of $25,000 (the “Revolving Loan Facility”). Borrowings under the Revolving Loan Facility accrue interest at a floating per annum rate equal to the prime rate minus 1.50% , subject to a floor of 2.50% . The Revolving Loan Facility matures on August 21, 2020 and requires compliance with conditions precedent that must be satisfied prior to any borrowing. At March 31, 2018 , the Company had an outstanding balance on the Revolving Loan Facility of $10,450 . The Loan Agreements contain covenants that, among other things, limit HLA’s ability to incur indebtedness, transfer or dispose of assets, merge with other companies, create, incur or allow liens, make investments, pay dividends or make distributions, engage in transactions with affiliates and take certain actions with respect to management fees. The Loan Agreements also require HLA to maintain (i) a specified amount of management fees in each fiscal year during the term of each of the Loan Agreements, (ii) adjusted EBITDA, as defined in the Term Loan Agreement, less dividend distributions on a trailing six-month basis of $12,500 or greater, tested semi-annually, and (iii) a specified tangible net worth during each fiscal year during the term of each of the Loan Agreements. The obligations under the Loan Agreements are secured by substantially all of the assets of HLA. The aggregate minimum principal payments on the Term Loan are due as follows: Fiscal year ending March 31, 2019 $ 2,813 2020 5,625 2021 10,313 2022 13,125 2023 15,000 Thereafter 27,187 $ 74,063 Predecessor Credit Facility On July 9, 2015, the Company entered into a Credit and Guaranty Agreement (the “Credit Agreement”) with various lenders for a senior secured term loan of $ 260,000 . After expenses, including underwriting fees and other expenses, the net amount received was $ 253,994 . The Company utilized the proceeds (along with available cash) primarily to pay off the previous term loan for $ 108,757 and recapitalize the Company by purchasing interests from certain equity holders for $ 165,238 in the aggregate. The previous unamortized deferred financing costs of $ 2,408 were immediately written off and included in interest expense in the Consolidated Statements of Income for the year ended March 31, 2016. At March 31, 2017 , the Company had an outstanding balance net of unamortized discount and deferred financing costs of $ 1,790 on the predecessor credit facility of $ 84,310 . The fair value of the outstanding balances of the Company’s debt instruments at March 31, 2018 and 2017 approximated par value based on current market rates for similar debt instruments and are classified as Level II within the fair value hierarchy. Interest Rate Caps In July 2015, the Company purchased interest rate caps through June 30, 2020 to limit exposure to fluctuations in LIBOR above 2.5% on a portion of the Company’s predecessor credit facility. In October 2016, the Company de-designated its remaining interest rate caps as cash flow hedges and discontinued hedge accounting. In August 2017, in connection with the payoff of the predecessor credit facility with the proceeds from the Loan Agreements, which accrue interest indexed to the prime rate, the amount accumulated in other comprehensive income (loss) was reclassified into earnings through interest expense in the Consolidated Statements of Income because the cash flows of future interest payments indexed to LIBOR will no longer occur. The changes in the fair value of these interest rate caps after the de-designation are recorded in other non-operating income in the Consolidated Statements of Income. The fair value of the interest rate caps was $ 219 and $ 194 as of March 31, 2018 and 2017 , respectively, and is included in other assets in the Consolidated Balance Sheets. The fair value of the interest rate caps is determined utilizing quoted prices in active markets for the same or similar instruments and is classified as Level II within the fair value hierarchy. Letters of Credit The Company had letters of credit outstanding of $ 145 and $ 145 as of March 31, 2018 and 2017 , respectively.

Equity

Equity	12 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Equity	Equity Subsequent to the Reorganization and IPO as described in Note 1, the Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Class A common stock Holders of Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Additionally, holders of shares of Class A common stock are entitled to receive dividends when and if declared by the Board of Directors, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Class B common stock Holders of Class B common stock are entitled to ten votes for each share held of record on all matters submitted to a vote of stockholders, but have de minimis economic rights. Shares of Class B common stock were issued in the Reorganization to the holders of Class B units of HLA at a one -to-one ratio. Shares of Class B common stock (together with the corresponding Class B units) may be exchanged for shares of Class A common stock on a one -to-one basis, or, at the Company’s election, for cash in an amount equal to the net proceeds from the sale of shares of Class A common stock equal to the number of shares of Class B common stock being exchanged, subject to certain restrictions pursuant to the exchange agreement as discussed in Note 1. Shares of Common Stock Outstanding The following table shows a rollforward of our common stock outstanding since our IPO: Class A Common Stock Class B Common Stock March 6, 2017 — — Issued to the public in the IPO 13,656,250 — Issued to HLA Class B unitholders in the Reorganization — 27,935,255 HLA units exchanged in the Reorganization 3,899,169 — Restricted interests converted to restricted stock in connection with the Reorganization 1,080,063 — Restricted stock granted at time of IPO 231,288 — Restricted stock granted after IPO 284,263 — Repurchase of restricted stock for tax withholding (114,529 ) — March 31, 2017 19,036,504 27,935,255 Restricted stock granted 235,219 — Shares issued due to option exercise 233,495 — Shares issued in connection with RAPM acquisition 27,240 — Shares issued (repurchased) in connection with secondary offering 3,834,686 (2,235,187 ) Shares repurchased for employee tax withholdings (186,280 ) — Forfeitures of restricted stock (41,388 ) — March 31, 2018 23,139,476 25,700,068 During the year ended March 31, 2018 , the Company retired 114,529 shares of Class A common stock held as treasury stock (that were outstanding as of March 31, 2017) at a total cost of $2,151 and 186,280 shares of Class A common stock at a total cost of $6,473 , which were purchased from employees to fund statutory tax withholding requirements. HLA Operating Agreement In accordance with the limited liability company agreement of HLA (the “HLA Operating Agreement”), profits and losses from HLA are allocated on a pro rata basis based upon each member’s economic interests. The HLA Operating Agreement provides that distributions are made on a pro rata basis in an amount sufficient to pay income taxes owed by the members on their share of HLA’s taxable income. In addition to these tax distributions, HLA made distributions in excess of required tax distributions to members in an aggregate amount of $ 27,631 , $ 45,000 , and $ 25,000 for the years ended March 31, 2018 , 2017 , and 2016 , respectively, which included an excess distribution to option holders of $ 0 , $ 2,608 , and $ 2,124 for the years ended March 31, 2018 , 2017 , and 2016 , respectively.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation 2017 Equity Incentive Plan The Company has adopted its 2017 Equity Incentive Plan, as amended (the “2017 Equity Plan”), which permits the issuance of up to 5,000,000 shares of Class A common stock, which may be granted as incentive stock options, nonqualified stock options, SARs, restricted stock, restricted stock units, or PSUs. Awards under the Plan generally vest over four years , with options expiring not more than ten years from the date of grant, three months after termination of employment or one year after the date of death or termination due to disability of the grantee. As of March 31, 2018 , there were 3,277,862 shares of Class A common stock available to grant under the Plan. Pursuant to the terms of the Plan, awards may not be granted after February 28, 2027. Conversion of Restricted Interests On March 6, 2017, in connection with the Reorganization described in Note 1, all outstanding options and unvested restricted interests of HLA were cancelled and replaced with stock options and restricted stock awards under the Plan. The replacement awards were issued with remaining vesting periods and other terms substantially identical to the awards they replaced. There was no difference in the fair value of the cancelled awards and replacement awards and no additional compensation expense was recorded. Summary of Option Activity A summary of option activity under the Plan for the three years ended March 31, 2018 is presented below: Year Ended March 31, 2018 2017 2016 Number of Weighted- Number of Weighted- Number of Weighted- Options outstanding at beginning of year 233,495 $ 1.34 3,532,340 $ 1.03 4,486,955 $ 0.94 Options exercised (233,495 ) 1.34 (3,298,845 ) 1.01 (954,615 ) 0.61 Options outstanding at end of year — — 233,495 1.34 3,532,340 1.03 Options exercisable at end of year — — 233,495 1.34 The intrinsic value of options exercised was $4,350 , $46,436 , and $10,487 for the years ended March 31, 2018 , 2017 and 2016 , respectively. At March 31, 2018 , there was no unrecognized compensation expense related to options issued under the Plan. Restricted Stock The Company has granted restricted Class A common stock under the Plan to certain employees as part of the annual bonus program and in connection with the Reorganization. Holders of restricted stock have all of the rights of a shareholder with respect to such shares, including the right to vote the shares but not the right to receive dividends or other distributions. Substantially all of the awards vest over four years in equal annual installments. On each vesting date, the related employee tax liabilities are either paid in cash by the employee or stock is sold back to the Company at the then-current fair value to offset the required minimum tax withholding obligations. Forfeitures are recognized as they occur. Compensation expense related to the awards is recognized ratably each month over the vesting period. The change in unvested restricted stock, including unvested restricted interests prior to the IPO, is as follows: Total Weighted- March 31, 2017 1,138,521 $ 14.49 Granted 235,219 32.45 Vested (438,795 ) 12.37 Forfeited (41,388 ) 14.18 March 31, 2018 893,557 $ 19.32 The weighted-average fair value per share of restricted stock awarded during the years ended March 31, 2018 , 2017 and 2016 was $ 32.45 , $ 17.49 , and $ 13.95 , respectively. The total fair value of restricted stock that vested during the years ended March 31, 2018 , 2017 and 2016 was $ 16,214 , $ 8,589 , and $ 6,596 , respectively. As of March 31, 2018 , total unrecognized compensation expense related to restricted stock was $ 16,800 with a weighted-average amortization period of 3.04 years. The total tax benefit recognized from share-based compensation for the years ended March 31, 2018 , 2017 and 2016 was $2,403 , $656 and $83 , respectively.

