Hamilton Lane (HLNE) 10-Q 8 Feb 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2018	Feb. 04, 2019
Entity Registrant Name	Hamilton Lane Incorporated
Entity Central Index Key	1,433,642
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q3
Common Class A
Entity Common Stock, Shares Outstanding		25,913,574
Common Class B
Entity Common Stock, Shares Outstanding		24,228,382

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Assets
Cash and cash equivalents	$ 78,941	$ 47,596
Restricted cash	2,200	1,787
Fees receivable	16,963	14,924
Prepaid expenses	2,368	2,301
Due from related parties	2,508	3,236
Furniture, fixtures and equipment, net	8,125	4,782
Investments	147,411	137,253
Deferred income taxes	95,006	73,381
Other assets	10,330	8,535
Total assets	363,852	293,795
Liabilities and Equity
Accounts payable	2,445	1,700
Accrued compensation and benefits	32,798	8,092
Deferred incentive fee revenue	3,704	6,245
Debt	71,878	84,162
Accrued members’ distribution	8,206	11,837
Payable to related parties pursuant to tax receivable agreement	58,378	34,133
Dividends payable	5,325	3,893
Other liabilities	7,987	7,659
Total liabilities	190,721	157,721
Commitments and Contingencies
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued	0	0
Accumulated other comprehensive income	11	0
Additional paid-in-capital	88,234	73,829
Retained earnings	15,311	4,549
Total Hamilton Lane Incorporated stockholders’ equity	103,606	78,426
Total equity	173,131	136,074
Total liabilities and equity	363,852	293,795
Common Class A
Liabilities and Equity
Common stock	26	22
Common Class B
Liabilities and Equity
Common stock	24	26
General Partnerships
Liabilities and Equity
Stockholders' equity attributable to noncontrolling interest	6,554	7,266
Hamilton Lane Advisors, L.L.C.
Liabilities and Equity
Stockholders' equity attributable to noncontrolling interest	62,971	50,382
TRA Recipients | Tax Receivable Agreement
Liabilities and Equity
Payable to related parties pursuant to tax receivable agreement	$ 58,378	$ 34,133

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Mar. 31, 2018
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
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)	25,915,770	23,139,476
Common stock, shares outstanding (in shares)	25,915,770	23,139,476
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)	24,228,382	25,700,068
Common stock, shares outstanding (in shares)	24,228,382	25,700,068

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total revenues	$ 65,996	$ 65,014	$ 185,191	$ 166,424
Expenses
Compensation and benefits	23,843	20,006	73,236	60,247
General, administrative and other	13,916	10,704	36,659	27,586
Total expenses	37,759	30,710	109,895	87,833
Other income (expense)
Equity in income of investees	4,934	2,895	10,096	13,066
Interest expense	(767)	(664)	(2,260)	(5,282)
Interest income	82	67	167	472
Other non-operating income	8,892	4,188	20,951	4,169
Total other income	13,141	6,486	28,954	12,425
Income before income taxes	41,378	40,790	104,250	91,016
Income tax expense	18,463	22,957	25,660	29,337
Net income	22,915	17,833	78,590	61,679
Net income (loss) attributable to Hamilton Lane Incorporated	$ 5,458	$ (6,309)	$ 25,525	$ 3,843
Common Class A
Other income (expense)
Basic earnings per share of Class A common stock (in dollars per share)	$ 0.22	$ (0.35)	$ 1.09	$ 0.21
Diluted earnings per share of Class A common stock (in dollars per share)	0.22	(0.35)	1.08	0.21
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.2125	$ 0.175	$ 0.6375	$ 0.525
General Partnerships
Other income (expense)
Less: (Loss) income attributable to non-controlling interests	$ 681	$ 768	$ 1,075	$ 1,750
Hamilton Lane Advisors, L.L.C.
Other income (expense)
Less: (Loss) income attributable to non-controlling interests	16,776	23,374	51,990	56,086
Management and advisory fees
Revenues
Total revenues	55,617	48,344	159,844	146,326
Incentive fees
Revenues
Total revenues	$ 10,379	$ 16,670	$ 25,347	$ 20,098

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Net income	$ 22,915	$ 17,833	$ 78,590	$ 61,679
Other comprehensive income, net of tax
Foreign currency translation	23	0	23	0
Amounts reclassified to net income:
Realized loss on cash flow hedge	0	0	0	922
Total other comprehensive income, net of tax	23	0	23	922
Comprehensive income	22,938	17,833	78,613	62,601
Less:
Total comprehensive income (loss) attributable to Hamilton Lane Incorporated	5,469	(6,309)	25,536	4,154
General Partnerships
Less:
Comprehensive income (loss) attributable to non-controlling interests	681	768	1,075	1,750
Hamilton Lane Advisors, L.L.C.
Less:
Comprehensive income (loss) attributable to non-controlling interests	$ 16,788	$ 23,374	$ 52,002	$ 56,697

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity - 9 months ended Dec. 31, 2018 - USD ($) $ in Thousands	Total	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income	General PartnershipsNoncontrolling Interests	Hamilton Lane Advisors, L.L.C.Noncontrolling Interests
Beginning balance at Mar. 31, 2018	$ 136,074	$ 22	$ 26	$ 73,829	$ 4,549	$ 0	$ 7,266	$ 50,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	78,590				25,525		1,075	51,990
Other comprehensive income	23					11		12
Equity-based compensation	4,824			2,129				2,695
Repurchase of Class A shares for employee tax withholding	(174)			(73)				(101)
Issuance of shares for contingent compensation payout	425	1		200				224
Deferred tax adjustment	7,191			7,191
Dividends declared	(14,783)				(14,783)
Capital contributions from (distributions to) non-controlling interests, net	(1,787)						(1,787)
Member distributions	(38,247)							(38,247)
Secondary offering	(2)	3	(2)	5,891				(5,894)
Equity reallocation between controlling and non-controlling interests	0			(1,344)				1,344
Ending balance at Dec. 31, 2018	173,131	$ 26	$ 24	$ 88,234	$ 15,311	$ 11	$ 6,554	$ 62,971
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment from adoption of accounting guidance	$ 997

