Hamilton Lane (HLNE) 10-K 30 May 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2019	May 28, 2019	Sep. 30, 2017
Entity Registrant Name	Hamilton Lane Incorporated
Entity Central Index Key	0001433642
Document Type	10-K
Document Period End Date	Mar. 31, 2019
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	Large Accelerated Filer
Entity Public Float			$ 1,005.9
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Common Class A
Entity Common Stock, Shares Outstanding		27,360,570
Common Class B
Entity Common Stock, Shares Outstanding		23,516,439

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Assets
Cash and cash equivalents	$ 49,357	$ 47,596
Restricted cash	2,233	1,787
Fees receivable	20,320	14,924
Prepaid expenses	4,714	2,301
Due from related parties	2,628	3,236
Furniture, fixtures and equipment, net	8,108	4,782
Investments	154,491	137,253
Deferred income taxes	107,726	73,381
Other assets	11,014	8,535
Total assets	360,591	293,795
Liabilities and Equity
Accounts payable	2,619	1,700
Accrued compensation and benefits	12,216	8,092
Deferred incentive fee revenue	3,704	6,245
Debt	70,954	84,162
Accrued members’ distributions	17,081	11,837
Payable to related parties pursuant to tax receivable agreement	69,636	34,133
Accrued dividend	5,673	3,893
Other liabilities	8,986	7,659
Total liabilities	190,869	157,721
Commitments and Contingencies (Note 16)
Additional paid-in-capital	92,482	73,829
Accumulated other comprehensive income	7	0
Retained earnings	17,686	4,549
Total Hamilton Lane Incorporated stockholders’ equity	110,226	78,426
Total equity	169,722	136,074
Total liabilities and equity	360,591	293,795
Common Class A
Liabilities and Equity
Common stock	27	22
Common Class B
Liabilities and Equity
Common stock	24	26
General Partnerships
Liabilities and Equity
Stockholders' equity attributable to noncontrolling interest	5,716	7,266
Hamilton Lane Advisors, L.L.C.
Liabilities and Equity
Stockholders' equity attributable to noncontrolling interest	$ 53,780	$ 50,382

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Mar. 31, 2018
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)	27,367,477	23,139,476
Common stock, shares outstanding (in shares)	27,367,477	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)	23,516,439	25,700,068
Common stock, shares outstanding (in shares)	23,516,439	25,700,068

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Revenues	$ 252,179	$ 244,033	$ 179,820
Expenses
Compensation and benefits	97,719	82,868	72,116
General, administrative and other	50,236	38,212	31,589
Total expenses	147,955	121,080	103,705
Other income (expense)
Equity in income of investees	7,202	17,102	12,801
Interest expense	(3,039)	(5,989)	(14,565)
Interest income	255	528	320
Non-operating income	20,915	5,036	83
Total other income (expense)	25,333	16,677	(1,361)
Total income before income taxes	129,557	139,630	74,754
Income tax expense	30,560	33,333	316
Net income	98,997	106,297	74,438
Net income attributable to Hamilton Lane Incorporated	$ 33,573	$ 17,341	$ 612
Common Class A
Earnings per share of Class A common stock
Basic (in dollars per share)	$ 1.41	$ 0.94	$ 0.03
Diluted (in dollars per share)	1.40	0.93	0.03
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.85	$ 0.70	$ 0
General Partnerships
Other income (expense)
Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C.	$ 564	$ 2,448	$ 1,192
Hamilton Lane Advisors, L.L.C.
Other income (expense)
Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C.	64,860	86,508	72,634
Management and advisory fees
Revenues	217,773	195,030	172,674
Incentive fees
Revenues	$ 34,406	$ 49,003	$ 7,146

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Net income	$ 98,997	$ 106,297	$ 74,438
Other comprehensive income (loss), net of tax:
Unrealized loss on cash flow hedge	0	0	(142)
Foreign currency translation	15	0	0
Amounts reclassified to net income:
Realized loss on cash flow hedge	0	922	44
Total other comprehensive income (loss), net of tax	15	922	(98)
Comprehensive income	99,012	107,219	74,340
Less:
Total comprehensive income attributable to Hamilton Lane Incorporated	33,580	17,652	626
General Partnerships
Less:
Comprehensive income (loss) attributable to non-controlling interests	564	2,448	1,192
Hamilton Lane Advisors, L.L.C.
Less:
Comprehensive income (loss) attributable to non-controlling interests	$ 64,868	$ 87,119	$ 72,522

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	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, 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)
Issuance of shares for contingent compensation payout	0
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
Issuance of shares for contingent compensation payout	0
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
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)
Ending balance at Mar. 31, 2018	136,074	0	22	26	73,829	4,549	0	0	7,266	50,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Increase (Decrease) For Equity Reallocation Between Controlling And Non-Controlling Interests	0				(186)					186
Net income (loss)	98,997					33,573			564	64,860
Other comprehensive income (loss)	15							7		8
Equity-based compensation	6,456				2,912					3,544
Issuance of shares for contingent compensation payout	425		1		200					224
Sale of membership interest / Issuance of common stock	(2)		4	(2)	9,589					(9,593)
Employee Share Purchase Plan share issuance	264				127					137
Vesting of restricted stock	0				324					(324)
Member distributions	(55,893)									(55,893)
Capital contributions from (distributions to) non-controlling interests, net	(2,114)								(2,114)
Repurchase of Class A shares for employee tax withholding subsequent to Reorganization and IPO	(5,387)				(2,425)					(2,962)
Deferred tax adjustment	10,346				10,346
Dividends declared	(20,456)					(20,456)
Ending balance at Mar. 31, 2019	169,722	$ 0	$ 27	$ 24	92,482	$ 17,686	$ 0	$ 7	$ 5,716	53,780
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Increase (Decrease) For Equity Reallocation Between Controlling And Non-Controlling Interests	$ 0				$ (2,831)					$ 2,831

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net income	$ 98,997	$ 106,297	$ 74,438
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,979	1,891	1,915
Change in deferred income taxes	21,665	22,983	26
Change in payable to related parties pursuant to tax receivable agreement	(9,778)	(5,076)	0
Write-off of deferred financing costs	0	1,657	3,359
Equity-based compensation	6,382	5,544	4,681
Gain on sale of investments valued at the measurement alternative	(11,133)	0	0
Equity in income of investees	(7,202)	(17,102)	(12,801)
Proceeds received from investments	14,077	14,391	10,843
Other	190	1,411	922
Changes in operating assets and liabilities:
Fees receivable	(5,390)	(2,624)	(285)
Prepaid expenses	(2,414)	299	(1,038)
Due from related parties	608	77	(461)
Other assets	(1,614)	16	(610)
Accounts payable	919	334	725
Accrued compensation and benefits	4,549	4,675	(612)
Deferred incentive fee revenue	(2,541)	(38,921)	0
Other liabilities	1,328	840	577
Net cash provided by operating activities	111,622	96,692	81,679
Investing activities:
Purchase of furniture, fixtures and equipment	(5,366)	(2,254)	(1,275)
Proceeds from sales of investments valued at the measurement alternative	22,531	0	0
Cash paid for acquisition of business	0	(5,228)	0
Loan to investee	(944)	0	0
Distributions received from investments	10,614	16,055	8,782
Contributions to investments	(46,048)	(30,346)	(24,222)
Net cash used in provided by investing activities	(19,213)	(21,773)	(16,715)
Financing activities:
Proceeds from offerings	193,504	125,200	0
Purchase of membership interests	(193,504)	(125,200)	(55,983)
Repayments of debt	(13,263)	(87,038)	(162,600)
Borrowings of debt, net of deferred financing costs	0	85,066	0
Contributions from non-controlling interest in Partnerships	81	276	532
Distributions to non-controlling interest in Partnerships	(2,195)	(5,359)	(3,191)
Proceeds from IPO, net of underwriting discount	0	0	203,205
Payment of deferred offering costs	0	0	(5,844)
Sale of membership interests	0	0	4,669
(Repurchase) issuance of Class B common stock	(2)	(2)	28
Purchase of restricted stock for tax withholdings	(5,387)	(6,473)	(2,151)
Proceeds received from issuance of shares under employee stock plans	264	313	1,192
Dividends paid	(18,676)	(9,511)	0
Members’ distributions paid	(50,649)	(36,943)	(80,457)
Other	(383)	0	(611)
Net cash used in financing activities	(90,210)	(59,671)	(101,211)
Effect of exchange rate changes on cash and cash equivalents	8	0	0
Increase (decrease) in cash, cash equivalents, and restricted cash	2,207	15,248	(36,247)
Cash, cash equivalents, and restricted cash at beginning of year	49,383	34,135	70,382
Cash, cash equivalents, and restricted cash at end of year	$ 51,590	$ 49,383	$ 34,135