Compensation and Benefits

Compensation and Benefits	12 Months Ended
	Mar. 31, 2018
Compensation Related Costs [Abstract]
Compensation and Benefits	Compensation and Benefits The Company has recorded the following amounts related to compensation and benefits: Year Ended March 31, 2018 2017 2016 Base compensation and benefits $ 72,151 $ 65,968 $ 72,179 Incentive fee compensation 1,774 1,467 16,156 Equity-based compensation 5,544 4,681 3,730 Contingent compensation related to acquisition 3,399 — — Total compensation and benefits $ 82,868 $ 72,116 $ 92,065 The incentive fee compensation paid for the year ended March 31, 2016 subject to claw-back from employees is $635 . There was no incentive fee compensation paid for the years ended March 31, 2018 and 2017 that is subject to claw-back. The Company provides defined contribution plans covering U.S., United Kingdom and Hong Kong employees subject to minimum age and service guidelines. Eligible employees may contribute a percentage of their annual compensation subject to statutory guidelines. The Company makes discretionary and/or matching contributions to the plans, which amounted to $1,303 , $1,122 , and $1,080 for the years ended March 31, 2018 , 2017 and 2016 , respectively, and is included in compensation and benefits expense in the Consolidated Statements of Income. The Company also provides annual discretionary bonus awards to its employees based on company and individual performance, which are included in compensation and benefits in the Consolidated Statements of Income.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income (loss) before income taxes consisted of the following: Year Ended March 31, 2018 2017 2016 Domestic income before income taxes $ 138,290 $ 73,565 $ 55,252 Foreign income before income taxes 1,340 1,189 1,469 Total income before income taxes $ 139,630 $ 74,754 $ 56,721 Components of income tax expense consist of the following: Year Ended March 31, 2018 2017 2016 Current: Federal $ 8,001 $ — $ — State and local 1,769 — — Foreign 580 290 139 Total current income tax expense $ 10,350 $ 290 $ 139 Deferred: Federal $ 24,180 $ 356 $ — State and local (496 ) 53 — Foreign (701 ) (383 ) 730 Total deferred income tax (benefit) expense 22,983 26 730 Total income tax expense $ 33,333 $ 316 $ 869 A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows: Year Ended March 31, 2018 2017 2016 Federal tax at statutory rate 31.6 % 35.0 % 35.0 % State income taxes, net of federal benefit 1.5 % 5.2 % 3.1 % Non-controlling interest (19.8 )% (39.7 )% (38.1 )% Foreign income taxes (0.4 )% (0.3 )% 0.6 % Valuation allowance (1.6 )% 0.2 % 1.0 % Tax reform impact 13.7 % — % — % Other (1.1 )% — % — % Effective tax rate 23.9 % 0.4 % 1.6 % Federal Tax Reform On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was enacted, resulting in significant changes to U.S. federal income tax laws which include, but are not limited to: (1) a reduction of the corporate income tax rate from a maximum graduated tax rate of 35% to a flat tax rate of 21% effective January 1, 2018, (2) a limitation of the tax deduction for interest expense, (3) expensing the cost of acquired qualified property, and (4) a one-time transition tax on accumulated, undistributed earnings of certain foreign subsidiaries. As a result of the rate change and other changes in the Tax Act, the Company has recorded a reduction in its net deferred tax assets of $ 20,130 with a corresponding increase in deferred income tax expense, a one-time transition tax on the mandatory deemed repatriation of foreign earnings of $ 442 as income tax expense, both of which are offset by the reversal of a deferred tax liability on undistributed foreign earnings of $ 574 recorded as a deferred income tax benefit. The Company’s U.S. federal statutory income tax rate was impacted by the enactment of the Tax Act. Consequently, the blended federal statutory tax rate for the Company’s fiscal year 2018 is 31.55% based on the weighted average of a 35% tax rate for 275 days and 21% for 90 days. The Company’s overall effective tax rate is less than the statutory rate due primarily to the portion of income allocated to the non-controlling entities, which are generally not subject to corporate-level income tax except for operations in certain foreign jurisdictions. The SEC Staff issued Staff Accounting Bulletin No. 118 in December 2017 which addresses situations where the information needed to account for the income tax effects of the Tax Act is either not available, not prepared, or incomplete for the reporting period in which the Tax Act was enacted. The Company has determined that the $ 20,130 deferred income tax expense related to the remeasurement of certain deferred tax assets and liabilities, and the $ 442 current income tax expense related to the transition tax on mandatory deemed repatriation of foreign earnings, are provisional amounts and reasonable estimates at March 31, 2018. The Company has not yet completed its analysis of the Global Intangible Low-Taxed Income (“GILTI”) tax provisions of the Tax Act, and therefore, is not yet able to reasonably estimate the income tax effect. The Company expects to complete its evaluation of the provisional amounts during the second half of 2018 as technical guidance is released and as it completes its 2017 federal and state income tax returns. The significant components of deferred tax assets and liabilities are as follows: Year Ended March 31, 2018 2017 Deferred tax assets: Basis difference in HLA $ 101,951 $ 98,942 Equity-based compensation — 355 Net operating loss carryforwards 1,861 680 Valuation allowance (30,693 ) (38,180 ) State taxes 262 — Total deferred tax assets $ 73,381 $ 61,797 Deferred tax liabilities: Undistributed foreign earnings $ — $ 574 Total deferred tax liabilities — 574 Net deferred tax assets $ 73,381 $ 61,223 As of March 31, 2018 and 2017 , the Company had net operating loss carryforwards of $ 1,861 and $680 that were generated from certain foreign subsidiaries. These net operating losses can be carried forward indefinitely. As of March 31, 2018 and 2017 , it is more likely than not that the tax benefits from certain of these net operating loss carryforwards will not be realized, therefore, a valuation allowance of $845 and $680 has been established, respectively. In connection with the Reorganization and 2018 Offering, the Company recorded a deferred tax asset in the amount of $ 101,951 . It is more likely than not that a portion of these tax benefits will not be realized, therefore, a valuation allowance of $ 29,848 has been established as of March 31, 2018 . The Company believes it is more likely than not that the deferred tax assets (except those identified above) will be realized based on the Company’s historic earnings, forecasted income, and the reversal of temporary differences. The net change in the valuation allowance was an decrease of $7,487 . As of March 31, 2018 , 2017 , and 2016 , the Company had no unrecognized tax positions. The Company does not expect any material increase or decrease in its gross unrecognized tax positions during the next twelve months. If and when the Company does record unrecognized tax positions in the future, any interest and penalties related to unrecognized tax positions will be recorded in the income tax expense line in the Consolidated Statements of Income. The Company files income tax returns as required by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company may be subject to examination by federal and certain state and local tax authorities. As of March 31, 2018 , the Company’s federal income tax returns for the years 2014 through 2017 and state and local tax returns for the years 2011 through 2017 remain open and are subject to examination. Currently, no tax authorities are auditing any of the Company’s income tax matters. Tax Receivable Agreement The Company has recorded a liability related to the TRA of $34,133 and $10,734 as of March 31, 2018 and 2017 . In the event that the valuation allowance related to tax benefits associated with the TRA is released in a future period, an additional estimated payable will be due to the TRA Recipients of $ 8,394 .

Earnings per Share

Earnings per Share	12 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share of Class A common stock is computed by dividing net income attributable to HLI by the weighted-average number of shares of Class A common stock outstanding. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to HLI by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to HLI and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included. Shares of the Company’s Class B common stock are, however, considered potentially dilutive to the Class A common stock because each share of Class B common stock, together with a corresponding Class B unit, is exchangeable for a share of Class A common stock on a one-for-one basis. There were no shares of Class A common stock outstanding prior to March 6, 2017, therefore no earnings per share information has been presented for any period prior to that date. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: Year Ended March 31, 2018 Year Ended March 31, 2017 (1) Net income attributable to HLI Weighted-Average Shares Per share amount Net income attributable to HLI Weighted-Average Shares Per share amount Basic EPS of Class A common stock $ 17,341 18,414,715 $ 0.94 $ 612 17,788,363 $ 0.03 Adjustment to net income: Assumed exercise and vesting of employee awards 356 9 Effect of dilutive securities: Assumed exercise and vesting of employee awards 575,654 552,716 Diluted EPS of Class A common stock $ 17,697 18,990,369 $ 0.93 $ 621 18,341,079 $ 0.03 (1) Represents earnings per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from March 6, 2017 through March 31, 2017, the period following the Reorganization and IPO, as defined in Note 1. The calculation of diluted earnings per share excludes 30,603,983 outstanding Class B and C Units of HLA, which are exchangeable into Class A common stock under the “if-converted” method, because the inclusion of such shares would be antidilutive.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions The Company has investment management agreements with various specialized funds and customized separate accounts that it manages. The Company earned management and advisory fees from Partnerships of $ 113,507 , $ 105,087 , and $ 88,330 for the years ended March 31, 2018 , 2017 and 2016 , respectively. The Company earned incentive fees from Partnerships of $ 43,522 , $ 6,495 , and $ 20,923 for the years ended March 31, 2018 , 2017 and 2016 , respectively. The Company entered into a service agreement on June 1, 2017 with a joint venture pursuant to which it had expenses of $ 3,638 for the year ended March 31, 2018 , which amount is included in general, administrative and other expenses in the Consolidated Statements of Income. The Company also has a payable to the joint venture of $ 393 as of March 31, 2018 , which is included in other liabilities in the Consolidated Balance Sheets. Due from related parties in the Consolidated Balance Sheets consist primarily of advances made on behalf of the Partnerships for the payment of certain operating costs and expenses for which the Company is subsequently reimbursed and refundable tax distributions made to members of HLA. Fees receivable from the Partnerships were $ 1,929 and $ 918 for the periods ended March 31, 2018 and 2017 , respectively, and are included in fees receivable in the Consolidated Balance Sheets.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Year Ended March 31, 2018 2017 2016 Cash paid during the year for interest $ 3,075 $ 10,234 $ 9,237 Cash paid during the year for income taxes $ 8,790 $ 280 $ 175 Fair value of non-cash consideration received for Company’s interest in proprietary investment $ — $ — $ 10,798 Non-cash investing activities: Shares issued for acquisition of business $ 612 $ — $ — Non-cash financing activities: Exchange of HLA Class A Units to HLI Class A common stock $ — $ 4 $ — Establishment of net deferred tax assets related to tax receivable agreement $ 34,492 $ 61,278 $ — Dividends declared but not paid $ 3,893 $ — $ — Members’ distributions declared but not paid $ 11,837 $ 2,385 $ —