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net income	$ 78,590	$ 61,679
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,759	1,396
Change in deferred income taxes	18,945	22,913
Change in payable to related parties pursuant to tax receivable agreement	(9,134)	(4,298)
Amortization of deferred financing costs	41	153
Write-off of deferred financing costs	0	1,657
Equity-based compensation	4,777	4,272
Equity in income of investees	(10,096)	(13,066)
Gain on sale of investments valued at the measurement alternative	(11,133)	0
Proceeds received from investments	11,652	11,337
Other unrealized gains	(589)	0
Other	66	1,030
Changes in operating assets and liabilities:
Fees receivable	(2,029)	(987)
Prepaid expenses	(66)	1,016
Due from related parties	728	(962)
Other assets	(262)	(311)
Accounts payable	744	(286)
Accrued compensation and benefits	25,130	24,634
Deferred incentive fees	(2,541)	(13,744)
Other liabilities	327	(1,089)
Net cash provided by operating activities	106,909	95,344
Investing activities:
Purchase of furniture, fixtures and equipment	(4,758)	(1,152)
Proceeds from sales of investments valued at the measurement alternative	22,531	0
Cash paid for acquisition of business	0	(5,228)
Loan to investee	(944)	0
Distributions received from investments	8,166	10,792
Contributions to investments	(30,642)	(19,609)
Net cash used in investing activities	(5,647)	(15,197)
Financing activities:
Proceeds from offering	129,626	0
Purchase of membership interests	(129,626)	0
Repayments of debt	(12,325)	(86,569)
Borrowings of debt, net of deferred financing costs	0	85,066
Contributions from non-controlling interest in general partnerships	30	231
Distributions to non-controlling interest in general partnerships	(1,817)	(3,519)
Repurchase of Class B common stock	(2)	0
Repurchase of Class A shares for employee tax withholding	(174)	(680)
Proceeds received from option exercises	0	313
Dividends paid	(13,351)	(6,340)
Members’ distributions	(41,878)	(32,320)
Net cash used in financing activities	(69,517)	(43,818)
Effect of exchange rate changes on cash and cash equivalents	13	0
Increase in cash, cash equivalents, and restricted cash	31,758	36,329
Cash, cash equivalents, and restricted cash at beginning of the period	49,383	34,135
Cash, cash equivalents, and restricted cash at end of the period	$ 81,141	$ 70,464