Organization

Organization	12 Months Ended
	Mar. 31, 2019
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 in order to effect a corporate reorganization, including the following: • the certificate of incorporation of HLI was amended and restated to, among other things, (i) provide for Class A common stock and Class B common stock, (ii) set forth the voting rights of the Class A common stock (one vote per share) and Class B common stock (ten votes per share) and (iii) establish a classified board of directors; • the limited liability company agreement of HLA was amended and restated to, among other things, (i) appoint HLI as the sole managing member of HLA, (ii) reclassify all membership interests held by HLI as Class A units and (iii) classify 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; • certain Class B Holders of HLA entered into a stockholders agreement pursuant to which they agreed to vote all their shares of voting stock in accordance with the instructions of HLA Investments, LLC (“HLAI”), HLI’s controlling stockholder; and • 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. HLI held approximately 50.3% and 42.1% of the economic interest in HLA as of March 31, 2019 and 2018 , respectively. 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, 2019
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 5 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 The Company and substantially all of its foreign subsidiaries utilize the U.S. dollar as its functional currency. The assets and liabilities of the Company’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the consolidated financial statements until realized. Foreign currency transaction gains and losses are included in general, administrative and other expenses in the Consolidated Statements of Income and were $368 , $(92) , and $175 for the years ended March 31, 2019 , 2018 and 2017 , 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, 2019 and 2018 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, 2019 or 2018 . 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, office equipment, furniture and fixtures, 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 hardware and software 3-7 years Furniture and fixtures 5 years Office equipment 3 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 quarterly, or 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 $2,562 and $3,021 , and is included in other assets in the Consolidated Balance Sheets as of March 31, 2019 and 2018 , respectively. The accumulated amortization of intangibles was $1,155 and $696 as of March 31, 2019 and 2018 , respectively. Amortization of intangible assets was $459 , $326 , and $91 for each of the years in the three-year period ended March 31, 2019 , respectively, and is included in general, administrative and other expenses in the Consolidated Statements of Income. The estimated amortization expense for each of the next five fiscal years is $455 , $414 , $414 , $410 , and $369 , respectively. Goodwill of $3,943 as March 31, 2019 and 2018 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, 2018 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 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 Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective notes. 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. 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. Under the new standard, the Company recognizes 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. Additionally, certain reimbursable costs that were previously recorded on a net basis are recorded on a gross basis, which impacts the components of revenues and expenses. The Company recorded a cumulative-effect adjustment that 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 customers 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 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, or 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 5% 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 that are outside of the Company’s control. Accordingly, incentive fees are considered variable consideration in asset management services 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 Consolidated Balance Sheets. Fund reimbursement revenue The Company incurs certain costs related to the organization and syndication of new Partnerships. These costs generally include professional fees, legal fees, and other related items. The Company expenses these costs as they are incurred. Once the Partnership is successfully formed and has held its first closing, the Company recognizes those costs as revenue in the Consolidated Statements of Income as the Partnership is then able to reimburse the Company for these costs. 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 10 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. Non-Operating Income 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. Non-operating income for the year ended March 31, 2019 consisted primarily of gains on the sales of two technology investments during the period. 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 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, 2019 2018 2017 United States $ 132,326 $ 130,737 $ 99,098 Israel 21,013 24,387 16,675 Other foreign countries 98,840 88,909 64,047 Total revenues (1) $ 252,179 $ 244,033 $ 179,820 (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. Recent Accounting Pronouncements 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 adopted ASU 2016-01 on April 1, 2018 and the adoption did not 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 will adopt the guidance effective April 1, 2019 under the simplified transition method. The simplified transition method allows companies to forgo the comparative reporting requirements initially required under the modified retrospective transition approach and apply the new guidance prospectively. The Company does not expect that adoption will have a material impact on the Consolidated Statements of Income because all of the Company’s leases are currently classified as operating leases, which under the guidance will continue to be recognized as expense on a straight-line basis. The adoption, however, will result in a gross-up in total assets and total liabilities on the consolidated statements of financial position. As of March 31, 2019 , the gross-up impact on total assets and total liabilities is estimated to be approximately between $11,000 and $13,000 . The amount of the liability represents the aggregate discounted amount of the Company’s minimum lease obligations as of that date. The difference between the asset and liability amounts represents deferred rent liabilities and lease incentives as of March 31, 2019 that are netted against the right of use asset amount. 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 ASU 2016-15 on April 1, 2018 and the adoption did not have a material impact on its 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 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 with current period presentation.

Revenue

Revenue	12 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount: Year Ended March 31, Management and advisory fees 2019 2018 2017 Customized separate accounts $ 85,245 $ 79,275 $ 71,261 Specialized funds 93,056 83,151 74,675 Advisory 24,130 20,164 18,497 Reporting and other 8,805 8,064 5,301 Distribution management 4,525 4,376 2,940 Fund reimbursement revenue 2,012 — — Total management and advisory fees $ 217,773 $ 195,030 $ 172,674 Year Ended March 31, Incentive fees 2019 2018 2017 Specialized funds $ 25,687 $ 43,902 $ 6,495 Customized separate accounts 8,719 5,101 651 Total incentive fees $ 34,406 $ 49,003 $ 7,146 The Company recognized incentive fee revenues of $2,541 and $38,921 during the years ended March 31, 2019 and 2018 , respectively, that were previously received and deferred. 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 $968 as of March 31, 2019 and is included in other assets in the Consolidated Balance Sheets. Amortization expense related to this contract asset was $480 for the year ended March 31, 2019 and is included in general, administrative and other in the Consolidated Statements of Income.

Investments

Investments	12 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: March 31, 2019 2018 Equity method investments in Partnerships $ 122,505 $ 105,389 Equity method investments in Partnerships held by consolidated VIEs (See Note 5) 11,648 14,704 Other equity method investments 1,086 876 Other investments 12,488 — Investments valued under the measurement alternative 6,764 16,284 Total Investments $ 154,491 $ 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 $7,202 , $17,102 , and $12,801 for the years ended March 31, 2019 , 2018 , and 2017 , respectively. The Company’s equity method investments in Partnerships consist of the following types: March 31, 2019 2018 Primary funds $ 22,791 $ 20,708 Secondary funds 15,762 11,158 Direct/co-investment funds 35,902 29,469 Customized separate accounts 48,050 44,054 Total equity method investments in Partnerships $ 122,505 $ 105,389 The Company’ s equity method investments in Partnerships held by consolidated VIEs consist of direct/co-investment funds. 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, 2019 and 2018 , 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, 2019 2018 Assets Investments $ 13,473,255 $ 12,002,005 Other assets 349,425 412,766 Total assets $ 13,822,680 $ 12,414,771 Liabilities and Partners’ Capital Debt $ 84,530 $ 48,008 Other liabilities 57,772 56,972 Total liabilities 142,302 104,980 Partners’ capital 13,680,378 12,309,791 Total liabilities and partners’ capital $ 13,822,680 $ 12,414,771 Year Ended March 31, 2019 2018 2017 Investment income $ 211,797 $ 233,255 $ 93,470 Expenses 149,598 130,771 109,648 Net investment income (loss) 62,199 102,484 (16,178 ) Net realized and unrealized gain 618,047 1,647,977 1,121,595 Net income $ 680,246 $ 1,750,461 $ 1,105,417 Other investments The Company’s other investments represent investments in a private equity fund and direct credit and equity 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 the timing of distributions is currently undeterminable. The direct credit co-investments are debt securities classified as trading securities. The direct equity co-investments are measured at fair value with unrealized holding gains and losses included in earnings. The direct credit and equity co-investments are recorded at estimated fair value utilizing Level 3 inputs from recent precedent transactions. The change in fair value of the other investments was $704 for the year ended March 31, 2019 and is recorded in non-operating income in the Consolidated Statements of Income. 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. ASU 2016-01 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. During the year ended March 31, 2019 , the Company performed a qualitative impairment assessment on its investments recorded at the measurement alternative. As of March 31, 2019, the Company determined that a quantitative assessment was required to be performed for one of its technology investments. The assessment indicated that the fair value was less than the carrying value at March 31, 2019 . Prior to the impairment recorded, the carrying value of the investment was $ 2,990 . The impairment amount was $ 701 and is included in non-operating income. The fair value was determined using both a discounted cash flow approach and a market approach based on guideline public companies, and is a Level III fair value measurement as financial projections were utilized. 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 non-operating income for the year ended March 31, 2019 . 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 non-operating income for the year ended March 31, 2019 .