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In the ordinary course of business, the Company may be subject to various legal, regulatory, and/or administrative proceedings from time to time. Although there can be no assurance of the outcome of such proceedings, in the opinion of management, the Company does not believe it is probable that any pending or, to its knowledge, threatened legal proceeding or claim would individually or in the aggregate materially affect its consolidated financial statements. Incentive Fees In connection with Carried Interest from the Partnerships, the Company only recognizes its allocable share of the Partnerships’ earnings to the extent that this income is not subject to continuing contingencies. Carried Interest allocated to the Company from the Partnerships that is subject to continuing contingencies is not recognized in the accompanying Consolidated Balance Sheets. The Partnerships have allocated Carried Interest, which is still subject to contingencies, in the amounts of $303,766 and $236,857 at March 31, 2018 and 2017 , respectively, of which $6,245 and $45,166 at March 31, 2018 and 2017 , respectively, has been received and deferred by the Company. If the Company ultimately receives the unrecognized Carried Interest, a total of $75,306 and $48,849 as of March 31, 2018 and 2017 , respectively, would be potentially payable to certain employees and third parties pursuant to compensation arrangements related to the carried interest profit-sharing plans. Such amounts have not been recorded in the Consolidated Balance Sheets or Consolidated Statements of Income as this liability is not yet probable. Leases The Company has entered into operating lease agreements for office equipment, office space, and related information services. The Company leases office space in various countries around the world and maintains its headquarters in Bala Cynwyd, Pennsylvania, where it leases primary office space under a non-cancellable lease agreement expiring December 2021 with two options to extend the term for five years each. Total lease expense was $5,286 , $4,801 , and $4,740 for the years ended March 31, 2018 , 2017 and 2016 , respectively, and is recorded on the straight-line basis and included in general, administrative and other expenses in the Consolidated Statements of Income. Future minimum lease payments under noncancelable operating leases consist of the following: Fiscal year ending March 31: 2019 $ 5,138 2020 4,913 2021 4,154 2022 2,833 2023 705 Thereafter 602 Commitments The Company serves as the investment manager of the Partnerships. The general partner or managing member of each Partnership is generally a separate subsidiary of the Company and has agreed to invest funds on the same basis as the limited partners in most instances. The aggregate unfunded commitment of the general partners to the Partnerships was $101,054 and $76,908 as of March 31, 2018 and 2017 , respectively.

Management and Advisory Fees

Management and Advisory Fees	12 Months Ended
	Mar. 31, 2018
Investment Advisory, Management and Administrative Fees [Abstract]
Management and Advisory Fees	Management and Advisory Fees The following presents management and advisory fee revenues by product offering: Year Ended March 31, 2018 2017 2016 Customized separate accounts $ 79,144 $ 71,261 $ 67,879 Specialized funds 83,151 74,675 62,340 Advisory and reporting 28,359 23,798 22,536 Distribution management 4,376 2,940 4,875 Total management and advisory fees $ 195,030 $ 172,674 $ 157,630

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) For the quarter ended June 30, 2017 September 30, 2017 December 31, 2017 March 31, 2018 Total revenues $ 52,701 $ 48,709 $ 65,014 $ 77,609 Total expenses 28,420 28,703 30,710 33,247 Net income 25,612 18,234 17,833 44,618 Net income attributable to Hamilton Lane Incorporated 5,464 4,688 (6,309 ) 13,498 Earnings (loss) per share of Class A common stock: Class A - Basic $ .30 $ .26 $ (.35 ) $ .69 Class A - Diluted $ .30 $ .26 $ (.35 ) $ .68 For the quarter ended June 30, 2016 September 30, 2016 December 31, 2016 March 31, 2017 Total revenues $ 39,566 $ 51,244 $ 42,331 $ 46,679 Total expenses 22,706 27,801 25,579 27,619 Net income 16,391 24,358 17,063 16,626 Net income attributable to Hamilton Lane Incorporated — — — 612 Earnings per share of Class A common stock (1) : Class A - Basic — — — $ .03 Class A - Diluted — — — $ .03 (1) Represents earnings per share of Class A common stock outstanding for the period from March 6, 2017 through March 31, 2017, the period following the Reorganization and IPO.