Organization

Organization	9 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Hamilton Lane Incorporated (“HLI”) was incorporated in the State of Delaware on December 31, 2007. As of March 6, 2017, following its initial public offering (“IPO”) and related transactions, HLI became a publicly-traded entity, and is a holding company whose principal asset is a controlling equity interest in Hamilton Lane Advisors, L.L.C. (“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, payable to related parties pursuant to a tax receivable agreement, and dividends payable. 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. As of December 31, 2018 and March 31, 2018 , HLI held approximately 47.4% and 42.1% , respectively, of the economic interest in HLA. As future exchanges of HLA units occur pursuant to the exchange agreement in place with HLA’s members, the economic interest in HLA held by HLI will increase. 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 sponsors the formation, and serves as the general partner or managing member, of various limited partnerships or limited liability companies 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. HLA, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Management believes it has made all necessary adjustments (which consisted of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. Results of operations for the nine months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the year ending March 31, 2019. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of March 31, 2018 included in HLI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018. Fair Value of Financial Instruments The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below: • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. • Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputs are observable. • Level 3: V alues are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The carrying amount of cash and cash equivalents, fees receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. The carrying amount of the term loan of $71,878 as of December 31, 2018 approximated fair value based on then-current market rates for similar debt instruments and is classified as Level 2 within the fair value hierarchy. As of December 31, 2018 and March 31, 2018 , the borrowings outstanding under the revolving loan facility were $0 and $10,450 , respectively. Distributions and Dividends Distributions and dividends are reflected in the condensed consolidated financial statements when declared. Distributions to members represent amounts paid to the non-controlling interest holders of HLA. All distributions received by HLI from HLA are eliminated in the condensed consolidated financial statements. 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 adopted the new standard on April 1, 2018 using the modified retrospective approach. Refer to Note 3 for additional information related to revenue recognition and impact from the adoption. 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. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017. The Company adopted the standard on April 1, 2018 and the adoption did not have a material impact on its condensed 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 condensed consolidated balance sheets to increase upon adoption of this guidance as a result of recording a lease asset and lease liability related to 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 standard on April 1, 2019. 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 adopted the standard on April 1, 2018 and the adoption did not have a material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement ” (ASU 2018-13). ASU 2018-13 changes the fair value measurement disclosure requirements. The amendments remove or modify certain disclosures, while others were added. Early adoption of any removed or modified disclosure requirements is permitted upon issuance of ASU 2018-13 and adoption of the additional disclosure requirements may be delayed until the effective date. The Company elected to early adopt the removed or modified disclosure requirements of the standard on October 1, 2018 and expects to adopt the additional disclosure requirements on April 1, 2020. The adoption of the removed or modified disclosure requirements did not have a material impact on the Company’s disclosures in its condensed consolidated financial statements. Refer to Note 4 for disclosure related to investments carried at fair value. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition On April 1, 2018, the Company adopted the new Accounting Standards Codification 606, “ Revenue from Contracts with Customers ,” using the modified retrospective method and applied the guidance only to contracts that were not completed as of that date. As a result, prior period amounts continue to be reported under legacy GAAP. The adoption did not change the historical pattern of recognizing revenue for management and advisory fees and incentive fees. The Company recorded a cumulative-effect adjustment which increased beginning additional paid-in-capital, retained earnings and non-controlling interest in Hamilton Lane Advisors, L.L.C. by $411 , $20 and $566 , respectively. The adjustment was related to commission payments that are considered a cost of obtaining a contract under the new guidance and are capitalized and amortized over the expected life of the contractual relationship. These amounts were previously expensed when incurred. Management and advisory fees The Company earns management fees from services provided to its specialized funds, customized separate accounts, and distribution management clients, and advisory fees from services provided to advisory clients where the Company does not have discretion over investment decisions. Revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. Specialized funds are structured as partnerships having multiple investors with a subsidiary of the Company serving as general partner or managing member. Customized separate accounts are generally 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 partnership with a subsidiary of the Company serving as general partner or managing member. The Company determined that the partnership is generally considered to be the customer with respect to specialized funds, while the individual investor or single limited partner is the customer with respect to customized separate accounts and advisory clients. Management fees generally exclude the reimbursement of any partnership expenses paid by the Company on behalf of its customers pursuant to its contracts, including amounts related to professional fees and other fund administrative expenses. For the professional and administrative services performed by third parties that the Company arranges for the partnerships, the Company concluded that the nature of its promise is to arrange for the services to be provided and it does not control the services provided by third parties before they are transferred to the customer. Therefore, the Company is acting as an agent. Accordingly, the reimbursement for these professional fees paid on behalf of the partnerships is generally presented on a net basis. The Company also incurs certain costs, primarily employee travel, organization and syndication costs, for which it receives reimbursement from its customer in connection with satisfying these performance obligations. For reimbursable travel, organization and syndication costs, the Company concluded it controls the services provided by its employees and other parties and therefore is a principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis as revenue in management and advisory fees and as expense in general, administrative and other expenses in the Condensed Consolidated Statements of Operations. The Company considers its performance obligations in its customer contracts to be one of the following based upon the services promised: asset management services, arrangement of administrative services, distribution management services, and reporting services. For asset management and arrangement of administrative services, the Company satisfies these performance obligations over time as the services are rendered and the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees from these performance obligations for contracts where the Company has discretion over investment decisions are generally calculated by applying a percentage to unaffiliated committed capital or net invested capital under management and are usually billed quarterly. For many partnerships, fees are based on committed capital during the investment period and then net invested capital through the remainder of the partnership term. The management fee base is subject to factors outside the Company’s control and therefore estimates of future period management fees are not included in the transaction price, as those estimates would be considered constrained. Advisory fees from these performance obligations for contracts where the Company does not have discretion over investment decisions are generally based upon fixed amounts and are usually billed quarterly. For distribution management services, the Company satisfies these performance obligations at a point in time when shares are sold/liquidated and the proceeds are delivered and the customer receives and consumes the benefits of the services. Distribution management fees are generally calculated by applying a percentage to the amounts sold/liquidated and are billed at the completion of each transaction. For reporting services, the Company satisfies these performance obligations over time as the services are rendered and the customer simultaneously receives and consumes the benefits of the services as they are performed. Reporting fees are generally calculated by applying a fixed rate multiplied by the number of funds monitored and are billed quarterly. Incentive Fees Contracts with certain customized separate accounts and specialized funds provide incentive fees, which generally range from 6% to 12.5% of profits, when investment returns exceed minimum return levels or other performance targets on either an annual or inception to date basis. Investment returns are highly susceptible to market factors and judgments and actions of third parties which are outside of the Company’s control. Accordingly, incentive fees are considered variable consideration and are therefore constrained and not recognized until it is probable that a significant reversal will not occur. Incentive fees from specialized funds and customized separate accounts are generally payable after all contributed capital and the preferred return on that capital has been distributed to investors. Incentive fees received before the revenue recognition criteria have been met are deferred and recorded within deferred incentive fee revenue in the condensed consolidated balance sheets. The Company recognized $25,347 of incentive fees during the nine months ended December 31, 2018 of which $2,541 were previously received and deferred. The following presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount: Three Months Ended December 31, Nine Months Ended December 31, Management and advisory fees 2018 2017 2018 2017 Customized separate accounts $ 21,595 $ 19,860 $ 63,087 $ 58,253 Specialized funds 23,413 19,132 67,164 63,582 Advisory and reporting 8,186 7,479 24,660 20,958 Distribution management 1,975 1,873 3,773 3,533 Fund reimbursement revenue 448 — 1,160 — Total management and advisory fees $ 55,617 $ 48,344 $ 159,844 $ 146,326 Three Months Ended December 31, Nine Months Ended December 31, Incentive fees 2018 2017 2018 2017 Specialized funds $ 10,227 $ 16,571 $ 18,036 $ 17,680 Customized separate accounts 152 99 7,311 2,418 Total incentive fees $ 10,379 $ 16,670 $ 25,347 $ 20,098 Cost to obtain contracts The Company incurs incremental costs related to sales commissions paid to certain employees directly related to customized separate account contracts. These incremental costs are capitalized and amortized over the expected contract length proportionately to the management fee revenue expected to be recognized in each year as a percentage of the total expected revenue for the contract. The contract asset related to the cost to obtain contracts was $974 as of December 31, 2018 and is included in other assets in the Condensed Consolidated Balance Sheets. Amortization expense related to this contract asset was $111 and $347 for the three and nine months ended December 31, 2018 , respectively, and is included in general, administrative and other in the Condensed Consolidated Statements of Income.

Investments

Investments	9 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: December 31, March 31, 2018 2018 Equity method investments in Partnerships $ 121,664 $ 105,389 Equity method investments in Partnerships held by consolidated VIEs 13,348 14,704 Other equity method investments 973 876 Other investments 6,615 — Investments valued under the measurement alternative 4,811 16,284 Total Investments $ 147,411 $ 137,253 Equity method investments 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 $4,934 and $10,096 for the three and nine months ended December 31, 2018 , respectively, and $2,895 and $13,066 for the three and nine months ended December 31, 2017 , respectively. Other investments The Company’s other investments represent investments in a private equity fund and direct credit co-investments purchased by a wholly owned subsidiary of the Company. The private equity fund invests in growth-stage technology companies and is recorded at estimated fair value based upon the net asset value of the Company’s ownership interest of partners’ capital in the underlying fund utilizing the practical expedient under ASC 820 “Fair Value Measurement.” This investment can only be redeemed through distributions received from the liquidation of underlying investments of the fund and timing of distributions is currently undeterminable. The change in fair value of the investment in the private equity fund was $589 for both the three and nine months ended December 31, 2018 and is recorded in other non-operating income. The direct credit co-investments are debt securities classified as trading securities and are recorded at estimated fair value utilizing Level 3 inputs from recent precedent transactions.There was no change in fair value of the direct credit co-investments for the three and nine months ended December 31, 2018 . Investments valued at the measurement alternative The Company’s investments valued at the measurement alternative include equity securities in other proprietary investments for which fair value is not readily determinable. The accounting guidance requires equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. On August 2, 2018, an acquisition of an entity in which the Company held an investment with a carrying amount of $10,798 was completed. The Company received cash proceeds of $17,724 and recorded a gain of $6,926 in connection with the transaction, which was recorded in other non-operating income for the nine months ended December 31, 2018 . On August 11, 2018, an acquisition of an entity in which the Company held an investment with a carrying amount of $600 was completed. The Company received cash proceeds of $4,807 and recorded a gain of $4,207 in connection with the transaction, which was recorded in other non-operating income for the nine months ended December 31, 2018 .