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Mar. 31, 2019
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 $11,648 and $14,704 as of March 31, 2019 and 2018 , respectively, and are recorded in Investments in the Consolidated Balance Sheets. The consolidated VIEs had no liabilities other than deferred incentive fee revenue of $3,704 and $6,245 as of March 31, 2019 and 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. 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, 2019 , the total commitments and remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIEs are $16,011,947 and $5,502,015 , 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, 2019 2018 Investments $ 87,001 $ 77,016 Fees receivable 5,896 517 Due from related parties 1,332 1,837 Total VIE assets 94,229 79,370 Deferred incentive fee revenue 3,704 6,245 Non-controlling interests (5,716 ) (7,266 ) Maximum exposure to loss $ 92,217 $ 78,349

Furniture, Fixtures, and Equipm

Furniture, Fixtures, and Equipment	12 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Furniture, Fixtures and Equipment	Furniture, Fixtures, and Equipment Furniture, fixtures, and equipment consist of the following: March 31, 2019 2018 Computer hardware and software $ 6,100 $ 4,056 Furniture and fixtures 3,739 4,183 Leasehold improvements 5,927 2,464 Office equipment 2,045 3,602 17,811 14,305 Less: accumulated depreciation 9,703 9,523 Furniture, fixtures, and equipment, net $ 8,108 $ 4,782 Depreciation expense was $2,040 , $1,565 and $1,824 for the years ended March 31, 2019 , 2018 and 2017 , respectively, and is included in general, administrative and other expenses in the Consolidated Statements of Income.

Acquisition

Acquisition	12 Months Ended
	Mar. 31, 2019
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 of $ 8,499 was payable to the principals of RAPM based upon an agreed-upon multiple of earnings. 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 required to be paid by August 2019. 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.

Debt

Debt	12 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt 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 for the year ended March 31, 2018. 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. The Company had an outstanding balance, net of unamortized debt discount and deferred financing costs of $296 and $351 , on the Term Loan Facility of $70,954 and $73,712 as of March 31, 2019 and 2018 , respectively. 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. The Company had no outstanding balance and $10,450 on the Revolving Loan Facility as of March 31, 2019 and 2018 , respectively. 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 $ 5,625 2020 10,313 2021 13,125 2022 15,000 2023 17,812 Thereafter 9,375 $ 71,250 The fair value of the outstanding balance of the Company’s debt instrument at March 31, 2019 and 2018 approximated par value based on current market rates for similar debt instruments and are classified as Level II within the fair value hierarchy.

Equity

Equity	12 Months Ended
	Mar. 31, 2019
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. 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 offering 3,834,686 (2,235,187 ) Shares repurchased for employee tax withholdings (186,280 ) — Forfeitures (41,388 ) — March 31, 2018 23,139,476 25,700,068 Shares issued (repurchased) in connection with offerings 4,141,921 (2,084,617 ) Shares issued in connection with contingent compensation payment 11,380 — Shares issued in connection with ESPP 7,137 — Shares converted from units 41,435 — Shares repurchased for employee tax withholdings (123,928 ) — Forfeitures (27,529 ) (99,012 ) Restricted stock granted 177,585 — March 31, 2019 27,367,477 23,516,439 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 March 31, 2019 . 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 $30,698 , $27,631 , and $45,000 for the years ended March 31, 2019 , 2018 , and 2017 , respectively, and included an excess distribution to option holders of $ 2,608 for the year ended March 31, 2017 . March 2018 Offering In March 2018, the Company 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 shares sold consisted of (i) 696,315 shares held by the selling stockholders and (ii) 3,834,686 shares newly issued by the Company. The Company 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, 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. 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 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, net of underwriting discounts and commissions, and used all of the proceeds to settle in cash 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. March 2019 Offering In March 2019, the Company and a certain selling stockholder completed a registered offering of an aggregate of 1,449,303 shares of Class A common stock at a price of $45.65 per share. The shares sold consisted of (i) 50,000 shares held by the selling stockholder and (ii) 1,399,303 shares newly issued by the Company. The Company received approximately $63,878 in proceeds from the sale of its shares, net of underwriting discounts and commissions, and used all of the proceeds to settle in cash exchanges with certain members of HLA of a total of 711,943 Class B units and 687,360 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 stockholder.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Mar. 31, 2019
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, 2019 , there were 3,251,741 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, 2019 is presented below: Year Ended March 31, 2019 2018 2017 Number of Weighted- Number of Weighted- Number of Weighted- Options outstanding at beginning of year — — 233,495 $ 1.34 3,532,340 $ 1.03 Options exercised — — (233,495 ) 1.34 (3,298,845 ) 1.01 Options outstanding at end of year — — — — 233,495 1.34 Options exercisable at end of year — — — — 233,495 1.34 The intrinsic value of options exercised was $4,350 and $46,436 for the years ended March 31, 2018 , and 2017 , respectively. Restricted Stock The Company has granted restricted Class A common stock under the 2017 Equity 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 stockholder 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 for the year ended March 31, 2019 is as follows: Total Weighted- March 31, 2018 893,557 $ 19.32 Granted 177,585 40.77 Vested (381,537 ) 17.03 Forfeited (27,529 ) 14.73 March 31, 2019 662,076 $ 26.58 The weighted-average fair value per share of restricted stock awarded during the years ended March 31, 2019 , 2018 and 2017 was $40.77 , $32.45 , and $17.49 , respectively. The total fair value of restricted stock that vested during the years ended March 31, 2019 , 2018 and 2017 was $16,601 , $16,214 , and $8,589 , respectively. As of March 31, 2019 , total unrecognized compensation expense related to restricted stock was $17,101 with a weighted-average amortization period of 2.97 years. The total tax benefit recognized from share-based compensation for the years ended March 31, 2019 , 2018 and 2017 was $2,537 , $2,403 and $656 , respectively. Employee Share Purchase Plan On September 6, 2018, the Company’s stockholders approved the Hamilton Lane Incorporated Employee Share Purchase Plan (the “ESPP”). The ESPP provides for a purchase price equal to 85% of the closing price of the Company’s Class A common stock on the last trading day of each offering period, which begins the first day of each fiscal quarter and ends on the last day of that fiscal quarter. Our initial offering period started January 1, 2019. At inception, there were 1,000,000 shares available for purchase through the ESPP and 992,863 shares were available as of March 31, 2019 . The benefit received by the employees, which is equal to a 15% discount on the shares of the Company’s Class A common stock purchased, is recognized as equity-based compensation expense on the date of each purchase. During the year ended March 31, 2019 , the Company recorded expense of $47 related to the ESPP.