Subsequent Event

Subsequent Event	12 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 27, 2018, one of the Company’s technology investments, which is carried at cost, announced the signing of a definitive agreement to be acquired by another company. The acquisition is expected to close in the second half of 2018 and is subject to customary closing conditions and regulatory filings and approvals. Based upon the current terms of the agreement, the Company estimates it will record a gain of approximately $7,600 in connection with the transaction. On June 7, 2018, the Company declared a quarterly dividend of $0.2125 per share of Class A common stock to record holders at the close of business on June 18, 2018. The payment date will be July 6, 2018.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying financial statements include the accounts of the Company, and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Consolidation	Consolidation The Company performs an analysis to determine whether it is required to consolidate entities, by determining if the Company has a variable interest in each entity and whether that entity is a variable interest entity (“VIE”). The Company performs the variable interest analysis for all entities in which it has a potential variable interest, which primarily consist of all Partnerships where the Company serves as the general partner or managing member, and general partner entities not wholly owned by the Company. If the Company has a variable interest in the entity and the entity is a VIE, it will also analyze whether the Company is the primary beneficiary of this entity and whether consolidation is required. In evaluating whether it has a variable interest in the entity, the Company reviews the equity ownership and whether the Company absorbs risk created and distributed by the entity, as well as whether the fees charged to the entity are customary and commensurate with the level of effort required to provide services. Fees received by the Company are not variable interests if (i) the fees are compensation for services provided and are commensurate with the level of effort required to provide those services, (ii) the service arrangement includes only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated at arm’s length and (iii) the Company’s other economic interests in the VIE held directly and indirectly through its related parties, as well as economic interests held by related parties under common control, where applicable, would not absorb more than an insignificant amount of the entity’s losses or receive more than an insignificant amount of the entity’s benefits. Evaluation of these criteria requires judgment. For entities determined to be VIEs, an evaluation is required to determine whether the Company is the primary beneficiary. The Company evaluates its economic interests in the entity specifically determining if the Company has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance (“the power”) and the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE (“the benefits”). When making the determination on whether the benefits received from an entity are significant, the Company considers the total economics of the entity, and analyzes whether the Company’s share of the economics is significant. The Company utilizes qualitative factors, and, where applicable, quantitative factors, while performing the analysis and the Company has determined that it is not the primary beneficiary of each of the Partnerships, therefore consolidation is not required for those entities. For the general partner entities that are not wholly owned by the Company that are determined to be VIEs, the Company has determined it is the primary beneficiary since it has the power and the benefits; therefore consolidation of these entities is required. The portion of the consolidated subsidiaries owned by third parties and any related activity is eliminated through non-controlling interests in general partnerships in the Consolidated Balance Sheets and income (loss) attributable to non-controlling interests in general partnerships in the Consolidated Statements of Income. For entities that are not determined to be VIEs, the Company analyzes whether it has a controlling financial interest to determine whether consolidation is required. At each reporting date, the Company determines whether any reconsideration events have occurred that require it to revisit the primary beneficiary analysis and will consolidate or deconsolidate accordingly.
Accounting for Different Fiscal Periods	Accounting for Differing Fiscal Periods The Partnerships primarily have a fiscal year end as of December 31, and the Company accounts for its investments in the Partnerships using a three-month lag due to the timing of financial information received from the investments held by the Partnerships. The Partnerships primarily invest in private equity funds, which generally require at least 90 days following the calendar year end to present audited financial statements. The Company records its share of capital contributions to and distributions from the Partnerships in investments in the Consolidated Balance Sheets during the three month lag period. The Company’s revenue earned from Partnerships, including both management and advisory fee revenue and incentive fee revenue, is not accounted for on a lag. To the extent that management is aware of material events that affect the Partnerships during the intervening period, the impact of the events would be disclosed in the Notes to Consolidated Financial Statements.
Foreign Currency	Foreign Currency Foreign currency balances and transactions of the Company, including its foreign subsidiaries are translated into U.S. Dollars, which is the functional currency. Assets and liabilities relating to foreign subsidiaries are translated using the exchange rates prevailing at the end of each reporting period. Results of the Company’s foreign subsidiaries are translated using the weighted-average exchange rate for each reporting period. Foreign exchange (gains) losses related to the Company and its foreign subsidiaries are included in general, administrative and other expenses in the Consolidated Statements of Income
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash deposits in interest-bearing money market accounts and highly liquid investments, with an original maturity of three months or less, are classified as cash equivalents. Interest earned on cash and cash equivalents is recorded as interest income in the Consolidated Statements of Income. Restricted cash at March 31, 2018 and 2017 was primarily cash held by the Company’s foreign subsidiaries to meet applicable government regulatory capital requirements.
Fees Receivable	Fees Receivable Fees receivable are equal to contractual amounts reduced for allowances, if applicable. The Company considers fees receivable to be fully collectible; accordingly no allowance for doubtful accounts has been established as of March 31, 2018 or 2017 . If accounts become uncollectible, they will be expensed when that determination is made.
Furniture, Fixtures, and Equipment	Furniture, Fixtures and Equipment Furniture, fixtures and equipment consist primarily of leasehold improvements, furniture, electronic equipment, and computer hardware and software and are recorded at cost, less accumulated depreciation. Depreciation is recognized in accordance with the straight-line method over the estimated useful lives as follows: Computer equipment 3 years Furniture and fixtures 5-7 years Office equipment 3-5 years Leasehold improvements are capitalized and depreciated over the shorter of their useful life or the life of the lease. Expenditures for improvements that extend the useful life of an asset are capitalized. Expenditures for ordinary repairs and maintenance are expensed as incurred.
Intangibles and Goodwill	Intangibles and Goodwill The Company’s intangible assets consist of customer relationship assets identified as part of previous acquisitions. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 7 to 10 years, reflecting the contractual lives of such assets. The Company does not hold any indefinite-lived intangible assets. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company has no t recognized any impairment charges in any of the periods presented. The carrying value of the intangible assets was $ 3,021 and $ 400 , and is included in other assets in the Consolidated Balance Sheets as of March 31, 2018 and 2017 , respectively. The accumulated amortization of intangibles was $ 696 and $ 370 as of March 31, 2018 and 2017 , respectively. Amortization of intangible assets was $ 326 , $ 91 , and $ 91 for each of the years in the three-year period ended March 31, 2018 , respectively, and is included in general, administrative and other expenses in the Consolidated Statements of Income. The estimated amortization expense for the next five fiscal years is $ 459 , $ 455 , $ 414 , $ 414 , and $ 410 , respectively. Goodwill of $ 3,943 and $ 1,069 as March 31, 2018 and 2017 , respectively, is included in other assets in the Consolidated Balance Sheets and was recorded in conjunction with previous acquisitions. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of the Company’s reporting unit is less than the respective carrying value. The reporting unit is the reporting level for testing the impairment of goodwill. If it is determined that it is more likely than not that a reporting unit’s fair value is less than its carrying value or when the quantitative approach is used, a two-step quantitative assessment is performed to (a) calculate the fair value of the reporting unit and compare it to its carrying value, and (b) if the carrying value exceeds its fair value, to measure an impairment loss. The Company performed the annual impairment assessment as of December 31, 2017 noting that no goodwill impairment existed.
Equity Method Investments	Equity Method Investments Investments over which the Company is deemed to exert significant influence but not control are accounted for using the equity method of accounting. For investments accounted for under the equity method of accounting, the Company’s share of income (losses) is included in equity in income of investees in the Consolidated Statements of Income. The Company’s equity in income of investees is generally comprised of realized and unrealized gains from the underlying funds and portfolio companies held by the Partnerships. The carrying amounts of equity method investments are reflected in investments in the Consolidated Balance Sheets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company considers cash and cash equivalents, fees receivable, prepaid expenses, other assets, investments, accounts payable, accrued compensation and benefits, senior secured term loan, and other liabilities to be its financial instruments. The carrying amount reported in the Consolidated Balance Sheets for these financial instruments equals or closely approximates their fair values; except for investments carried at cost, which are discussed in Note 3, and senior secured term loan and interest rate caps, which are discussed in Note 7.
Revenue Recognition	Revenue Recognition Revenues consist primarily of management and advisory fees and incentive fees. Management and advisory fees are generally comprised of management fees from customized separate accounts, specialized funds, and distribution management services, and advisory fees from non-discretionary advisory and reporting services. Revenue from specialized funds and customized separate accounts are determined by applying a percentage to unaffiliated net invested capital or committed capital under management. Generally, customized separate accounts are contractual arrangements involving an investment management agreement between the Company and a single client. In some cases, a customized separate account will be structured as a limited partnership with a subsidiary of the Company as general partner or managing member. Specialized funds are primarily limited partnerships having multiple investors with a subsidiary of the Company serving as general partner or managing member. Distribution management fees are earned by applying a percentage to assets under management or proceeds received. Revenue from advisory clients is generally a fixed fee, and reporting and diligence services are generally charged on a per fund or transaction basis. Management and advisory fee revenues are recognized in the period during which the related services are performed and the amounts have been contractually earned. Incentive fees earned on the performance of certain separate accounts (“Performance Fees”) are recognized based on the performance during the period, subject to the achievement of minimum return levels, in accordance with the respective terms set out in the client agreement. Performance Fees are recognized when the return levels are met and are not subject to contingencies. With respect to the Partnerships, incentive fees (“Carried Interest”) are allocated to the general partner/managing member based on cumulative fund performance to date, subject to a preferred return to limited partners/non-managing members. The Company has elected to adopt “Method 1” for revenue recognition based on a formula. Under this method, incentive fees are recognized when fixed or determinable and all related contingencies have been resolved. Carried Interest received by the Company before the above criteria have been met are deferred and recorded as deferred incentive fee revenue in the Consolidated Balance Sheets. The Company may receive tax distributions related to taxable income allocated by the Partnerships, which are treated as advanced incentive fees and subject to the same recognition criteria. Tax distributions are subject to clawback unless the taxes are non-recoverable.
Compensation and Benefits	Compensation and Benefits Compensation and Benefits consists of (a) base compensation comprising salary, bonuses, and benefits paid and payable to employees, (b) equity-based compensation associated with the grants of restricted stock awards to employees, and (c) incentive fee compensation which consists of Carried Interest and Performance Fee allocations as detailed below. Equity-based awards issued are measured at fair value at the date of grant. The fair value of the restricted stock grant is based on the closing stock price on the trading day before the date of grant less the present value of expected dividends. Expenses related to employee equity-based compensation are recorded evenly over the vesting period using the straight-line method. See Note 9 for more information regarding accounting for equity-based awards. Incentive fee compensation expense includes compensation directly related to incentive fees. Certain employees of the Company are granted allocations or profit-sharing interests and are thereby, as a group, entitled to a 25% portion of the incentive fees earned by the Company from certain Partnerships and certain managed accounts subject to vesting. Amounts payable pursuant to these arrangements are recorded as compensation expense when they have become probable and reasonably estimable. The Company’s determination of the point at which it becomes probable and reasonably estimable that incentive fee compensation expense should be recorded is based on its assessment of numerous factors, particularly those related to the profitability, realizations, distribution status, investment profile and commitments or contingencies of the individual funds that may give rise to incentive fees. Incentive fee compensation may be expensed before the related incentive fee revenue is recognized.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized for the expected future tax consequences attributable to temporary differences between the carrying amount of the existing tax assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied in the years in which temporary differences are expected to be recovered or settled. The principal items giving rise to temporary differences are the use of accelerated depreciation and certain basis differences resulting from acquisitions and the recapitalization transactions. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. As a result of the Reorganization and IPO, HLI became the sole managing member of HLA, which is organized as a limited liability company and treated as a “flow-through” entity for income taxes purposes. As a “flow-through” entity, HLA is not subject to income taxes apart from foreign taxes attributable to its operations in foreign jurisdictions. Any taxable income or loss generated by HLA is passed through to and included in the taxable income or loss of its members, including HLI following the Reorganization and IPO, on a pro rata basis. As a result, the Company does not record income taxes on pre-tax income or loss attributable to the non-controlling interests in the general partnerships and HLA, except for foreign taxes discussed above. HLI is subject to U.S. federal and applicable state corporate income taxes with respect to its allocable share of any taxable income of HLA following the Reorganization and IPO. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well for all open tax years in these jurisdictions. The Company evaluates tax positions taken or expected to be taken in the course of preparing an entity’s tax returns to determine whether it is “more-likely-than-not” that each tax position will be sustained by the applicable tax authority.
Segments	Segments The Company operates its business in a single segment, which is how the chief operating decision maker (who is the chief executive officer) reviews financial performance and allocates resources. Accordingly, the Company considers itself to be in a single operating and reportable segment structure.
Concentrations of Risk	Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash and fees receivable. The majority of the Company’s cash, cash equivalents, and restricted cash are held with one major financial institution and expose the Company to a certain degree of credit risk. Substantially all cash amounts on deposit with major financial institutions exceed insured limits. The concentration of credit risk with respect to fees is generally limited due to the short payment terms extended to clients by the Company. The Company derives revenues from clients located in the United States and other foreign countries.
Dividends and Distributions	Dividends and Distributions Dividends and distributions are reflected in the consolidated financial statements when declared.
Related Parties	Related Parties For purposes of classifying amounts, the Company considers its employees, directors, equity method investments, and the TRA Recipients to be related parties. Refer to Note 13 for details on transactions with related parties.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards update (ASU) No. 2014-09, “ Revenue from Contracts with Customers ” (ASU 2014-09). ASU 2014-09 represents a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to receive in exchange for those goods or services. The Company will adopt the new standard as of April 1, 2018 using the modified retrospective approach with the cumulative effect of initial application recognized at the date of initial application. The adoption of the new standard will not have a material impact to our consolidated financial position or results of operations. A summary of the changes that will be implemented upon adoption of the new standard are discussed below. The Company currently recognizes incentive fee revenue when required return levels are met and all contingencies have been resolved. Under the new standard, the Company will recognize incentive fee revenue when it concludes that it is probable that a significant reversal in the cumulative amount of incentive fee revenue will not occur which may impact the timing of revenue recognition related to incentive fee revenue The Company has evaluated the presentation of certain reimbursable costs on a gross versus net basis and anticipates recording these costs on a gross basis upon the adoption of the new standard. While these changes are not expected to have a material impact to consolidated operating income, they will impact the components of revenues and expenses. Additionally, commissions paid that are directly associated with new separate account contracts will be capitalized and amortized over an estimated customer contract period. This change is not expected to have a material impact to the consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01) , which requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, and entities may early adopt. The Company will adopt ASU 2016-01 on April 1, 2018 and the adoption is not expected to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “ Leases” (ASU 2016-02). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the consolidated balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. The Company expects its total assets and total liabilities on its consolidated statements of financial condition to increase upon adoption of this guidance as a result of recording a lease asset and lease liability related to our operating leases. The Company is continuing to evaluate the impact that this guidance will have on its consolidated financial statements. The Company expects to adopt the new leasing guidance on April 1, 2019. In March 2016, the FASB issued ASU No. 2016-09, “ Improvements to Employee Share-Based Payment Accounting ” (ASU 2016-09). ASU 2016-09 changes how companies account for certain aspects of share-based payments to employees. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted in any interim or annual period but all of ASU 2016-09 must be adopted in the same period. The Company elected to early adopt the amended guidance on April 1, 2016. The primary impact of adoption was the recognition of excess tax benefits in the provision (benefit) for foreign income taxes rather than equity. The Company elected to apply the amendment to classify excess tax benefits as an operating activity in its Consolidated Statements of Cash Flows prospectively. Adoption of the guidance had no cumulative impact on members’ deficit as of March 31, 2016. In August 2016, the FASB issued ASU No. 2016-15, “ Classification of Certain Cash Receipts and Payments ” (ASU 2016-15). ASU 2016-15 clarifies cash flow classification of several discrete cash flows issues including debt prepayment costs and distributions received from equity method investees. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt ASU 2016-15 on April 1, 2018 and the adoption is not expected to have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, “ Statement of Cash Flows - Restricted Cash” (ASU 2016-18) . ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this update are effective for years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the standard on October 1, 2016 and retrospectively applied the amendment. Other than the change in presentation of restricted cash within the Consolidated Statements of Cash Flows, the adoption of this standard did not have a material impact on its Consolidated Financial Statements.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform with current period presentation.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Furniture, Fixtures, and Equipment Depreciation	Depreciation is recognized in accordance with the straight-line method over the estimated useful lives as follows: Computer equipment 3 years Furniture and fixtures 5-7 years Office equipment 3-5 years Furniture, fixtures, and equipment consist of the following: March 31, 2018 2017 Computer equipment $ 4,056 $ 5,598 Furniture and fixtures 4,183 3,855 Leasehold improvements 2,464 3,812 Office equipment 3,602 2,072 14,305 15,337 Less: accumulated depreciation 9,523 11,274 Furniture, fixtures, and equipment, net $ 4,782 $ 4,063
Revenue by Geographic Location	The below table presents revenues by geographic location: Year Ended March 31, 2018 2017 2016 United States $ 130,737 99,098 $ 104,337 Israel 24,387 16,675 18,642 Other foreign countries 88,909 64,047 57,818 Total revenues (1) $ 244,033 $ 179,820 $ 180,797 (1) Revenues are attributed to countries based on location of the client or investor.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments	Investments consist of the following: March 31, 2018 2017 Equity method investments in Partnerships $ 105,389 $ 83,488 Equity method investments in Partnerships held by consolidated VIEs (See Note 4) 14,704 19,653 Other equity method investments 876 661 Investments carried at cost 16,284 16,345 Total Investments $ 137,253 $ 120,147
Equity Method Investments	The summarized financial information of the Company’s equity method investments in Partnerships is as follows: March 31, 2018 2017 Assets Investments $ 12,002,005 $ 8,999,677 Other assets 412,766 282,380 Total assets $ 12,414,771 $ 9,282,057 Liabilities and Partners’ Capital Debt $ 48,008 $ 71,876 Other liabilities 56,972 45,043 Total liabilities 104,980 116,919 Partners’ capital 12,309,791 9,165,138 Total liabilities and partners’ capital $ 12,414,771 $ 9,282,057 Year Ended March 31, 2018 2017 2016 Investment income $ 233,255 $ 93,470 $ 103,871 Expenses 130,771 109,648 96,352 Net investment income (loss) 102,484 (16,178 ) 7,519 Net realized and unrealized gain 1,647,977 1,121,595 184,831 Net income $ 1,750,461 $ 1,105,417 $ 192,350 The Company’s equity method investments in Partnerships consist of the following types: March 31, 2018 2017 Primary funds $ 20,708 $ 18,741 Secondary funds 11,158 7,111 Direct/co-investment funds 29,469 15,202 Customized separate accounts 44,054 42,434 Total equity method investments in Partnerships $ 105,389 $ 83,488