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates certain VIEs in which it is determined that the Company is the primary beneficiary. The consolidated VIEs are general partner entities of the Partnerships, which are not wholly owned by the Company. The total assets of the consolidated VIEs are $13,348 and $14,704 as of December 31, 2018 and March 31, 2018 , respectively, and are recorded in Investments in the Condensed Consolidated Balance Sheets. The consolidated VIEs had no liabilities as of December 31, 2018 and March 31, 2018 other than deferred incentive fee revenue of $3,704 and $6,245 as of December 31, 2018 and March 31, 2018 , 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 based upon the Company’s equity interest percentage in each of the VIEs. Certain 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. do not 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 December 31, 2018 , the total commitments and remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIEs are $15,167,402 and $5,155,426 , 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 partnerships or limited liability companies to serve as the general partner or managing member of the Partnerships. The carrying amount of assets and liabilities recognized in the Condensed 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: December 31, March 31, 2018 2018 Investments $ 89,593 $ 77,016 Fees receivable 3,857 517 Due from related parties 1,155 1,837 Total VIE Assets 94,605 79,370 Deferred incentive fee revenue 3,704 6,245 Non-controlling interests (6,554 ) (7,266 ) Maximum exposure to loss $ 91,755 $ 78,349

Acquisition

Acquisition	9 Months Ended
	Dec. 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 by issuing shares of Class A common stock. An additional amount, based upon an agreed multiple of earnings, of $8,499 was payable to the principals of RAPM. As the amount was contingent upon future employment, the amount has been recognized as compensation expense over the required performance period. The Company paid 50% of the amount due to the principals of RAPM during the quarter ended December 31, 2018, of which $3,824 was paid in cash and $425 was paid by issuing Class A common stock. The remaining 50% is expected to be paid in June 2019. The Company recorded approximately $2,948 of intangible assets related to the acquired investment management contracts, which assets will be amortized over eight years, and $2,874 of goodwill, which are both recorded in other assets in the Condensed Consolidated Balance Sheets. The remaining assets acquired and liabilities assumed were not material to the condensed consolidated financial statements.

Equity

Equity	9 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity	Equity The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2018 : Class A Common Stock Class B Common Stock March 31, 2018 23,139,476 25,700,068 Shares issued (repurchased) in connection with September 2018 Offering 2,742,618 (1,372,674 ) Shares converted from units 41,435 — Shares issued in connection with contingent compensation payment 11,380 — Shares repurchased for employee tax withholdings (3,837 ) — Forfeitures (23,386 ) (99,012 ) Restricted stock granted 8,084 — December 31, 2018 25,915,770 24,228,382 During the nine months ended December 31, 2018 , the Company retired 3,837 shares of Class A common stock, which were purchased from employees to fund statutory tax withholding requirements, at a total cost of $174 . The reallocation adjustment between HLI stockholders’ equity and non-controlling interests in Hamilton Lane Advisors, L.L.C. relates to the impact of changes in economic ownership percentages during the period and adjusting previously recorded equity transactions to the economic ownership percentage as of December 31, 2018 . September 2018 Offering In September 2018, the Company and certain selling stockholders completed a registered offering of an aggregate of 2,880,979 shares of Class A common stock at a price of $47.26 per share (the “September 2018 Offering”). The shares sold consisted of (i) 138,361 shares held by the selling stockholders and (ii) 2,742,618 shares newly issued by the Company. The Company received approximately $129,626 in proceeds from the sale of its shares and used all of the proceeds to settle exchanges with certain members of HLA of a total of 1,372,674 Class B units and 1,369,944 Class C units. In connection with the exchange of the Class B units, the Company also repurchased for par value and canceled a corresponding number of shares of Class B common stock. The Company did not receive any proceeds from the sale of shares by the selling stockholders.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation A summary of restricted stock activity for the nine months ended December 31, 2018 is presented below: Total Weighted- March 31, 2018 893,557 $ 19.32 Granted 8,084 $ 43.99 Vested (20,828 ) $ 22.20 Forfeited (23,386 ) $ 14.79 December 31, 2018 857,427 $ 19.61 As of December 31, 2018 , total unrecognized compensation expense related to restricted stock was $11,848 .

Compensation and Benefits

Compensation and Benefits	9 Months Ended
	Dec. 31, 2018
Compensation Related Costs [Abstract]
Compensation and Benefits	Compensation and Benefits The Company has recorded the following amounts related to compensation and benefits: Three Months Ended December 31, Nine Months Ended December 31, 2018 2017 2018 2017 Base compensation and benefits $ 19,749 $ 17,428 $ 57,819 $ 53,397 Incentive fee compensation 2,498 523 5,539 1,380 Equity-based compensation 1,596 1,284 4,778 4,272 Contingent compensation related to acquisition — 771 5,100 1,198 Total compensation and benefits $ 23,843 $ 20,006 $ 73,236 $ 60,247