Compensation and Benefits

Compensation and Benefits	12 Months Ended
	Mar. 31, 2019
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, 2019 2018 2017 Base compensation and benefits $ 78,452 $ 72,151 $ 65,968 Incentive fee compensation 7,785 1,774 1,467 Equity-based compensation 6,382 5,544 4,681 Contingent compensation related to acquisition (Note 7) 5,100 3,399 — Total compensation and benefits $ 97,719 $ 82,868 $ 72,116 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 $1,507 , $1,303 , and $1,122 for the years ended March 31, 2019 , 2018 and 2017 , respectively, and is included in compensation and benefits expense in the Consolidated Statements of Income.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income (loss) before income taxes consisted of the following: Year Ended March 31, 2019 2018 2017 Domestic income before income taxes $ 128,035 $ 138,290 $ 73,565 Foreign income before income taxes 1,522 1,340 1,189 Total income before income taxes $ 129,557 $ 139,630 $ 74,754 Components of income tax expense consist of the following: Year Ended March 31, 2019 2018 2017 Current: Federal $ 7,163 $ 8,001 $ — State and local 1,269 1,769 — Foreign 463 580 290 Total current income tax expense $ 8,895 $ 10,350 $ 290 Deferred: Federal $ 3,654 $ 24,180 $ 356 State and local 17,917 (496 ) 53 Foreign 94 (701 ) (383 ) Total deferred income tax (benefit) expense 21,665 22,983 26 Total income tax expense $ 30,560 $ 33,333 $ 316 A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows: Year Ended March 31, 2019 2018 2017 Federal tax at statutory rate 21.0 % 31.6 % 35.0 % State income taxes, net of federal benefit 1.4 % 1.5 % 5.2 % Non-controlling interest (10.8 )% (19.8 )% (39.7 )% Foreign income taxes 0.0 % (0.4 )% (0.3 )% Valuation allowance 1.9 % (1.6 )% 0.2 % Tax reform impact — % 13.7 % — % Deferred tax asset state apportionment changes 10.3 % — % — % Other (0.2 )% (1.1 )% — % Effective tax rate 23.6 % 23.9 % 0.4 % 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. 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 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. The significant components of deferred tax assets and liabilities are as follows: Year Ended March 31, 2019 2018 Deferred tax assets: Basis difference in HLA $ 126,219 $ 94,608 Tax Receivable Agreement 16,652 9,195 Fixed assets 26 — Net operating loss carryforwards 1,843 1,861 Valuation allowance (37,164 ) (32,545 ) State taxes 150 262 Total deferred tax assets $ 107,726 $ 73,381 As of March 31, 2019 and 2018 , the Company had net operating loss carryforwards of $7,999 and $8,475 that were generated from certain foreign subsidiaries. These net operating losses can be carried forward indefinitely. As of March 31, 2019 and 2018 , 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 $947 and $845 has been established, respectively. In connection with the offerings, the Company recorded a deferred tax asset in the aggregate amount of $63,867 including a valuation allowance of $7,857 and a liability related to the TRA of $45,956 as of March 31, 2019. These adjustments were recorded through additional paid in capital in the Consolidated Balance Sheets. 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 increase of $4,619 . U.S. federal and state income taxes have not been recognized on the basis difference of investments in foreign subsidiaries. Generally, the Company would be subject to U.S. income taxes upon repatriation of assets from the foreign subsidiaries or a sale or liquidation of the foreign subsidiaries. Determination of any unrecognized deferred income tax liability is not practical because of the complexities of the hypothetical calculation. As of March 31, 2019 , 2018 , and 2017 , 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, 2019 , the Company’s income tax returns from 2015 remain open and are subject to examination. 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. Tax Receivable Agreement The Company has recorded a TRA liability of $69,636 and $34,133 as of March 31, 2019 and 2018 . A payment of $383 was made during the year ended March 31, 2019. In the event that the valuation allowance related to tax benefits associated with the tax receivable agreement is released in a future period, an additional estimated payable will be due to the TRA Recipients of $6,490 .

Earnings per Share

Earnings per Share	12 Months Ended
	Mar. 31, 2019
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. 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, 2019 Year Ended March 31, 2018 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 $ 33,573 23,836,401 $ 1.41 $ 17,341 18,414,715 $ 0.94 Adjustment to net income: Assumed exercise and vesting of employee awards 355 356 Effect of dilutive securities: Assumed exercise and vesting of employee awards 462,394 575,654 Diluted EPS of Class A common stock $ 33,928 24,298,795 $ 1.40 $ 17,697 18,990,369 $ 0.93 Year Ended March 31, 2017 Net income attributable to HLI Weighted-Average Shares Per share amount Basic EPS of Class A common stock 612 17,788,363 $ 0.03 Adjustment to net income: Assumed exercise and vesting of employee awards 9 Effect of dilutive securities: Assumed exercise and vesting of employee awards 552,716 Diluted EPS of Class A common stock $ 621 18,341,079 $ 0.03 The calculations of diluted earnings per share exclude 26,420,627 , 30,603,983 , and 34,438,669 outstanding Class B and C units of HLA for the years ended March 31, 2019 , 2018 and 2017 , respectively, 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, 2019
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions The Company considers its employees, directors, and equity method investments to be related parties. 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 $134,343 , $113,507 , and $105,087 for the years ended March 31, 2019 , 2018 and 2017 , respectively. The Company earned incentive fees from Partnerships of $31,876 , $43,522 , and $6,495 for the years ended March 31, 2019 , 2018 and 2017 , respectively. The Company entered into a service agreement on June 1, 2017 with a joint venture pursuant to which it incurred expenses of $5,058 and $3,638 for the years ended March 31, 2019 and 2018 , respectively, which amounts are included in general, administrative and other expenses in the Consolidated Statements of Income. The Company also has a payable to the joint venture of $450 and $393 as of March 31, 2019 and 2018 , respectively, which is included in other liabilities in the 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. In connection with the impairment recorded on the investment as discussed in Note 4, the Note was written down to fair value and a loss of $300 was recorded in non-operating income. The carrying amount of the Note including accrued interest was $678 as of March 31, 2019 and is recorded in other assets 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 $8,927 and $1,929 as of March 31, 2019 and 2018 , 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, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Year Ended March 31, 2019 2018 2017 Cash paid during the year for interest $ 2,966 $ 3,075 $ 10,234 Cash paid during the year for income taxes $ 10,176 $ 8,790 $ 280 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: Exchange of HLA Class A units to HLI Class A common stock $ — $ — $ 4 Establishment of net deferred tax assets related to tax receivable agreement $ 56,010 $ 34,492 $ 61,278 Dividends declared but not paid $ 5,673 $ 3,893 $ — Members’ distributions declared but not paid $ 17,081 $ 11,837 $ 2,385

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2019
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 The Partnerships have allocated Carried Interest, which has not yet been received or recognized, in the amounts of $326,466 and $303,766 at March 31, 2019 and 2018 , respectively, of which $3,704 and $6,245 at March 31, 2019 and 2018 , respectively, has been received and deferred by the Company. If the Company ultimately receives the unrecognized Carried Interest, a total of $81,616 and $75,306 as of March 31, 2019 and 2018 , 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 $5,851 , $5,286 , and $4,801 for the years ended March 31, 2019 , 2018 and 2017 , 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: 2020 $ 5,472 2021 4,670 2022 2,939 2023 811 2024 382 Thereafter 244 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 $123,637 and $101,054 as of March 31, 2019 and 2018 , respectively.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Mar. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) For the quarter ended June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Total revenues $ 63,362 $ 55,833 $ 65,996 $ 66,988 Total expenses 37,670 34,466 37,759 38,060 Net income 23,103 32,572 22,915 20,407 Net income attributable to Hamilton Lane Incorporated 8,845 11,222 5,458 8,048 Earnings per share of Class A common stock: Class A - Basic $ .40 $ .49 $ .22 $ .32 Class A - Diluted $ .39 $ .49 $ .22 $ .31 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 (loss) 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