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying amount of assets and liabilities recognized in the Consolidated Balance Sheets related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows: March 31, 2018 2017 Investments $ 77,016 $ 60,597 Fees receivable 517 430 Due from related parties 1,837 1,742 Total VIE assets 79,370 62,769 Deferred incentive fee revenue 6,245 45,166 Non-controlling interests (7,266 ) (9,901 ) Maximum exposure to loss $ 78,349 $ 98,034

Furniture, Fixtures, and Equi30

Furniture, Fixtures, and Equipment (Tables)	12 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Furniture, Fixtures, and Equipment	Depreciation is recognized in accordance with the straight-line method over the estimated useful lives as follows: Computer equipment 3 years Furniture and fixtures 5-7 years Office equipment 3-5 years Furniture, fixtures, and equipment consist of the following: March 31, 2018 2017 Computer equipment $ 4,056 $ 5,598 Furniture and fixtures 4,183 3,855 Leasehold improvements 2,464 3,812 Office equipment 3,602 2,072 14,305 15,337 Less: accumulated depreciation 9,523 11,274 Furniture, fixtures, and equipment, net $ 4,782 $ 4,063

Debt (Tables)

Debt (Tables)	12 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Minimum Principal Payments on Term Loan	The aggregate minimum principal payments on the Term Loan are due as follows: Fiscal year ending March 31, 2019 $ 2,813 2020 5,625 2021 10,313 2022 13,125 2023 15,000 Thereafter 27,187 $ 74,063

Equity (Tables)

Equity (Tables)	12 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Rollforward of Common Stock	The following table shows a rollforward of our common stock outstanding since our IPO: Class A Common Stock Class B Common Stock March 6, 2017 — — Issued to the public in the IPO 13,656,250 — Issued to HLA Class B unitholders in the Reorganization — 27,935,255 HLA units exchanged in the Reorganization 3,899,169 — Restricted interests converted to restricted stock in connection with the Reorganization 1,080,063 — Restricted stock granted at time of IPO 231,288 — Restricted stock granted after IPO 284,263 — Repurchase of restricted stock for tax withholding (114,529 ) — March 31, 2017 19,036,504 27,935,255 Restricted stock granted 235,219 — Shares issued due to option exercise 233,495 — Shares issued in connection with RAPM acquisition 27,240 — Shares issued (repurchased) in connection with secondary offering 3,834,686 (2,235,187 ) Shares repurchased for employee tax withholdings (186,280 ) — Forfeitures of restricted stock (41,388 ) — March 31, 2018 23,139,476 25,700,068

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Option Activity	A summary of option activity under the Plan for the three years ended March 31, 2018 is presented below: Year Ended March 31, 2018 2017 2016 Number of Weighted- Number of Weighted- Number of Weighted- Options outstanding at beginning of year 233,495 $ 1.34 3,532,340 $ 1.03 4,486,955 $ 0.94 Options exercised (233,495 ) 1.34 (3,298,845 ) 1.01 (954,615 ) 0.61 Options outstanding at end of year — — 233,495 1.34 3,532,340 1.03 Options exercisable at end of year — — 233,495 1.34
Change in Unvested Restricted Stock	The change in unvested restricted stock, including unvested restricted interests prior to the IPO, is as follows: Total Weighted- March 31, 2017 1,138,521 $ 14.49 Granted 235,219 32.45 Vested (438,795 ) 12.37 Forfeited (41,388 ) 14.18 March 31, 2018 893,557 $ 19.32

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	12 Months Ended
	Mar. 31, 2018
Compensation Related Costs [Abstract]
Schedule of Compensation and Benefits	The Company has recorded the following amounts related to compensation and benefits: Year Ended March 31, 2018 2017 2016 Base compensation and benefits $ 72,151 $ 65,968 $ 72,179 Incentive fee compensation 1,774 1,467 16,156 Equity-based compensation 5,544 4,681 3,730 Contingent compensation related to acquisition 3,399 — — Total compensation and benefits $ 82,868 $ 72,116 $ 92,065

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) before Income Taxes	The Company’s income (loss) before income taxes consisted of the following: Year Ended March 31, 2018 2017 2016 Domestic income before income taxes $ 138,290 $ 73,565 $ 55,252 Foreign income before income taxes 1,340 1,189 1,469 Total income before income taxes $ 139,630 $ 74,754 $ 56,721
Schedule of Components of Income Tax Expense	Components of income tax expense consist of the following: Year Ended March 31, 2018 2017 2016 Current: Federal $ 8,001 $ — $ — State and local 1,769 — — Foreign 580 290 139 Total current income tax expense $ 10,350 $ 290 $ 139 Deferred: Federal $ 24,180 $ 356 $ — State and local (496 ) 53 — Foreign (701 ) (383 ) 730 Total deferred income tax (benefit) expense 22,983 26 730 Total income tax expense $ 33,333 $ 316 $ 869
Reconciliation of U.S. Statutory Income Tax Rate to the Company's Effective Tax Rate	A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows: Year Ended March 31, 2018 2017 2016 Federal tax at statutory rate 31.6 % 35.0 % 35.0 % State income taxes, net of federal benefit 1.5 % 5.2 % 3.1 % Non-controlling interest (19.8 )% (39.7 )% (38.1 )% Foreign income taxes (0.4 )% (0.3 )% 0.6 % Valuation allowance (1.6 )% 0.2 % 1.0 % Tax reform impact 13.7 % — % — % Other (1.1 )% — % — % Effective tax rate 23.9 % 0.4 % 1.6 %
Significant Components of Deferred Tax Assets and Liabilities	The significant components of deferred tax assets and liabilities are as follows: Year Ended March 31, 2018 2017 Deferred tax assets: Basis difference in HLA $ 101,951 $ 98,942 Equity-based compensation — 355 Net operating loss carryforwards 1,861 680 Valuation allowance (30,693 ) (38,180 ) State taxes 262 — Total deferred tax assets $ 73,381 $ 61,797 Deferred tax liabilities: Undistributed foreign earnings $ — $ 574 Total deferred tax liabilities — 574 Net deferred tax assets $ 73,381 $ 61,223

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: Year Ended March 31, 2018 Year Ended March 31, 2017 (1) Net income attributable to HLI Weighted-Average Shares Per share amount Net income attributable to HLI Weighted-Average Shares Per share amount Basic EPS of Class A common stock $ 17,341 18,414,715 $ 0.94 $ 612 17,788,363 $ 0.03 Adjustment to net income: Assumed exercise and vesting of employee awards 356 9 Effect of dilutive securities: Assumed exercise and vesting of employee awards 575,654 552,716 Diluted EPS of Class A common stock $ 17,697 18,990,369 $ 0.93 $ 621 18,341,079 $ 0.03 (1) Represents earnings per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from March 6, 2017 through March 31, 2017, the period following the Reorganization and IPO, as defined in Note 1.

Supplemental Cash Flow Inform37

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Year Ended March 31, 2018 2017 2016 Cash paid during the year for interest $ 3,075 $ 10,234 $ 9,237 Cash paid during the year for income taxes $ 8,790 $ 280 $ 175 Fair value of non-cash consideration received for Company’s interest in proprietary investment $ — $ — $ 10,798 Non-cash investing activities: Shares issued for acquisition of business $ 612 $ — $ — Non-cash financing activities: Exchange of HLA Class A Units to HLI Class A common stock $ — $ 4 $ — Establishment of net deferred tax assets related to tax receivable agreement $ 34,492 $ 61,278 $ — Dividends declared but not paid $ 3,893 $ — $ — Members’ distributions declared but not paid $ 11,837 $ 2,385 $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Noncancelable Operating Leases	Future minimum lease payments under noncancelable operating leases consist of the following: Fiscal year ending March 31: 2019 $ 5,138 2020 4,913 2021 4,154 2022 2,833 2023 705 Thereafter 602

Management and Advisory Fees (T

Management and Advisory Fees (Tables)	12 Months Ended
	Mar. 31, 2018
Investment Advisory, Management and Administrative Fees [Abstract]
Management and Advisory Fee Revenues By Product Offering	The following presents management and advisory fee revenues by product offering: Year Ended March 31, 2018 2017 2016 Customized separate accounts $ 79,144 $ 71,261 $ 67,879 Specialized funds 83,151 74,675 62,340 Advisory and reporting 28,359 23,798 22,536 Distribution management 4,376 2,940 4,875 Total management and advisory fees $ 195,030 $ 172,674 $ 157,630

Quarterly Financial Informati40

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information (Unaudited)	For the quarter ended June 30, 2017 September 30, 2017 December 31, 2017 March 31, 2018 Total revenues $ 52,701 $ 48,709 $ 65,014 $ 77,609 Total expenses 28,420 28,703 30,710 33,247 Net income 25,612 18,234 17,833 44,618 Net income attributable to Hamilton Lane Incorporated 5,464 4,688 (6,309 ) 13,498 Earnings (loss) per share of Class A common stock: Class A - Basic $ .30 $ .26 $ (.35 ) $ .69 Class A - Diluted $ .30 $ .26 $ (.35 ) $ .68 For the quarter ended June 30, 2016 September 30, 2016 December 31, 2016 March 31, 2017 Total revenues $ 39,566 $ 51,244 $ 42,331 $ 46,679 Total expenses 22,706 27,801 25,579 27,619 Net income 16,391 24,358 17,063 16,626 Net income attributable to Hamilton Lane Incorporated — — — 612 Earnings per share of Class A common stock (1) : Class A - Basic — — — $ .03 Class A - Diluted — — — $ .03 (1) Represents earnings per share of Class A common stock outstanding for the period from March 6, 2017 through March 31, 2017, the period following the Reorganization and IPO.