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes HLI is the sole managing member of HLA, which is organized as a limited liability company and treated as a “flow-through” entity for income tax purposes. As a “flow-through” entity, HLA is not subject to income taxes apart from certain local taxes assessed at the limited liability company level and 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, 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 certain local and 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 from HLA. The Company’s effective tax rate used for interim periods is based on an estimated annual effective tax rate including the tax effect of items required to be recorded discretely in the interim period in which those items occur. The effective tax rate is dependent on many factors, including the estimated amount of income subject to income tax; therefore, the effective tax rate can vary from period to period. The Company’s effective tax rate was 44.6% and 56.3% for the three months ended December 31, 2018 and 2017 , respectively, and 24.6% and 32.2% for the nine months ended December 31, 2018 and 2017 , respectively. The effective tax rates for the three and nine months ended December 31, 2018 are different from the statutory tax rate due to the portion of income allocated to non-controlling interests and provision to return adjustments primarily related to the state income tax apportionment impact on estimated deferred tax assets as of December 31, 2018 . The provision to return adjustments relative to earnings resulted in a greater impact to the effective tax rate for the three months ended December 31, 2018 versus nine months ended December 31, 2018. The effective tax rates for the three and nine months ended December 31, 2017 are different from the statutory tax rate due to the portion of income allocated to non-controlling interests and a provisional discrete tax expense of $21,200 related to the re-measurement of estimated deferred tax assets as of December 31, 2017 due to the tax rate change pursuant to enactment of the Tax Cuts and Jobs Act (the “Tax Act”). On December 22, 2017, the Tax Cuts and Jobs Act (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. The SEC Staff issued Staff Accounting Bulletin No. 118 (“SAB 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 completed its analysis of the Tax Act at December 31, 2018 and did not record any significant adjustments to the provisional amounts originally recorded at March 31, 2018. The Company made an accounting policy election to treat the impacts of the global intangible low-taxed income (“GILTI”) tax provisions as period costs in the period incurred. As such, there are no deferred tax assets or liabilities with respect to the GILTI provisions. On January 15, 2019, final regulations related to the Transition Tax were released. The Company is in the process of evaluating the impact of these regulations. In connection with the September 2018 Offering, the Company recorded a deferred tax asset, net of a valuation allowance, in the amount of $37,924 . The Company’s federal tax return for the period January 1, 2017 through March 31, 2017 is currently under audit by the Internal Revenue Service. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is more likely than not that all or a portion of the deferred tax asset may not be realized. As of December 31, 2018 , the Company had no unrecognized tax positions and believes there will be no changes to uncertain tax positions within the next 12 months. Tax Receivable Agreement HLI’s purchase of HLA Class A units in connection with the IPO, and the subsequent and future exchanges by holders of HLA units for shares of HLI’s Class A common stock pursuant to the exchange agreement, are expected to result in increases in HLI’s share of the tax basis of the tangible and intangible assets of HLA. This 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 are expected to reduce the amount of cash taxes that HLI would otherwise be required to pay in the future. On March 6, 2017, HLI entered into a tax receivable agreement (“TRA”) with the other members of HLA that requires HLI to pay exchanging HLA unitholders (the “TRA Recipients”) 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. Based on current projections, HLI anticipates having sufficient taxable income to utilize these tax attributes and receive corresponding tax deductions in future periods. Changes in the projected liability resulting from the TRA may occur based on changes in anticipated future taxable income, changes in applicable tax rates or other changes in tax attributes that may occur and could affect the expected future tax benefits to be received by HLI. The payable to related parties pursuant to the TRA increased to $58,378 as of December 31, 2018 from $34,133 as of March 31, 2018 due primarily to the establishment of the deferred tax assets related to the September 2018 Offering, which was partially offset by the re-measurement of the payable for changes in the deferred state tax rate. No amounts were paid to TRA Recipients during the nine months ended December 31, 2018 .

Earnings per Share

Earnings per Share	9 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share 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. 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: Three Months Ended December 31, 2018 Three Months Ended December 31, 2017 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 $ 5,458 25,051,094 $ 0.22 $ (6,309 ) 18,126,532 $ (0.35 ) Adjustment to net income: Assumed exercise and vesting of employee awards 59 — Effect of dilutive securities: Assumed exercise and vesting of employee awards 523,724 — Diluted EPS of Class A common stock $ 5,517 25,574,818 $ 0.22 $ (6,309 ) 18,126,532 $ (0.35 ) Nine Months Ended December 31, 2018 Nine Months Ended December 31, 2017 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 $ 25,525 23,329,134 $ 1.09 $ 3,843 18,075,035 $ 0.21 Adjustment to net income: Assumed exercise and vesting of employee awards 327 87 Effect of dilutive securities: Assumed exercise and vesting of employee awards 541,483 628,615 Diluted EPS of Class A common stock $ 25,852 23,870,617 $ 1.08 $ 3,930 18,703,650 $ 0.21 The calculations of diluted earnings per share exclude (i) unvested restricted stock of 1,161,337 for the three months ended December 31, 2017 and (ii) outstanding Class B and C Units of HLA of 27,819,930 for the three and nine months ended December 31, 2018 and 34,438,669 for the three and nine months ended December 31, 2017 , 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	9 Months Ended
	Dec. 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 $33,724 and $97,168 for the three and nine months ended December 31, 2018 and $27,079 and $85,937 for the three and nine months ended December 31, 2017 , respectively. The Company earned incentive fees from Partnerships of $10,267 and $24,857 for the three and nine months ended December 31, 2018 , respectively, and $16,570 and $19,029 for the three and nine months ended December 31, 2017 , respectively. The Company entered into a service agreement on June 1, 2017 with its joint venture pursuant to which it had expenses of $1,277 and $3,725 for the three and nine months ended December 31, 2018 , respectively, and $1,115 and $2,478 for the three and nine months ended December 31, 2017 , respectively, that are included in general, administrative and other expenses in the Condensed Consolidated Statements of Income. The Company also has a payable to the joint venture of $858 and $393 as of December 31, 2018 and March 31, 2018 , respectively, which is included in other liabilities in the Condensed Consolidated Balance Sheets. The Company entered into a convertible promissory note (the “Note”) with one of the Company’s technology investments for $944 on October 23, 2018 that bears 8% annual interest and matures on December 31, 2019. The Note contains an option for the outstanding principal and any accrued interest to be converted to shares of the investee under certain conditions. The outstanding principal and accrued interest was $959 as of December 31, 2018 and is recorded in other assets in the Condensed Consolidated Balance Sheet. Due from related parties in the Condensed Consolidated Balance Sheets consists 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. Fees receivable from the Partnerships were $5,581 and $1,929 as of December 31, 2018 and March 31, 2018 , respectively, and are included in fees receivable in the Condensed Consolidated Balance Sheets.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Nine Months Ended December 31, 2018 2017 Cumulative-effect adjustment from adoption of accounting guidance $ 997 $ — Shares issued for contingent compensation payment $ 425 $ — Non-cash investing activities: Shares issued for acquisition of business $ — $ 612 Non-cash financing activities: Dividends declared but not paid $ 5,325 $ 3,172 Member distributions declared but not paid $ 8,206 $ 4,520 Establishment of net deferred tax assets related to September 2018 Offering $ 37,924 $ —