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 29, 2019, the Company transferred its interests in all of its other investments (See Note 4) to a newly created Partnership. The Company expects to consolidate the Partnership in its consolidated financial statements as the Partnership will be a VIE and the Company will be the primary beneficiary. On May 29, 2019, one of the Company’s technology investments announced that it was being acquired. Based upon the current terms of the acquisition agreement, the Company estimates it will record a gain of approximately $4,900 in connection with the transaction. On May 29, 2019, the Company declared a quarterly dividend of $0.275 per share of Class A common stock to record holders at the close of business on June 14, 2019. The payment date will be July 5, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2019
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 Differing 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 The Company and substantially all of its foreign subsidiaries utilize the U.S. dollar as its functional currency. The assets and liabilities of the Company’s foreign subsidiaries with non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. The results of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments are included in other comprehensive income (loss) within the consolidated financial statements until realized. Foreign currency transaction gains and losses 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, 2019 and 2018 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, 2019 or 2018 . 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, office equipment, furniture and fixtures, 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 hardware and software 3-7 years Furniture and fixtures 5 years Office equipment 3 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 quarterly, or 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 $2,562 and $3,021 , and is included in other assets in the Consolidated Balance Sheets as of March 31, 2019 and 2018 , respectively. The accumulated amortization of intangibles was $1,155 and $696 as of March 31, 2019 and 2018 , respectively. Amortization of intangible assets was $459 , $326 , and $91 for each of the years in the three-year period ended March 31, 2019 , respectively, and is included in general, administrative and other expenses in the Consolidated Statements of Income. The estimated amortization expense for each of the next five fiscal years is $455 , $414 , $414 , $410 , and $369 , respectively. Goodwill of $3,943 as March 31, 2019 and 2018 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, 2018 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 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 Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective notes. 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.
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. Under the new standard, the Company recognizes 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. Additionally, certain reimbursable costs that were previously recorded on a net basis are recorded on a gross basis, which impacts the components of revenues and expenses. The Company recorded a cumulative-effect adjustment that 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 customers 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 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, or 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 5% 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 that are outside of the Company’s control. Accordingly, incentive fees are considered variable consideration in asset management services 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 Consolidated Balance Sheets. Fund reimbursement revenue The Company incurs certain costs related to the organization and syndication of new Partnerships. These costs generally include professional fees, legal fees, and other related items. The Company expenses these costs as they are incurred. Once the Partnership is successfully formed and has held its first closing, the Company recognizes those costs as revenue in the Consolidated Statements of Income as the Partnership is then able to reimburse the Company for these costs.
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 10 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 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	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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 adopted ASU 2016-01 on April 1, 2018 and the adoption did not 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 will adopt the guidance effective April 1, 2019 under the simplified transition method. The simplified transition method allows companies to forgo the comparative reporting requirements initially required under the modified retrospective transition approach and apply the new guidance prospectively. The Company does not expect that adoption will have a material impact on the Consolidated Statements of Income because all of the Company’s leases are currently classified as operating leases, which under the guidance will continue to be recognized as expense on a straight-line basis. The adoption, however, will result in a gross-up in total assets and total liabilities on the consolidated statements of financial position. As of March 31, 2019 , the gross-up impact on total assets and total liabilities is estimated to be approximately between $11,000 and $13,000 . The amount of the liability represents the aggregate discounted amount of the Company’s minimum lease obligations as of that date. The difference between the asset and liability amounts represents deferred rent liabilities and lease incentives as of March 31, 2019 that are netted against the right of use asset amount. 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 ASU 2016-15 on April 1, 2018 and the adoption did not have a material impact on its 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 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 with current period presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2019
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 hardware and software 3-7 years Furniture and fixtures 5 years Office equipment 3 years Furniture, fixtures, and equipment consist of the following: March 31, 2019 2018 Computer hardware and software $ 6,100 $ 4,056 Furniture and fixtures 3,739 4,183 Leasehold improvements 5,927 2,464 Office equipment 2,045 3,602 17,811 14,305 Less: accumulated depreciation 9,703 9,523 Furniture, fixtures, and equipment, net $ 8,108 $ 4,782
Revenue by Geographic Location	The below table presents revenues by geographic location: Year Ended March 31, 2019 2018 2017 United States $ 132,326 $ 130,737 $ 99,098 Israel 21,013 24,387 16,675 Other foreign countries 98,840 88,909 64,047 Total revenues (1) $ 252,179 $ 244,033 $ 179,820 (1) Revenues are attributed to countries based on location of the client or investor.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Mar. 31, 2019
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: Year Ended March 31, Management and advisory fees 2019 2018 2017 Customized separate accounts $ 85,245 $ 79,275 $ 71,261 Specialized funds 93,056 83,151 74,675 Advisory 24,130 20,164 18,497 Reporting and other 8,805 8,064 5,301 Distribution management 4,525 4,376 2,940 Fund reimbursement revenue 2,012 — — Total management and advisory fees $ 217,773 $ 195,030 $ 172,674 Year Ended March 31, Incentive fees 2019 2018 2017 Specialized funds $ 25,687 $ 43,902 $ 6,495 Customized separate accounts 8,719 5,101 651 Total incentive fees $ 34,406 $ 49,003 $ 7,146

Investments (Tables)

Investments (Tables)	12 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments	Investments consist of the following: March 31, 2019 2018 Equity method investments in Partnerships $ 122,505 $ 105,389 Equity method investments in Partnerships held by consolidated VIEs (See Note 5) 11,648 14,704 Other equity method investments 1,086 876 Other investments 12,488 — Investments valued under the measurement alternative 6,764 16,284 Total Investments $ 154,491 $ 137,253
Equity Method Investments	The Company’s equity method investments in Partnerships consist of the following types: March 31, 2019 2018 Primary funds $ 22,791 $ 20,708 Secondary funds 15,762 11,158 Direct/co-investment funds 35,902 29,469 Customized separate accounts 48,050 44,054 Total equity method investments in Partnerships $ 122,505 $ 105,389 The summarized financial information of the Company’s equity method investments in Partnerships is as follows: March 31, 2019 2018 Assets Investments $ 13,473,255 $ 12,002,005 Other assets 349,425 412,766 Total assets $ 13,822,680 $ 12,414,771 Liabilities and Partners’ Capital Debt $ 84,530 $ 48,008 Other liabilities 57,772 56,972 Total liabilities 142,302 104,980 Partners’ capital 13,680,378 12,309,791 Total liabilities and partners’ capital $ 13,822,680 $ 12,414,771 Year Ended March 31, 2019 2018 2017 Investment income $ 211,797 $ 233,255 $ 93,470 Expenses 149,598 130,771 109,648 Net investment income (loss) 62,199 102,484 (16,178 ) Net realized and unrealized gain 618,047 1,647,977 1,121,595 Net income $ 680,246 $ 1,750,461 $ 1,105,417

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Mar. 31, 2019
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, 2019 2018 Investments $ 87,001 $ 77,016 Fees receivable 5,896 517 Due from related parties 1,332 1,837 Total VIE assets 94,229 79,370 Deferred incentive fee revenue 3,704 6,245 Non-controlling interests (5,716 ) (7,266 ) Maximum exposure to loss $ 92,217 $ 78,349

Furniture, Fixtures, and Equi_2

Furniture, Fixtures, and Equipment (Tables)	12 Months Ended
	Mar. 31, 2019
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 hardware and software 3-7 years Furniture and fixtures 5 years Office equipment 3 years Furniture, fixtures, and equipment consist of the following: March 31, 2019 2018 Computer hardware and software $ 6,100 $ 4,056 Furniture and fixtures 3,739 4,183 Leasehold improvements 5,927 2,464 Office equipment 2,045 3,602 17,811 14,305 Less: accumulated depreciation 9,703 9,523 Furniture, fixtures, and equipment, net $ 8,108 $ 4,782

Debt (Tables)

Debt (Tables)	12 Months Ended
	Mar. 31, 2019
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 $ 5,625 2020 10,313 2021 13,125 2022 15,000 2023 17,812 Thereafter 9,375 $ 71,250

Equity (Tables)

Equity (Tables)	12 Months Ended
	Mar. 31, 2019
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 offering 3,834,686 (2,235,187 ) Shares repurchased for employee tax withholdings (186,280 ) — Forfeitures (41,388 ) — March 31, 2018 23,139,476 25,700,068 Shares issued (repurchased) in connection with offerings 4,141,921 (2,084,617 ) Shares issued in connection with contingent compensation payment 11,380 — Shares issued in connection with ESPP 7,137 — Shares converted from units 41,435 — Shares repurchased for employee tax withholdings (123,928 ) — Forfeitures (27,529 ) (99,012 ) Restricted stock granted 177,585 — March 31, 2019 27,367,477 23,516,439