Organization - Reorganization (

Organization - Reorganization (Details)	Mar. 06, 2017shares
Common Class A
Class of Stock [Line Items]
Shares issued in exchange for units in the Reorganization (in shares)	3,899,169
Member Units | HLA
Class of Stock [Line Items]
Stock split, conversion ratio	0.68

Organization - Initial Public O

Organization - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 06, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Proceeds from IPO, net of underwriting discount		$ 0	$ 203,205	$ 0
Offering costs		$ 0	$ 5,844	$ 0
Common Class A | IPO
Class of Stock [Line Items]
Common stock shares issued (in shares)	13,656,250
Common stock issued (in dollars per share)	$ 16
Proceeds from IPO, net of underwriting discount	$ 203,205
Underwriting commissions	15,295
Offering costs	$ 5,844
Member Units | Common Class A
Class of Stock [Line Items]
Purchase of interest by parent (in shares)	11,156,250
Purchase of interest by parent	$ 166,005
Member Units | Existing HLA Owners | Common Class A
Class of Stock [Line Items]
Purchase of interest by parent (in shares)	2,500,000
Purchase of interest by parent	$ 37,200

Organization - 2018 Offering (D

Organization - 2018 Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 06, 2017	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 125,200
Percent of economic interest held		42.10%	42.10%	34.20%
IPO | Common Class A
Class of Stock [Line Items]
Common stock shares issued in secondary offering (in shares)	13,656,250
Common stock issued (in dollars per share)	$ 16
2018 Offering | Common Class A
Class of Stock [Line Items]
Common stock shares issued in secondary offering (in shares)		4,531,001	3,834,686
Common stock issued (in dollars per share)		$ 34.25	$ 34.25
2018 Offering, Current Stockholder Issuance | Common Class A
Class of Stock [Line Items]
Common stock shares issued in secondary offering (in shares)		696,315
2018 Offering, New Issuance | Common Class A
Class of Stock [Line Items]
Common stock shares issued in secondary offering (in shares)		3,834,686
Member Units | Common Class A
Class of Stock [Line Items]
Purchase of interest by parent (in shares)	11,156,250
Member Units | Common Class B
Class of Stock [Line Items]
Purchase of interest by parent (in shares)		2,235,187
Member Units | Common Class C
Class of Stock [Line Items]
Purchase of interest by parent (in shares)		1,599,499

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Foreign exchange losses (gains)	$ (92)	$ 175	$ 4

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Furniture, Fixtures, and Equipment (Details)	12 Months Ended
	Mar. 31, 2018
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Office equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Office equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Intangibles and Goodwill (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Impairment of finite-lived intangible assets	$ 0	$ 0	$ 0
Carrying value of intangible assets	3,021,000	400,000
Accumulated amortization of intangible assets	696,000	370,000
Amortization of intangible assets	326,000	91,000	$ 91,000
Amortization expense, next twelve months	459,000
Amortization expense, year two	455,000
Amortization expense, year three	414,000
Amortization expense, year four	414,000
Amortization expense, year five	410,000
Goodwill	$ 3,943,000	$ 1,069,000
Goodwill impairment				$ 0
Customer Relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset useful life	7 years
Customer Relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset useful life	10 years

Summary of Significant Accoun47

Summary of Significant Accounting Policies - Compensation and Benefits (Details)	12 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Incentive fee compensation percentage	25.00%

Summary of Significant Accoun48

Summary of Significant Accounting Policies - Other Non-Operating Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Investment [Line Items]
Non-cash gain related to merger transaction	$ 0	$ 0	$ 5,408
Prior Technology Investment
Investment [Line Items]
Non-cash gain related to merger transaction			5,408
Prior Technology Investment
Investment [Line Items]
Fair value of consideration received			$ 10,798

Summary of Significant Accoun49

Summary of Significant Accounting Policies - Tax-Receivable Agreement (Details)	12 Months Ended
	Mar. 31, 2018
TRA Recipients | Tax Receivable Agreement
Related Party Transaction [Line Items]
Percentage of cash savings payable	85.00%

Summary of Significant Accoun50

Summary of Significant Accounting Policies - Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 77,609	$ 65,014	$ 48,709	$ 52,701	$ 46,679	$ 42,331	$ 51,244	$ 39,566	$ 244,033	$ 179,820	$ 180,797
Percent of total revenues recognized previously recorded as deferred incentive fees									17.00%
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									$ 130,737	99,098	104,337
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									24,387	16,675	18,642
Other foreign countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									$ 88,909	$ 64,047	$ 57,818

Summary of Significant Accoun51

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details)	Mar. 31, 2016USD ($)
Members’ Equity (Deficit) | ASU 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment	$ 0

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Investment [Line Items]
Investments carried at cost	$ 16,284	$ 16,345
Total Investments	137,253	120,147
Partnerships
Investment [Line Items]
Equity method investments	105,389	83,488
Partnerships Held by Consolidated VIEs
Investment [Line Items]
Equity method investments	14,704	19,653
Other Equity Method Investments
Investment [Line Items]
Equity method investments	$ 876	$ 661

Investments - Equity Method Inv

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity in income of investees	$ 17,102	$ 12,801	$ 1,518
Partnerships
Schedule of Equity Method Investments [Line Items]
Percent interest in partnerships	1.00%
Equity method investments	$ 105,389	83,488
Primary funds | Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	20,708	18,741
Secondary funds | Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	11,158	7,111
Direct/co-investment funds | Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	29,469	15,202
Customized separate accounts | Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 44,054	$ 42,434

Investments - Summarized Financ

Investments - Summarized Financial Information of Equity Method Investment (Details) - Partnerships - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Assets
Investments	$ 12,002,005	$ 8,999,677
Other assets	412,766	282,380
Total assets	12,414,771	9,282,057
Liabilities and Partners’ Capital
Debt	48,008	71,876
Other liabilities	56,972	45,043
Total liabilities	104,980	116,919
Partners’ capital	12,309,791	9,165,138
Total liabilities and partners’ capital	12,414,771	9,282,057
Net Income
Investment income	233,255	93,470	$ 103,871
Expenses	130,771	109,648	96,352
Net investment income (loss)	102,484	(16,178)	7,519
Net realized and unrealized gain	1,647,977	1,121,595	184,831
Net income	$ 1,750,461	$ 1,105,417	$ 192,350

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Variable Interest Entity [Line Items]
Deferred incentive fee revenue	$ 6,245,000	$ 45,166,000
Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets of consolidated VIEs	14,704,000	19,653,000
Total liabilities of consolidated VIEs	$ 0	$ 0

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - Not Primary Beneficiary - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Variable Interest Entity [Line Items]
Total commitments from the limited partners and general partners to the unconsolidated VIE	$ 13,878,761
Remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIE	5,155,715
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Investments	77,016	$ 60,597
Fees receivable	517	430
Due from related parties	1,837	1,742
Total VIE assets	79,370	62,769
Deferred incentive fee revenue	6,245	45,166
Non-controlling interests	(7,266)	(9,901)
Maximum exposure to loss	$ 78,349	$ 98,034

Furniture, Fixtures, and Equi57

Furniture, Fixtures, and Equipment - Summary of Furniture, Fixtures, and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment, gross	$ 14,305	$ 15,337
Less: accumulated depreciation	9,523	11,274
Furniture, fixtures, and equipment, net	4,782	4,063
Depreciation expense	1,565	1,824	$ 1,936
Computer equipment
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment, gross	4,056	5,598
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment, gross	4,183	3,855
Leasehold improvements
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment, gross	2,464	3,812
Office equipment
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment, gross	$ 3,602	$ 2,072

Acquisition - Additional Inform

Acquisition - Additional Information (Details) - USD ($) $ in Thousands	Aug. 11, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition [Line Items]
Cash paid for acquisition		$ 5,228	$ 0	$ 0
Common stock issued in acquisition		612	0	$ 0
Goodwill		$ 3,943	$ 1,069
Real Asset Portfolio Management LLC
Business Acquisition [Line Items]
Aggregate purchase price	$ 5,840
Cash paid for acquisition	5,228
Common stock issued in acquisition	612
Additional maximum amount payable to principals	6,069
Goodwill	$ 2,874
Real Asset Portfolio Management LLC | Common Class A
Business Acquisition [Line Items]
Common stock issued in acquisition (in shares)	27,240
Customer Contracts | Real Asset Portfolio Management LLC
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 2,948
Finite-lived intangible asset useful life	8 years

Debt - Term Loan and Revolving

Debt - Term Loan and Revolving Loan (Details) - USD ($)	Aug. 23, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Borrowings of debt, net of deferred financing costs		$ 85,066,000	$ 0	$ 253,988,000
Write-off of deferred financing costs		1,657,000	3,359,000	$ 2,408,000
Unamortized discount and deferred financing costs			$ 1,790,000
The Loan Agreements
Class of Stock [Line Items]
Borrowings of debt, net of deferred financing costs	$ 85,066,000
Write-off of deferred financing costs	1,657,000
Revolving Line of Credit | Revolving Loan Agreement
Class of Stock [Line Items]
Debt instrument, face amount	10,450,000	10,450,000
Line of Credit | Term Loan Agreement
Class of Stock [Line Items]
Debt instrument, face amount	75,000,000
Line of Credit | The Loan Agreements
Class of Stock [Line Items]
Minimum EBITDA requirement	12,500,000
Line of Credit | Revolving Line of Credit | Revolving Loan Agreement
Class of Stock [Line Items]
Maximum borrowing capacity	25,000,000
Line of Credit | Senior Secured Term Loan | Term Loan Agreement
Class of Stock [Line Items]
Maximum borrowing capacity	75,000,000
Increase limit on accordion feature	$ 25,000,000
Unamortized discount and deferred financing costs		351,000
Remaining borrowing capacity		$ 73,712,000
Line of Credit | Prime Rate | Revolving Line of Credit | Revolving Loan Agreement
Class of Stock [Line Items]
Basis spread on variable rate	(1.50%)
Stated interest rate percentage	2.50%
Line of Credit | Prime Rate | Senior Secured Term Loan | Term Loan Agreement
Class of Stock [Line Items]
Basis spread on variable rate	(1.25%)
Stated interest rate percentage	2.75%