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 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 condensed consolidated financial statements. Incentive Fees The Partnerships have allocated carried interest still subject to contingencies and that did not meet the Company’s criteria for recognition in the amounts of $355,468 and $303,766 , net of amounts attributable to non-controlling interests, at December 31, 2018 and March 31, 2018 , respectively, of which $3,704 and $6,245 at December 31, 2018 and March 31, 2018 , respectively, has been received and deferred by the Company. If the Company ultimately receives the unrecognized carried interest, a total of $88,867 and $75,306 as of December 31, 2018 and March 31, 2018 , respectively, would potentially be payable to certain employees and third parties pursuant to compensation arrangements related to carried interest profit-sharing plans. Such amounts have not been recorded in the Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Income as the payment is not yet probable. 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 $113,349 and $101,054 as of December 31, 2018 and March 31, 2018 , respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 5, 2019, 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 March 15, 2019. The payment date will be April 4, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Management believes it has made all necessary adjustments (which consisted of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. Results of operations for the nine months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the year ending March 31, 2019. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of March 31, 2018 included in HLI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below: • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. • Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputs are observable. • Level 3: V alues are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The carrying amount of cash and cash equivalents, fees receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments.
Distributions and Dividends	Distributions and Dividends Distributions and dividends are reflected in the condensed consolidated financial statements when declared. Distributions to members represent amounts paid to the non-controlling interest holders of HLA. All distributions received by HLI from HLA are eliminated in the condensed consolidated financial statements.
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 adopted the new standard on April 1, 2018 using the modified retrospective approach. Refer to Note 3 for additional information related to revenue recognition and impact from the adoption. 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. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017. The Company adopted the standard on April 1, 2018 and the adoption did not have a material impact on its condensed 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 condensed consolidated balance sheets to increase upon adoption of this guidance as a result of recording a lease asset and lease liability related to 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 standard on April 1, 2019. 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 adopted the standard on April 1, 2018 and the adoption did not have a material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement ” (ASU 2018-13). ASU 2018-13 changes the fair value measurement disclosure requirements. The amendments remove or modify certain disclosures, while others were added. Early adoption of any removed or modified disclosure requirements is permitted upon issuance of ASU 2018-13 and adoption of the additional disclosure requirements may be delayed until the effective date. The Company elected to early adopt the removed or modified disclosure requirements of the standard on October 1, 2018 and expects to adopt the additional disclosure requirements on April 1, 2020. The adoption of the removed or modified disclosure requirements did not have a material impact on the Company’s disclosures in its condensed consolidated financial statements. Refer to Note 4 for disclosure related to investments carried at fair value.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount: Three Months Ended December 31, Nine Months Ended December 31, Management and advisory fees 2018 2017 2018 2017 Customized separate accounts $ 21,595 $ 19,860 $ 63,087 $ 58,253 Specialized funds 23,413 19,132 67,164 63,582 Advisory and reporting 8,186 7,479 24,660 20,958 Distribution management 1,975 1,873 3,773 3,533 Fund reimbursement revenue 448 — 1,160 — Total management and advisory fees $ 55,617 $ 48,344 $ 159,844 $ 146,326

Investments (Tables)

Investments (Tables)	9 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments	Investments consist of the following: December 31, March 31, 2018 2018 Equity method investments in Partnerships $ 121,664 $ 105,389 Equity method investments in Partnerships held by consolidated VIEs 13,348 14,704 Other equity method investments 973 876 Other investments 6,615 — Investments valued under the measurement alternative 4,811 16,284 Total Investments $ 147,411 $ 137,253

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Dec. 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 Condensed 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: December 31, March 31, 2018 2018 Investments $ 89,593 $ 77,016 Fees receivable 3,857 517 Due from related parties 1,155 1,837 Total VIE Assets 94,605 79,370 Deferred incentive fee revenue 3,704 6,245 Non-controlling interests (6,554 ) (7,266 ) Maximum exposure to loss $ 91,755 $ 78,349

Equity (Tables)

Equity (Tables)	9 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Rollforward of Common Stock	The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2018 : Class A Common Stock Class B Common Stock March 31, 2018 23,139,476 25,700,068 Shares issued (repurchased) in connection with September 2018 Offering 2,742,618 (1,372,674 ) Shares converted from units 41,435 — Shares issued in connection with contingent compensation payment 11,380 — Shares repurchased for employee tax withholdings (3,837 ) — Forfeitures (23,386 ) (99,012 ) Restricted stock granted 8,084 — December 31, 2018 25,915,770 24,228,382

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Activity	A summary of restricted stock activity for the nine months ended December 31, 2018 is presented below: Total Weighted- March 31, 2018 893,557 $ 19.32 Granted 8,084 $ 43.99 Vested (20,828 ) $ 22.20 Forfeited (23,386 ) $ 14.79 December 31, 2018 857,427 $ 19.61

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	9 Months Ended
	Dec. 31, 2018
Compensation Related Costs [Abstract]
Schedule of Compensation and Benefits	The Company has recorded the following amounts related to compensation and benefits: Three Months Ended December 31, Nine Months Ended December 31, 2018 2017 2018 2017 Base compensation and benefits $ 19,749 $ 17,428 $ 57,819 $ 53,397 Incentive fee compensation 2,498 523 5,539 1,380 Equity-based compensation 1,596 1,284 4,778 4,272 Contingent compensation related to acquisition — 771 5,100 1,198 Total compensation and benefits $ 23,843 $ 20,006 $ 73,236 $ 60,247

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Dec. 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: Three Months Ended December 31, 2018 Three Months Ended December 31, 2017 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 $ 5,458 25,051,094 $ 0.22 $ (6,309 ) 18,126,532 $ (0.35 ) Adjustment to net income: Assumed exercise and vesting of employee awards 59 — Effect of dilutive securities: Assumed exercise and vesting of employee awards 523,724 — Diluted EPS of Class A common stock $ 5,517 25,574,818 $ 0.22 $ (6,309 ) 18,126,532 $ (0.35 )

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Nine Months Ended December 31, 2018 2017 Cumulative-effect adjustment from adoption of accounting guidance $ 997 $ — Shares issued for contingent compensation payment $ 425 $ — Non-cash investing activities: Shares issued for acquisition of business $ — $ 612 Non-cash financing activities: Dividends declared but not paid $ 5,325 $ 3,172 Member distributions declared but not paid $ 8,206 $ 4,520 Establishment of net deferred tax assets related to September 2018 Offering $ 37,924 $ —

Organization - Additional Infor

Organization - Additional Information (Details)	Dec. 31, 2018	Mar. 31, 2018
HLA
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percent of economic interest held	47.40%	42.10%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Debt	$ 71,878,000	$ 84,162,000
Term Loan
Debt Instrument [Line Items]
Debt	71,878,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt	$ 0	$ 10,450,000