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Mar. 31, 2019
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, 2019 is presented below: Year Ended March 31, 2019 2018 2017 Number of Weighted- Number of Weighted- Number of Weighted- Options outstanding at beginning of year — — 233,495 $ 1.34 3,532,340 $ 1.03 Options exercised — — (233,495 ) 1.34 (3,298,845 ) 1.01 Options outstanding at end of year — — — — 233,495 1.34 Options exercisable at end of year — — — — 233,495 1.34
Change in Unvested Restricted Stock	The change in unvested restricted stock for the year ended March 31, 2019 is as follows: Total Weighted- March 31, 2018 893,557 $ 19.32 Granted 177,585 40.77 Vested (381,537 ) 17.03 Forfeited (27,529 ) 14.73 March 31, 2019 662,076 $ 26.58

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	12 Months Ended
	Mar. 31, 2019
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, 2019 2018 2017 Base compensation and benefits $ 78,452 $ 72,151 $ 65,968 Incentive fee compensation 7,785 1,774 1,467 Equity-based compensation 6,382 5,544 4,681 Contingent compensation related to acquisition (Note 7) 5,100 3,399 — Total compensation and benefits $ 97,719 $ 82,868 $ 72,116

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2019
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, 2019 2018 2017 Domestic income before income taxes $ 128,035 $ 138,290 $ 73,565 Foreign income before income taxes 1,522 1,340 1,189 Total income before income taxes $ 129,557 $ 139,630 $ 74,754
Schedule of Components of Income Tax Expense	Components of income tax expense consist of the following: Year Ended March 31, 2019 2018 2017 Current: Federal $ 7,163 $ 8,001 $ — State and local 1,269 1,769 — Foreign 463 580 290 Total current income tax expense $ 8,895 $ 10,350 $ 290 Deferred: Federal $ 3,654 $ 24,180 $ 356 State and local 17,917 (496 ) 53 Foreign 94 (701 ) (383 ) Total deferred income tax (benefit) expense 21,665 22,983 26 Total income tax expense $ 30,560 $ 33,333 $ 316
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, 2019 2018 2017 Federal tax at statutory rate 21.0 % 31.6 % 35.0 % State income taxes, net of federal benefit 1.4 % 1.5 % 5.2 % Non-controlling interest (10.8 )% (19.8 )% (39.7 )% Foreign income taxes 0.0 % (0.4 )% (0.3 )% Valuation allowance 1.9 % (1.6 )% 0.2 % Tax reform impact — % 13.7 % — % Deferred tax asset state apportionment changes 10.3 % — % — % Other (0.2 )% (1.1 )% — % Effective tax rate 23.6 % 23.9 % 0.4 %
Significant Components of Deferred Tax Assets and Liabilities	The significant components of deferred tax assets and liabilities are as follows: Year Ended March 31, 2019 2018 Deferred tax assets: Basis difference in HLA $ 126,219 $ 94,608 Tax Receivable Agreement 16,652 9,195 Fixed assets 26 — Net operating loss carryforwards 1,843 1,861 Valuation allowance (37,164 ) (32,545 ) State taxes 150 262 Total deferred tax assets $ 107,726 $ 73,381

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Mar. 31, 2019
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, 2019 Year Ended March 31, 2018 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 $ 33,573 23,836,401 $ 1.41 $ 17,341 18,414,715 $ 0.94 Adjustment to net income: Assumed exercise and vesting of employee awards 355 356 Effect of dilutive securities: Assumed exercise and vesting of employee awards 462,394 575,654 Diluted EPS of Class A common stock $ 33,928 24,298,795 $ 1.40 $ 17,697 18,990,369 $ 0.93 Year Ended March 31, 2017 Net income attributable to HLI Weighted-Average Shares Per share amount Basic EPS of Class A common stock 612 17,788,363 $ 0.03 Adjustment to net income: Assumed exercise and vesting of employee awards 9 Effect of dilutive securities: Assumed exercise and vesting of employee awards 552,716 Diluted EPS of Class A common stock $ 621 18,341,079 $ 0.03

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Year Ended March 31, 2019 2018 2017 Cash paid during the year for interest $ 2,966 $ 3,075 $ 10,234 Cash paid during the year for income taxes $ 10,176 $ 8,790 $ 280 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: Exchange of HLA Class A units to HLI Class A common stock $ — $ — $ 4 Establishment of net deferred tax assets related to tax receivable agreement $ 56,010 $ 34,492 $ 61,278 Dividends declared but not paid $ 5,673 $ 3,893 $ — Members’ distributions declared but not paid $ 17,081 $ 11,837 $ 2,385

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Mar. 31, 2019
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: 2020 $ 5,472 2021 4,670 2022 2,939 2023 811 2024 382 Thereafter 244

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information (Unaudited)	For the quarter ended June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Total revenues $ 63,362 $ 55,833 $ 65,996 $ 66,988 Total expenses 37,670 34,466 37,759 38,060 Net income 23,103 32,572 22,915 20,407 Net income attributable to Hamilton Lane Incorporated 8,845 11,222 5,458 8,048 Earnings per share of Class A common stock: Class A - Basic $ .40 $ .49 $ .22 $ .32 Class A - Diluted $ .39 $ .49 $ .22 $ .31 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 (loss) 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

Organization - Initial Public O

Organization - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 06, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
Proceeds from IPO, net of underwriting discount		$ 0	$ 0	$ 203,205
Offering costs		$ 0	$ 0	$ 5,844
Percent of economic interest held		50.30%	42.10%
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
Members’ Equity (Deficit) | 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
Members’ Equity (Deficit) | 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

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Foreign exchange gains (losses)	$ 368	$ (92)	$ 175

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Furniture, Fixtures, and Equipment (Details)	12 Months Ended
	Mar. 31, 2019
Computer hardware and software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Computer hardware and software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Office equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Intangibles and Goodwill (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Impairment of finite-lived intangible assets	$ 0
Carrying value of intangible assets	2,562,000	$ 3,021,000
Accumulated amortization of intangible assets	1,155,000	696,000
Amortization of intangible assets	459,000	326,000	$ 91,000
Amortization expense, next twelve months	455,000
Amortization expense, year two	414,000
Amortization expense, year three	414,000
Amortization expense, year four	410,000
Amortization expense, year five	369,000
Goodwill	$ 3,943,000	$ 3,943,000
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 Accoun_7

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Apr. 01, 2018	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Cumulative effect adjustment on APIC	$ 92,482		$ 73,829
Cumulative effect adjustment on retained earnings	17,686		4,549
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Cumulative effect adjustment on APIC		$ 411
Cumulative effect adjustment on retained earnings		20
Hamilton Lane Advisors, L.L.C.
Disaggregation of Revenue [Line Items]
Cumulative effect adjustment on equity	$ 53,780		$ 50,382
Hamilton Lane Advisors, L.L.C. | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Cumulative effect adjustment on equity		$ 566

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Compensation and Benefits (Details)	12 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Incentive fee compensation percentage	25.00%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Tax-Receivable Agreement (Details)	12 Months Ended
	Mar. 31, 2019
TRA Recipients | Tax Receivable Agreement
Related Party Transaction [Line Items]
Percentage of cash savings payable	85.00%

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 66,988	$ 65,996	$ 55,833	$ 63,362	$ 77,609	$ 65,014	$ 48,709	$ 52,701	$ 252,179	$ 244,033	$ 179,820
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]
Revenues									132,326	$ 130,737	99,098
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									21,013	24,387	16,675
Other foreign countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 98,840	$ 88,909	$ 64,047

Summary of Significant Accou_11

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - Scenario, Forecast - ASU 2016-02 $ in Thousands	Apr. 01, 2019USD ($)
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability expected to be recognized	$ 11,000
Right-of-use asset expected to be recognized	11,000
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability expected to be recognized	13,000
Right-of-use asset expected to be recognized	$ 13,000

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 66,988	$ 65,996	$ 55,833	$ 63,362	$ 77,609	$ 65,014	$ 48,709	$ 52,701	$ 252,179	$ 244,033	$ 179,820
Management and advisory fees
Disaggregation of Revenue [Line Items]
Revenues									217,773	195,030	172,674
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues									85,245	79,275	71,261
Specialized funds
Disaggregation of Revenue [Line Items]
Revenues									93,056	83,151	74,675
Advisory
Disaggregation of Revenue [Line Items]
Revenues									24,130	20,164	18,497
Reporting and other
Disaggregation of Revenue [Line Items]
Revenues									8,805	8,064	5,301
Distribution management
Disaggregation of Revenue [Line Items]
Revenues									4,525	4,376	2,940
Fund reimbursement revenue
Disaggregation of Revenue [Line Items]
Revenues									2,012	0	0
Incentive fees
Disaggregation of Revenue [Line Items]
Revenues									34,406	49,003	7,146
Specialized funds
Disaggregation of Revenue [Line Items]
Revenues									25,687	43,902	6,495
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues									$ 8,719	$ 5,101	$ 651