Debt - Schedule of Minimum Prin

Debt - Schedule of Minimum Principal Payments on Term Loan (Details) - 2015 Term Loan $ in Thousands	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
2,019	$ 2,813
2,020	5,625
2,021	10,313
2,022	13,125
2,023	15,000
Thereafter	27,187
Senior secured term loan payable, net	$ 74,063

Debt Debt - Predecessor Credit

Debt Debt - Predecessor Credit Facility (Details) - USD ($)	Jul. 09, 2015	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Debt Instrument [Line Items]
Borrowings of debt, net of deferred financing costs		$ 85,066,000	$ 0	$ 253,988,000
Write-off of deferred financing costs		1,657,000	3,359,000	2,408,000
Unamortized discount and deferred financing costs			1,790,000
Debt		$ 84,162,000	$ 84,310,000
Senior Secured Term Loan | Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	$ 260,000,000
Borrowings of debt, net of deferred financing costs	253,994,000
Write-off of deferred financing costs				$ 2,408,000
Senior Secured Term Loan | Previous Term Loan
Debt Instrument [Line Items]
Payment on principal of previous term loan	108,757,000
HLA
Debt Instrument [Line Items]
Purchase of membership interest	$ 165,238,000

Debt - Interest Rate Caps (Deta

Debt - Interest Rate Caps (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Jul. 31, 2015
Other Assets | Level II | Interest Rate Cap
Debt Instrument [Line Items]
Fair value of interest rate caps	$ 219	$ 194
Credit Agreement | Senior Secured Term Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%

Debt - Letters of Credit (Detai

Debt - Letters of Credit (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Debt Disclosure [Abstract]
Letters of credit outstanding	$ 145	$ 145

Equity Equity - Additional Info

Equity Equity - Additional Information (Details)	1 Months Ended
	Mar. 31, 2017class
Equity [Abstract]
Number of common stock classes outstanding	2

Equity - Class A Common Stock (

Equity - Class A Common Stock (Details)	12 Months Ended
	Mar. 31, 2018vote
Common Class A
Class of Stock [Line Items]
Number of votes per share of common stock	1

Equity - Class B Common Stock (

Equity - Class B Common Stock (Details)	12 Months Ended
	Mar. 31, 2018vote
Common Class B
Class of Stock [Line Items]
Number of votes per share of common stock	10
Common Class A
Class of Stock [Line Items]
Number of votes per share of common stock	1

Equity - Shares of Common Stock

Equity - Shares of Common Stock Outstanding (Details) - USD ($) $ in Thousands	Mar. 06, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Common Stock, Shares Outstanding [Roll Forward]
Class A common stock held as treasury stock retired				$ 0
Purchase of restricted stock for tax withholdings				$ 6,473	$ 2,151	$ 0
Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	0		0	19,036,504
Shares issued in exchange for units in the Reorganization (in shares)	3,899,169
Repurchase of restricted stock for tax withholding (in shares)				(186,280)
Restricted stock granted (in shares)				235,219
Shares issued due to option exercise, (in shares)				233,495
Shares issued in connection with RAPM acquisition (in shares)				27,240
Forfeitures of restricted stock (in shares)				(41,388)
Outstanding, end of period (in shares)	0	23,139,476	19,036,504	23,139,476	19,036,504
Class A common stock held as treasury stock retired (in shares)				114,529
Class A common stock held as treasury stock retired				$ 2,151
Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)			0	27,935,255
Repurchase of restricted stock for tax withholding (in shares)				0
Restricted stock granted (in shares)				0
Shares issued due to option exercise, (in shares)				0
Shares issued in connection with RAPM acquisition (in shares)				0
Forfeitures of restricted stock (in shares)				0
Outstanding, end of period (in shares)	0	25,700,068	27,935,255	25,700,068	27,935,255
Common Stock | Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Common stock shares issued (in shares)	0
Shares issued in exchange for units in the Reorganization (in shares)	3,899,169
Restricted stock granted (in shares)	231,288		284,263
Repurchase of restricted stock for tax withholding (in shares)			(114,529)
Common Stock | Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Common stock shares issued (in shares)	27,935,255
Shares issued in exchange for units in the Reorganization (in shares)	0
Restricted stock granted (in shares)	0		0
Repurchase of restricted stock for tax withholding (in shares)			0
Common Stock | Restricted Stock | Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Shares issued in exchange for units in the Reorganization (in shares)	1,080,063
Common Stock | Restricted Stock | Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Shares issued in exchange for units in the Reorganization (in shares)	0
IPO | Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Common stock shares issued (in shares)	13,656,250
IPO | Common Stock | Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Common stock shares issued (in shares)	13,656,250
IPO | Common Stock | Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Common stock shares issued (in shares)	0
2018 Offering | Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Common stock shares issued (in shares)		4,531,001		3,834,686
2018 Offering | Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Common stock repurchased in connection with secondary offering (in shares)				(2,235,187)

Equity - HLA Operating Agreemen

Equity - HLA Operating Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution in excess of required tax distributions to members	$ 36,943	$ 80,457	$ 67,815
Excess Distribution of Required Tax Distributions
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution in excess of required tax distributions to members	27,631	45,000	25,000
Excess distribution to option holders	$ 0	$ 2,608	$ 2,124

Equity-Based Compensation - 201

Equity-Based Compensation - 2017 Equity Incentive Plan (Details) - 2017 Equity Incentive Plan	12 Months Ended
	Mar. 31, 2018shares
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period	1 year
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance (in shares)	5,000,000
Common stock shares available to grant (in shares)	3,277,862
Award Expiration Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Award Expiration Period Two | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period	10 years
Award Expiration Period Three | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period	3 months

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Option Activity (Details) - 2017 Equity Incentive Plan - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Number of Options
Outstanding at beginning of year (in shares)	233,495	3,532,340	4,486,955
Exercised (in shares)	(233,495)	(3,298,845)	(954,615)
Outstanding at end of year (in shares)	0	233,495	3,532,340
Exercisable at end of year (in shares)	0	233,495
Weighted- Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 1.34	$ 1.03	$ 0.94
Exercised (in dollars per share)	1.34	1.01	0.61
Outstanding at end of year (in dollars per share)	0	1.34	$ 1.03
Exercisable at end of year (in dollars per share)	$ 0	$ 1.34
Intrinsic value of options exercised	$ 4,350,000	$ 46,436,000	$ 10,487,000
Unrecognized compensation expense related to options	$ 0

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Weighted- Average Grant-Date Fair Value of Award
Tax benefit recognized from share-based compensation	$ 2,403	$ 656	$ 83
2017 Equity Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Total Unvested
Unvested at beginning of period (in shares)	1,138,521
Granted (in shares)	235,219
Vested (in shares)	(438,795)
Forfeited (in shares)	(41,388)
Unvested at end of period (in shares)	893,557	1,138,521
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share)	$ 14.49
Granted (in dollars per share)	32.45	$ 17.49	$ 13.95
Vested (in dollars per share)	12.37
Forfeited (in dollars per share)	14.18
Unvested at end of period (in dollars per share)	$ 19.32	$ 14.49
Fair value of restricted stock, vested	$ 16,214	$ 8,589	$ 6,596
Total unrecognized compensation expense relating to restricted stock	$ 16,800
Weighted-average amortization period of restricted stock	3 years 14 days

Compensation and Benefits - Sch

Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Compensation Related Costs [Abstract]
Base compensation and benefits	$ 72,151	$ 65,968	$ 72,179
Incentive fee compensation	1,774	1,467	16,156
Equity-based compensation	5,544	4,681	3,730
Contingent compensation related to acquisition	3,399	0	0
Total compensation and benefits	$ 82,868	$ 72,116	$ 92,065

Compensation and Benefits - Com

Compensation and Benefits - Compensation and Benefits (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Compensation Related Costs [Abstract]
Incentive compensation expense subject to claw-back	$ 0	$ 0	$ 635,000
Employer contributions to defined contribution plans	$ 1,303,000	$ 1,122,000	$ 1,080,000

Income Taxes - Income (Loss) be

Income Taxes - Income (Loss) before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Domestic income before income taxes	$ 138,290	$ 73,565	$ 55,252
Foreign income before income taxes	1,340	1,189	1,469
Total income before income taxes	$ 139,630	$ 74,754	$ 56,721

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Current:
Federal	$ 8,001	$ 0	$ 0
State and local	1,769	0	0
Foreign	580	290	139
Total current income tax expense	10,350	290	139
Deferred:
Federal	24,180	356	0
State and local	(496)	53	0
Foreign	(701)	(383)	730
Total deferred income tax (benefit) expense	22,983	26	730
Total income tax expense	$ 33,333	$ 316	$ 869

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Income Tax Rate (Details)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Federal tax at statutory rate	31.55%	35.00%	35.00%
State income taxes, net of federal benefit	1.50%	5.20%	3.10%
Non-controlling interest	(19.80%)	(39.70%)	(38.10%)
Foreign income taxes	(0.40%)	(0.30%)	0.60%
Valuation allowance	(1.60%)	0.20%	1.00%
Tax reform impact	13.70%	0.00%	0.00%
Other	(1.10%)	0.00%	0.00%
Effective tax rate	23.90%	0.40%	1.60%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Deferred tax assets:
Basis difference in HLA	$ 101,951	$ 98,942
Equity-based compensation	0	355
Net operating loss carryforwards	1,861	680
Valuation allowance	(30,693)	(38,180)
State taxes	262	0
Total deferred tax assets	73,381	61,797
Deferred tax liabilities:
Undistributed foreign earnings	0	574
Total deferred tax liabilities	0	574
Net deferred tax assets	$ 73,381	$ 61,223