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Apr. 01, 2018	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Additional paid-in-capital	$ 88,234		$ 88,234			$ 73,829
Retained earnings	15,311		15,311			4,549
Revenues	65,996	$ 65,014	185,191	$ 166,424
Contract asset related to the cost to obtain contracts	974		974
Contract asset amortization expense	111		347
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Additional paid-in-capital					$ 411
Retained earnings					20
Hamilton Lane Advisors, L.L.C.
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Non-controlling interest	62,971		$ 62,971			$ 50,382
Hamilton Lane Advisors, L.L.C. | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Non-controlling interest					$ 566
Separate Accounts and Specialized Funds Concentration Risk | Profits | Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Incentive fee revenue as a percent of total profit			6.00%
Separate Accounts and Specialized Funds Concentration Risk | Profits | Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Incentive fee revenue as a percent of total profit			12.50%
Incentive fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	10,379	$ 16,670	$ 25,347	$ 20,098
Previously deferred incentive fees recognized during the period	$ 2,541

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 65,996	$ 65,014	$ 185,191	$ 166,424
Management and advisory fees
Disaggregation of Revenue [Line Items]
Revenues	55,617	48,344	159,844	146,326
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	21,595	19,860	63,087	58,253
Specialized funds
Disaggregation of Revenue [Line Items]
Revenues	23,413	19,132	67,164	63,582
Advisory and reporting
Disaggregation of Revenue [Line Items]
Revenues	8,186	7,479	24,660	20,958
Distribution management
Disaggregation of Revenue [Line Items]
Revenues	1,975	1,873	3,773	3,533
Fund reimbursement revenue
Disaggregation of Revenue [Line Items]
Revenues	448	0	1,160	0
Incentive fees
Disaggregation of Revenue [Line Items]
Revenues	10,379	16,670	25,347	20,098
Specialized funds
Disaggregation of Revenue [Line Items]
Revenues	10,227	16,571	18,036	17,680
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	$ 152	$ 99	$ 7,311	$ 2,418

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Investment [Line Items]
Other investments	$ 6,615	$ 0
Investments valued under the measurement alternative	4,811	16,284
Total Investments	147,411	137,253
Equity method investments in Partnerships
Investment [Line Items]
Equity method investments	121,664	105,389
Equity method investments in Partnerships held by consolidated VIEs
Investment [Line Items]
Equity method investments	13,348	14,704
Other equity method investments
Investment [Line Items]
Equity method investments	$ 973	$ 876

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Aug. 11, 2018	Aug. 02, 2018	Mar. 31, 2018
Schedule of Equity Method Investments [Line Items]
Equity in income of investees	$ 4,934	$ 2,895	$ 10,096	$ 13,066
Other nonoperating income	589		589
Carrying amount of investments sold	$ 4,811		4,811				$ 16,284
Proceeds from sales of other investments			$ 22,531	$ 0
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Percent interest in partnerships	1.00%		1.00%
Equity Securities Sold August 2, 2018
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments sold						$ 10,798
Proceeds from sales of other investments	$ 17,724		$ 17,724
Gain on sale of investment	6,926		6,926
Equity Securities Sold August 11, 2018
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments sold					$ 600
Proceeds from sales of other investments	4,807		4,807
Gain on sale of investment	$ 4,207		$ 4,207

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Variable Interest Entity [Line Items]
Deferred incentive fee revenue	$ 3,704,000	$ 6,245,000
Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets of consolidated VIEs	13,348,000	14,704,000
Total liabilities of consolidated VIEs	0	0
Deferred incentive fee revenue	$ 3,704,000	$ 6,245,000

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Deferred incentive fee revenue	$ 3,704	$ 6,245
Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total commitments from the limited partners and general partners to the unconsolidated VIE	15,167,402
Remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIE	5,155,426
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Investments	89,593	77,016
Fees receivable	3,857	517
Due from related parties	1,155	1,837
Total VIE Assets	94,605	79,370
Deferred incentive fee revenue	3,704	6,245
Non-controlling interests	(6,554)	(7,266)
Maximum exposure to loss	$ 91,755	$ 78,349

Acquisition - Additional Inform

Acquisition - Additional Information (Details) - USD ($) $ in Thousands	Aug. 11, 2017	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019
Business Acquisition [Line Items]
Cash paid for acquisition of business			$ 0	$ 5,228
Issuance of shares for contingent compensation payout			425	$ 0
RAPM
Business Acquisition [Line Items]
Aggregate purchase price	$ 5,840
Cash paid for acquisition of business	5,228
Goodwill acquired	2,874
Customer Contracts | RAPM
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 2,948
Finite-lived intangible asset useful life	8 years
Earnings Multiple Contingent on Future Employment | RAPM
Business Acquisition [Line Items]
Additional maximum amount payable to principals		$ 8,499	$ 8,499
Percent of total payment to principals of RAPM		50.00%	50.00%
Portion of asset acquisition paid in cash		$ 3,824
Earnings Multiple Contingent on Future Employment | RAPM | Common Class A
Business Acquisition [Line Items]
Issuance of shares for contingent compensation payout		$ 425
Earnings Multiple Contingent on Future Employment | Scenario, Forecast | RAPM
Business Acquisition [Line Items]
Percent of total payment to principals of RAPM					50.00%

Equity - Shares of Common Stock

Equity - Shares of Common Stock Outstanding (Details) - shares	1 Months Ended	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2018
Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)		23,139,476
Shares converted from units (in shares)		41,435
Shares issued in connection with contingent compensation payment (in shares)		11,380
Shares repurchased for employee tax withholdings (in shares)		(3,837)
Forfeitures of restricted stock (in shares)		(23,386)
Restricted stock granted (in shares)		8,084
Outstanding, end of period (in shares)		25,915,770
Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)		25,700,068
Shares converted from units (in shares)		0
Shares issued in connection with contingent compensation payment (in shares)		0
Shares repurchased for employee tax withholdings (in shares)		0
Forfeitures of restricted stock (in shares)		(99,012)
Restricted stock granted (in shares)		0
Outstanding, end of period (in shares)		24,228,382
Secondary Offering | Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Shares issued in connection with secondary offering (in shares)	2,880,979	2,742,618
Secondary Offering | Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Shares repurchased in connection with secondary offering (in shares)		(1,372,674)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Shares retired, value		$ 174
Proceeds from offering		$ 129,626	$ 0
Common Class A
Class of Stock [Line Items]
Shares retired (in shares)		3,837
Common Class B
Class of Stock [Line Items]
Shares retired (in shares)		0
September 2018 Offering, New Issuance | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)	2,742,618
September 2018 Offering, Current Stockholder Issuance | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)	138,361
September 2018 Offering | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)	2,880,979	2,742,618
Shares issued in connection with secondary offering (in dollars per share)		$ 47.26
Proceeds from offering	$ 129,626
Members’ Equity (Deficit) | Common Class B
Class of Stock [Line Items]
Purchase of interest by parent (in shares)	1,372,674
Members’ Equity (Deficit) | Common Class C
Class of Stock [Line Items]
Purchase of interest by parent (in shares)	1,369,944