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract asset related to the cost to obtain contracts	$ 968
Contract asset amortization expense	480
Incentive fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Previously deferred incentive fees recognized during the period	$ 2,541	$ 38,921

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Investment [Line Items]
Other investments	$ 12,488	$ 0
Investments valued under the measurement alternative	6,764	16,284
Total Investments	154,491	137,253
Partnerships
Investment [Line Items]
Equity method investments	122,505	105,389
Partnerships Held by Consolidated VIEs
Investment [Line Items]
Equity method investments	11,648	14,704
Other Equity Method Investments
Investment [Line Items]
Equity method investments	$ 1,086	$ 876

Investments - Equity Method Inv

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity in income of investees	$ 7,202	$ 17,102	$ 12,801
Partnerships
Schedule of Equity Method Investments [Line Items]
Percent interest in partnerships	1.00%
Equity method investments	$ 122,505	105,389
Primary funds | Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	22,791	20,708
Secondary funds | Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	15,762	11,158
Direct/co-investment funds | Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	35,902	29,469
Customized separate accounts | Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 48,050	$ 44,054

Investments - Summarized Financ

Investments - Summarized Financial Information of Equity Method Investment (Details) - Partnerships - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Assets
Investments	$ 13,473,255	$ 12,002,005
Other assets	349,425	412,766
Total assets	13,822,680	12,414,771
Liabilities and Partners’ Capital
Debt	84,530	48,008
Other liabilities	57,772	56,972
Total liabilities	142,302	104,980
Partners’ capital	13,680,378	12,309,791
Total liabilities and partners’ capital	13,822,680	12,414,771
Net Income
Investment income	211,797	233,255	$ 93,470
Expenses	149,598	130,771	109,648
Net investment income (loss)	62,199	102,484	(16,178)
Net realized and unrealized gain	618,047	1,647,977	1,121,595
Net income	$ 680,246	$ 1,750,461	$ 1,105,417

Investments - Other Investments

Investments - Other Investments (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2019USD ($)
Investments, Debt and Equity Securities [Abstract]
Change in fair value of other investments	$ 704

Investments - Investments Value

Investments - Investments Valued at the Measurement Alternative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Aug. 11, 2018	Aug. 02, 2018
Investment [Line Items]
Equity securities without readily determinable fair value, amount		$ 2,990
Impairment of equity securities	$ 701
Proceeds from sales of investments valued at the measurement alternative	22,531	$ 0	$ 0
Equity securities sold August, 2 2018
Investment [Line Items]
Equity securities without readily determinable fair value, amount					$ 10,798
Proceeds from sales of investments valued at the measurement alternative	17,724
Equity securities FVNI, realized gain	6,926
Equity securities sold August 11, 2018
Investment [Line Items]
Equity securities without readily determinable fair value, amount				$ 600
Proceeds from sales of investments valued at the measurement alternative	4,807
Equity securities FVNI, realized gain	$ 4,207

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($)	Mar. 31, 2019	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	11,648,000	14,704,000
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, 2019	Mar. 31, 2018
Variable Interest Entity [Line Items]
Total commitments from the limited partners and general partners to the unconsolidated VIE	$ 16,011,947
Remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIE	5,502,015
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Investments	87,001	$ 77,016
Fees receivable	5,896	517
Due from related parties	1,332	1,837
Total VIE assets	94,229	79,370
Deferred incentive fee revenue	3,704	6,245
Non-controlling interests	(5,716)	(7,266)
Maximum exposure to loss	$ 92,217	$ 78,349

Furniture, Fixtures, and Equi_3

Furniture, Fixtures, and Equipment - Summary of Furniture, Fixtures, and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment, gross	$ 17,811	$ 14,305
Less: accumulated depreciation	9,703	9,523
Furniture, fixtures, and equipment, net	8,108	4,782
Depreciation expense	2,040	1,565	$ 1,824
Computer hardware and software
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment, gross	6,100	4,056
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment, gross	3,739	4,183
Leasehold improvements
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment, gross	5,927	2,464
Office equipment
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment, gross	$ 2,045	$ 3,602

Acquisition - Additional Inform

Acquisition - Additional Information (Details) - USD ($) $ in Thousands	Aug. 11, 2017	Dec. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2019
Business Acquisition [Line Items]
Cash paid for acquisition			$ 0	$ 5,228	$ 0
Common stock issued in acquisition			0	612	0
Shares issued for contingent compensation payment			425	0	$ 0
Goodwill			$ 3,943	$ 3,943
Real Asset Portfolio Management LLC
Business Acquisition [Line Items]
Cash paid for acquisition	$ 5,840
Aggregate purchase price	5,228
Common stock issued in acquisition	612
Additional maximum amount payable to principals	8,499
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
Earnings Multiple Contingent On Future Employment [Member] | Real Asset Portfolio Management LLC
Business Acquisition [Line Items]
Percentage of liability paid		50.00%
Amount paid in cash		$ 3,824
Earnings Multiple Contingent On Future Employment [Member] | Real Asset Portfolio Management LLC | Common Class A
Business Acquisition [Line Items]
Shares issued for contingent compensation payment		$ 425
Scenario, Forecast | Earnings Multiple Contingent On Future Employment [Member] | Real Asset Portfolio Management LLC
Business Acquisition [Line Items]
Percentage of liability paid						50.00%

Debt - Term Loan and Revolving

Debt - Term Loan and Revolving Loan (Details) - USD ($)	Aug. 23, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
Borrowings of debt, net of deferred financing costs		$ 0	$ 85,066,000	$ 0
Write-off of deferred financing costs		0	1,657,000	$ 3,359,000
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	0	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
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]
Debt instrument, face amount		75,000,000
Increase limit on accordion feature	$ 25,000,000
Unamortized discount and deferred financing costs		$ 296,000	$ 351,000
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, 2019USD ($)
Debt Instrument [Line Items]
2019	$ 5,625
2020	10,313
2021	13,125
2022	15,000
2023	17,812
Thereafter	9,375
Senior secured term loan payable, net	$ 71,250

Equity Equity - Additional Info

Equity Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	Mar. 06, 2017shares	Mar. 31, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017class	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017USD ($)
Class of Stock [Line Items]
Number of common stock classes outstanding | class					2
Proceeds from offerings | $						$ 193,504	$ 125,200	$ 0
March 2018 Offering | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)				4,531,001
Shares issued in connection with secondary offering (in dollars per share) | $ / shares				$ 34.25			$ 34.25
Proceeds from offerings | $				$ 125,200
March 2018 Offering, Current Stockholder Issuance | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)				696,315
March 2018 Offering, New Issuance | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)				3,834,686
September 2018 Offering | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)			2,880,979			4,141,921	3,834,686
Shares issued in connection with secondary offering (in dollars per share) | $ / shares			$ 47.26
Proceeds from offerings | $			$ 129,626
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, New Issuance | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)			2,742,618
March 2019 Offering | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)		1,449,303
Shares issued in connection with secondary offering (in dollars per share) | $ / shares		$ 45.65				$ 45.65
Proceeds from offerings | $		$ 63,878
March 2019 Offering, Current Stockholder Issuance | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)		50,000
March 2019 Offering, New Issuance | Common Class A
Class of Stock [Line Items]
Shares issued in connection with secondary offering (in shares)		1,399,303
Members’ Equity (Deficit) | Common Class A
Class of Stock [Line Items]
Purchase of interest by parent (in shares)	11,156,250
Members’ Equity (Deficit) | Common Class B
Class of Stock [Line Items]
Purchase of interest by parent (in shares)		711,943	1,372,674	2,235,187
Members’ Equity (Deficit) | Common Class C
Class of Stock [Line Items]
Purchase of interest by parent (in shares)		687,360	1,369,944	1,599,499