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Income Tax Contingency [Line Items]
Reduction in net deferred tax assets	$ 20,130,000
Transition tax on mandatory deemed repatriation of foreign earnings	442,000
Reversal of deferred tax liability on undistributed foreign earnings	$ 574,000
Federal tax at statutory rate	31.55%	35.00%	35.00%
Deferred tax assets in connection with reorganization	$ 101,951,000
Valuation allowance	30,693,000	$ 38,180,000
Net change in valuation allowance	7,487,000
Unrecognized tax positions	0	0	$ 0
Liability related to tax receivable agreement	34,133,000	10,734,000
Foreign Tax Authority
Income Tax Contingency [Line Items]
Net operating loss carryforwards	1,861,000	680,000
TRA Recipients | Tax Receivable Agreement
Income Tax Contingency [Line Items]
Liability related to tax receivable agreement	34,133,000	10,734,000
Additional estimated payable	8,394,000
Net Operating Loss Carryforwards
Income Tax Contingency [Line Items]
Valuation allowance	845,000	$ 680,000
Deferred Tax Asset, Reorganization
Income Tax Contingency [Line Items]
Valuation allowance	$ 29,848,000

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 06, 2017	Mar. 05, 2017
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	30,603,983
Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	23,139,476	19,036,504	0	0

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings Per Share - Basic and Diluted (Details) - Common Class A - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended							12 Months Ended
	Mar. 31, 2017		Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018
Net income attributable to HLI
Basic EPS of Class A common stock	$ 612									$ 17,341
Assumed exercise and vesting of employee awards	9									356
Diluted EPS of Class A common stock	$ 621									$ 17,697
Weighted-Average Shares
Weighted-average shares of Class A common stock outstanding (in shares)	17,788,363									18,414,715
Assumed exercise of outstanding options and vesting of restricted stock (in shares)	552,716									575,654
Weighted-average shares of Class A common stock outstanding - diluted (in shares)	18,341,079									18,990,369
Per share amount
Basic earnings per share (in dollars per share)	$ 0.03	[1]	$ 0.69	$ (0.35)	$ 0.26	$ 0.30	$ 0	$ 0	$ 0	$ 0.94
Diluted earnings per share (in dollars per share)	$ 0.03	[1]	$ 0.68	$ (0.35)	$ 0.26	$ 0.30	$ 0	$ 0	$ 0	$ 0.93
[1]	Represents earnings per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from March 6, 2017 through March 31, 2017, the period following the Reorganization and IPO, as defined in Note 1.

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
Total management and advisory fees earned	$ 77,609	$ 65,014	$ 48,709	$ 52,701	$ 46,679	$ 42,331	$ 51,244	$ 39,566	$ 244,033	$ 179,820	$ 180,797
Incentive fees earned									49,003	7,146	23,167
Payable to related parties pursuant to tax receivable agreement	34,133				10,734				34,133	10,734
Fees receivable	14,924				12,113				14,924	12,113
General Partnerships
Related Party Transaction [Line Items]
Total management and advisory fees earned									113,507	105,087	88,330
Incentive fees earned									43,522	6,495	$ 20,923
Fees receivable	1,929				$ 918				1,929	$ 918
Joint Venture
Related Party Transaction [Line Items]
Payable to related parties pursuant to tax receivable agreement	$ 393								393
Service Agreement Fees Paid | Joint Venture
Related Party Transaction [Line Items]
Amount payable to joint venture									$ 3,638

Supplemental Cash Flow Inform82

Supplemental Cash Flow Information - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash paid during the year for interest	$ 3,075	$ 10,234	$ 9,237
Cash paid during the year for income taxes	8,790	280	175
Fair value of non-cash consideration received for Company’s interest in proprietary investment	0	0	10,798
Non-cash investing activities:
Shares issued for acquisition of business	612	0	0
Non-cash financing activities:
Exchange of HLA Class A Units to HLI Class A common stock	0	4	0
Establishment of net deferred tax assets related to tax receivable agreement	34,492	61,278	0
Dividends declared but not paid	3,893	0	0
Members’ distributions declared but not paid	$ 11,837	$ 2,385	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Loss Contingencies [Line Items]
Carried interest subject to contingencies	$ 303,766	$ 236,857
Deferred incentive fee revenue	6,245	45,166
Incentive fees, unrecorded estimate	75,306	48,849
Carried Interest
Loss Contingencies [Line Items]
Deferred incentive fee revenue	$ 6,245	$ 45,166

Commitments and Contingencies84

Commitments and Contingencies - Leases (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2018USD ($)option	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of options to extend | option	2
Operating lease term of extension	5 years
Operating lease expense	$ 5,286	$ 4,801	$ 4,740
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,019	5,138
2,020	4,913
2,021	4,154
2,022	2,833
2,023	705
Thereafter	$ 602

Commitments and Contingencies85

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Aggregate Unfunded Commitment
Other Commitments [Line Items]
Other commitment	$ 101,054	$ 76,908

Management and Advisory Fees -

Management and Advisory Fees - Management and Advisory Fee Revenues by Product Offering (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Investment Advisory, Management and Administrative Fees [Abstract]
Customized separate accounts	$ 79,144	$ 71,261	$ 67,879
Specialized funds	83,151	74,675	62,340
Advisory and reporting	28,359	23,798	22,536
Distribution management	4,376	2,940	4,875
Total management and advisory fees	$ 195,030	$ 172,674	$ 157,630

Quarterly Financial Informati87

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended								11 Months Ended	12 Months Ended
	Mar. 31, 2017	[1]	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 05, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Total revenues				$ 77,609	$ 65,014	$ 48,709	$ 52,701	$ 46,679	$ 42,331	$ 51,244	$ 39,566		$ 244,033	$ 179,820	$ 180,797
Total expenses				33,247	30,710	28,703	28,420	27,619	25,579	27,801	22,706		121,080	103,705	118,963
Net income			$ 2,644	44,618	17,833	18,234	25,612	16,626	17,063	24,358	16,391	$ 71,794	106,297	74,438	55,852
Net income attributable to Hamilton Lane Incorporated				$ 13,498	$ (6,309)	$ 4,688	$ 5,464	$ 612	$ 0	$ 0	$ 0		$ 17,341	$ 612	$ 0
Common Class A
Earnings (loss) per share of Class A common stock
Basic (in dollars per share)	$ 0.03			$ 0.69	$ (0.35)	$ 0.26	$ 0.30		$ 0	$ 0	$ 0		$ 0.94
Diluted (in dollars per share)	$ 0.03			$ 0.68	$ (0.35)	$ 0.26	$ 0.30		$ 0	$ 0	$ 0		$ 0.93
[1]	Represents earnings per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from March 6, 2017 through March 31, 2017, the period following the Reorganization and IPO, as defined in Note 1.

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands	May 27, 2018	Jun. 07, 2018
Common Class A
Subsequent Event [Line Items]
Dividends payable (in dollars per share)		$ 0.2125
Scenario, Forecast
Subsequent Event [Line Items]
Estimated gain on sale of investment	$ 7,600

Uncategorized Items - hlne-2018

Label	Element	Value
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 4,669,000
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared	71,083,000
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared	2,373,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	2,659,000
Adjustments To Additional Paid In Capital, Tax Receivable Agreement	hlne_AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreement	50,543,000
Adjustments Related to Tax Withholding for Share-based Compensation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	2,151,000
Noncontrolling Interest, Increase (Decrease) For Equity Reallocation Between Controlling And Non-Controlling Interests	hlne_NoncontrollingInterestIncreaseDecreaseForEquityReallocationBetweenControllingAndNonControllingInterests	0
Limited Liability Company (LLC) Members' Equity, Unit-based Compensation	us-gaap_LimitedLiabilityCompanyLLCMembersEquityUnitBasedCompensation	4,363,000
Stockholders' Equity, Reorganization And Purchase Of Subsidiary Interest	hlne_StockholdersEquityReorganizationAndPurchaseOfSubsidiaryInterest	37,200,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	5,844,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition	318,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	1,192,000
Stock Repurchased During Period, Value	us-gaap_StockRepurchasedDuringPeriodValue	18,783,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	0
Treasury Stock [Member]
Adjustments Related to Tax Withholding for Share-based Compensation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	2,151,000
Member Units [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	4,669,000
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared	71,083,000
Limited Liability Company (LLC) Members' Equity, Unit-based Compensation	us-gaap_LimitedLiabilityCompanyLLCMembersEquityUnitBasedCompensation	4,363,000
Stockholders' Equity, Reorganization And Purchase Of Subsidiary Interest	hlne_StockholdersEquityReorganizationAndPurchaseOfSubsidiaryInterest	(131,467,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	70,658,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	1,192,000
Stock Repurchased During Period, Value	us-gaap_StockRepurchasedDuringPeriodValue	18,783,000
Additional Paid-in Capital [Member]
Adjustments To Additional Paid In Capital, Tax Receivable Agreement	hlne_AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreement	50,543,000
Adjustments Related to Tax Withholding for Share-based Compensation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	(1,415,000)
Noncontrolling Interest, Increase (Decrease) For Equity Reallocation Between Controlling And Non-Controlling Interests	hlne_NoncontrollingInterestIncreaseDecreaseForEquityReallocationBetweenControllingAndNonControllingInterests	115,000
Stockholders' Equity, Reorganization And Purchase Of Subsidiary Interest	hlne_StockholdersEquityReorganizationAndPurchaseOfSubsidiaryInterest	187,681,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	5,844,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition	107,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	(1,000)
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	(140,000)
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	14,000
Stockholders' Equity, Reorganization And Purchase Of Subsidiary Interest	hlne_StockholdersEquityReorganizationAndPurchaseOfSubsidiaryInterest	(638,000)
Retained Earnings [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	612,000
Subsidiaries [Member] | Noncontrolling Interest [Member]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared	2,373,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	28,000
Adjustments Related to Tax Withholding for Share-based Compensation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	1,415,000
Noncontrolling Interest, Increase (Decrease) For Equity Reallocation Between Controlling And Non-Controlling Interests	hlne_NoncontrollingInterestIncreaseDecreaseForEquityReallocationBetweenControllingAndNonControllingInterests	(115,000)
Stockholders' Equity, Reorganization And Purchase Of Subsidiary Interest	hlne_StockholdersEquityReorganizationAndPurchaseOfSubsidiaryInterest	(18,372,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	1,976,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition	211,000
Partnerships Of Subsidiary [Member] | Noncontrolling Interest [Member]
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	2,659,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	1,136,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	56,000
Common Class A [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	203,205,000
Common Class A [Member] | Common Stock [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	14,000
Stockholders' Equity, Reorganization And Purchase Of Subsidiary Interest	hlne_StockholdersEquityReorganizationAndPurchaseOfSubsidiaryInterest	(4,000)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	1,000
Common Class A [Member] | Additional Paid-in Capital [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	203,191,000
Common Class B [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	28,000
Common Class B [Member] | Common Stock [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 28,000