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Restricted Stock (Details) - 2017 Equity Incentive Plan - Restricted Stock $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Total Unvested
Unvested at beginning of period (in shares) | shares	893,557
Granted (in shares) | shares	8,084
Vested (in shares) | shares	(20,828)
Forfeited (in shares) | shares	(23,386)
Unvested at end of period (in shares) | shares	857,427
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share) | $ / shares	$ 19.32
Granted (in dollars per share) | $ / shares	43.99
Vested (in dollars per share) | $ / shares	22.20
Forfeited (in dollars per share) | $ / shares	14.79
Unvested at end of period (in dollars per share) | $ / shares	$ 19.61
Total unrecognized compensation expense relating to restricted stock | $	$ 11,848

Compensation and Benefits - Sch

Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Compensation Related Costs [Abstract]
Base compensation and benefits	$ 19,749	$ 17,428	$ 57,819	$ 53,397
Incentive fee compensation	2,498	523	5,539	1,380
Equity-based compensation	1,596	1,284	4,778	4,272
Contingent compensation related to acquisition	0	771	5,100	1,198
Total compensation and benefits	$ 23,843	$ 20,006	$ 73,236	$ 60,247

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	Mar. 06, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018	Mar. 31, 2018
Income Tax Contingency [Line Items]
Effective tax rate		44.60%	56.30%	24.60%	32.20%
Remeasurement of estimated deferred tax assets			$ 21,200,000		$ 21,200,000
Establishment of net deferred tax assets related to September 2018 Offering		$ 37,924,000	$ 0	$ 37,924,000	$ 0
Unrecognized tax positions		0		0
Amount payable to related parties		58,378,000		58,378,000			$ 34,133,000
TRA Recipients | Tax Receivable Agreement
Income Tax Contingency [Line Items]
Percentage of cash savings payable	85.00%
Amount payable to related parties		$ 58,378,000		58,378,000			$ 34,133,000
Amounts paid to TRA recipients				$ 0
September 2018 Offering
Income Tax Contingency [Line Items]
Establishment of net deferred tax assets related to September 2018 Offering						$ 37,924,000

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	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Net income attributable to HLI
Basic EPS of Class A common stock	$ 5,458	$ (6,309)	$ 25,525	$ 3,843
Assumed exercise and vesting of employee awards	59	0	327	87
Diluted EPS of Class A common stock	$ 5,517	$ (6,309)	$ 25,852	$ 3,930
Weighted-Average Shares
Weighted-average basic EPS of Class A common stock (in shares)	25,051,094	18,126,532	23,329,134	18,075,035
Weighted-average assumed vesting of employee awards (in shares)	523,724	0	541,483	628,615
Weighted-average diluted EPS of Class A common stock (in shares)	25,574,818	18,126,532	23,870,617	18,703,650
Per share amount
Basic EPS of Class A common stock (in dollars per share)	$ 0.22	$ (0.35)	$ 1.09	$ 0.21
Diluted EPS of Class A common stock (in dollars per share)	$ 0.22	$ (0.35)	$ 1.08	$ 0.21

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Class B and Class C Units of Hamilton Lane Advisors, L.L.C.
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	27,819,930	1,161,337	27,819,930	34,438,669
Restricted Stock
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		34,438,669

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Oct. 23, 2018	Mar. 31, 2018
Related Party Transaction [Line Items]
Revenues	$ 65,996,000	$ 65,014,000	$ 185,191,000	$ 166,424,000
Payable to related parties pursuant to tax receivable agreement	58,378,000		58,378,000			$ 34,133,000
Long-term Debt	959,000		959,000
Fees receivable	16,963,000		16,963,000			14,924,000
General Partnerships
Related Party Transaction [Line Items]
Fees receivable	5,581,000		5,581,000			1,929,000
Joint Venture
Related Party Transaction [Line Items]
Payable to related parties pursuant to tax receivable agreement	858,000		858,000			$ 393,000
Service Agreement Fees Paid | Joint Venture
Related Party Transaction [Line Items]
Fees paid to joint venture	1,277,000	1,115,000	3,725,000	2,478,000
Management and advisory fees
Related Party Transaction [Line Items]
Revenues	55,617,000	48,344,000	159,844,000	146,326,000
Management and advisory fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	33,724,000	27,079,000	97,168,000	85,937,000
Incentive fees
Related Party Transaction [Line Items]
Revenues	10,379,000	16,670,000	25,347,000	20,098,000
Incentive fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	$ 10,267,000	$ 16,570,000	$ 24,857,000	$ 19,029,000
Convertible Debt [Member] | 8% Convertible Notes Due December 2019 [Member]
Related Party Transaction [Line Items]
Face amount of loan agreement					$ 944,000
Interest rate					8.00%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Apr. 01, 2018	Mar. 31, 2018
Supplemental Cash Flow Information [Abstract]
Cumulative-effect adjustment from adoption of accounting guidance	$ 997	$ 0	$ 997
Shares issued for contingent compensation payment	$ 425	$ 0
Non-cash investing activities:
Shares issued for acquisition of business	0	612
Non-cash financing activities:
Dividends declared but not paid	$ 5,325	$ 3,172		$ 3,893
Member distributions declared but not paid	8,206	4,520		$ 11,837
Establishment of net deferred tax assets related to September 2018 Offering	$ 37,924	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Carried Interest still subject to contingencies	$ 355,468	$ 303,766
Incentive fees, unrecorded estimate	88,867	75,306
Deferred incentive fee revenue	$ 3,704	$ 6,245

Commitments and Contingencies_2

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Other commitment	$ 113,349	$ 101,054

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Common Class A - $ / shares	Feb. 05, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)		$ 0.2125	$ 0.175	$ 0.6375	$ 0.525
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.2125

Uncategorized Items - hlne-2018

Label	Element	Value
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 411,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	20,000
Subsidiaries [Member] | Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 566,000