Equity - Class A Common Stock (

Equity - Class A Common Stock (Details)	12 Months Ended
	Mar. 31, 2019vote
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, 2019vote
Common Class B
Class of Stock [Line Items]
Number of votes per share of common stock	10

Equity - Shares of Common Stock

Equity - Shares of Common Stock Outstanding (Details) - shares	Mar. 06, 2017	Sep. 30, 2018	Mar. 31, 2017	Mar. 31, 2019	Mar. 31, 2018
Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)			0	23,139,476	19,036,504
Shares issued in exchange for units in the Reorganization (in shares)				41,435
Repurchase of restricted stock for tax withholding (in shares)				(123,928)	(186,280)
Restricted stock granted (in shares)				177,585	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)				(27,529)	(41,388)
Shares issued in connection with contingent compensation payment (in shares)				11,380
Shares issued in connection with ESPP (in shares)				7,137
Outstanding, end of period (in shares)	0		19,036,504	27,367,477	23,139,476
Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)			0	25,700,068	27,935,255
Shares issued in exchange for units in the Reorganization (in shares)				0
Repurchase of restricted stock for tax withholding (in shares)				0	0
Restricted stock granted (in shares)				0	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)				(99,012)	0
Shares issued in connection with contingent compensation payment (in shares)				0
Shares issued in connection with ESPP (in shares)				0
Outstanding, end of period (in shares)	0		27,935,255	23,516,439	25,700,068
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
September 2018 Offering | Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Common stock shares issued (in shares)		2,880,979		4,141,921	3,834,686
September 2018 Offering | Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Stock repurchased and retired during period (in shares)				(2,084,617)	(2,235,187)

Equity - HLA Operating Agreemen

Equity - HLA Operating Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution in excess of required tax distributions to members	$ 50,649	$ 36,943	$ 80,457
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	$ 30,698	$ 27,631	45,000
Excess distribution to option holders			$ 2,608

Equity-Based Compensation - 201

Equity-Based Compensation - 2017 Equity Incentive Plan (Details) - 2017 Equity Incentive Plan	12 Months Ended
	Mar. 31, 2019shares
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
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 ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Number of Options
Outstanding at beginning of year (in shares)	0	233,495	3,532,340
Exercised (in shares)	0	(233,495)	(3,298,845)
Outstanding at end of year (in shares)	0	0	233,495
Exercisable at end of year (in shares)	0	0	233,495
Weighted- Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 0	$ 1.34	$ 1.03
Exercised (in dollars per share)	0	1.34	1.01
Outstanding at end of year (in dollars per share)	0	0	1.34
Exercisable at end of year (in dollars per share)	$ 0	$ 0	$ 1.34
Intrinsic value of options exercised		$ 4,350	$ 46,436

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock (Details) - 2017 Equity Incentive Plan - Restricted Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018
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)	893,557
Granted (in shares)	177,585
Vested (in shares)	(381,537)
Forfeited (in shares)	(27,529)
Unvested at end of period (in shares)	662,076	893,557
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share)	$ 19.32
Granted (in dollars per share)	40.77	$ 32.45	$ 17.49
Vested (in dollars per share)	17.03
Forfeited (in dollars per share)	14.73
Unvested at end of period (in dollars per share)	$ 26.58	$ 19.32
Fair value of restricted stock, vested	$ 16,601	$ 16,214	$ 8,589
Total unrecognized compensation expense relating to restricted stock				$ 17,101
Weighted-average amortization period of restricted stock	2 years 11 months 19 days
Tax benefit recognized from share-based compensation	$ 2,537	$ 2,403	$ 656

Equity-Based Compensation - Emp

Equity-Based Compensation - Employee Share Purchase Plan (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2019
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Equity-based compensation expense	$ 6,382,000	$ 5,544,000	$ 4,681,000
The ESPP
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Number of shares authorized for purchase				1,000,000
Number of authorized shares remaining for purchase	992,863
Equity-based compensation expense	$ 47,000

Compensation and Benefits - Sch

Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Compensation Related Costs [Abstract]
Base compensation and benefits	$ 78,452	$ 72,151	$ 65,968
Incentive fee compensation	7,785	1,774	1,467
Equity-based compensation	6,382	5,544	4,681
Contingent compensation related to acquisition (Note 7)	5,100	3,399	0
Total compensation and benefits	$ 97,719	$ 82,868	$ 72,116

Compensation and Benefits - Com

Compensation and Benefits - Compensation and Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Compensation Related Costs [Abstract]
Employer contributions to defined contribution plans	$ 1,507	$ 1,303	$ 1,122

Income Taxes - Income (Loss) be

Income Taxes - Income (Loss) before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Domestic income before income taxes	$ 128,035	$ 138,290	$ 73,565
Foreign income before income taxes	1,522	1,340	1,189
Total income before income taxes	$ 129,557	$ 139,630	$ 74,754

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Current:
Federal	$ 7,163	$ 8,001	$ 0
State and local	1,269	1,769	0
Foreign	463	580	290
Total current income tax expense	8,895	10,350	290
Deferred:
Federal	3,654	24,180	356
State and local	17,917	(496)	53
Foreign	94	(701)	(383)
Total deferred income tax (benefit) expense	21,665	22,983	26
Total income tax expense	$ 30,560	$ 33,333	$ 316

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, 2019	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Federal tax at statutory rate	21.00%	31.60%	35.00%
State income taxes, net of federal benefit	1.40%	1.50%	5.20%
Non-controlling interest	(10.80%)	(19.80%)	(39.70%)
Foreign income taxes	0.00%	(0.40%)	(0.30%)
Valuation allowance	1.90%	(1.60%)	0.20%
Tax reform impact	0.00%	13.70%	0.00%
Deferred tax asset state apportionment changes	10.30%	0.00%	0.00%
Other	(0.20%)	(1.10%)	0.00%
Effective tax rate	23.60%	23.90%	0.40%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Deferred tax assets:
Basis difference in HLA	$ 126,219	$ 94,608
Tax Receivable Agreement	16,652	9,195
Fixed assets	26	0
Net operating loss carryforwards	1,843	1,861
Valuation allowance	(37,164)	(32,545)
State taxes	150	262
Total deferred tax assets	$ 107,726	$ 73,381

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Income Tax Contingency [Line Items]
Valuation allowance	$ 37,164,000	$ 32,545,000
Deferred tax asset	126,219,000	94,608,000
Net change in valuation allowance	4,619,000
Unrecognized tax positions	0	0	$ 0
Liability related to tax receivable agreement	69,636,000	34,133,000
Foreign Tax Authority
Income Tax Contingency [Line Items]
Net operating loss carryforwards	7,999,000	8,475,000
TRA Recipients | Tax Receivable Agreement
Income Tax Contingency [Line Items]
Liability related to tax receivable agreement	69,636,000	34,133,000
TRA payment	383,000
Additional estimated payable	6,490,000
Net Operating Loss Carryforwards
Income Tax Contingency [Line Items]
Valuation allowance	947,000	$ 845,000
Deferred Tax Asset, September 2018 and March 2019 Offering
Income Tax Contingency [Line Items]
Valuation allowance	7,857,000
Deferred tax asset	63,867,000
Deferred Tax Asset, September 2018 and March 2019 Offering | Tax Receivable Agreement
Income Tax Contingency [Line Items]
Liability related to tax receivable agreement	$ 45,956,000

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Mar. 06, 2017
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	26,420,627	30,603,983	34,438,669
Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	27,367,477	23,139,476	19,036,504	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	[1]	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Net income attributable to HLI
Basic EPS of Class A common stock											$ 33,573	$ 17,341	$ 612
Assumed exercise and vesting of employee awards											355	356	9
Diluted EPS of Class A common stock											$ 33,928	$ 17,697	$ 621
Weighted-Average Shares
Weighted-average shares of Class A common stock outstanding (in shares)											23,836,401	18,414,715	17,788,363
Assumed exercise of outstanding options and vesting of restricted stock (in shares)											462,394	575,654	552,716
Weighted-average shares of Class A common stock outstanding - diluted (in shares)											24,298,795	18,990,369	18,341,079
Per share amount
Basic earnings per share (in dollars per share)	$ 0.03		$ 0.32	$ 0.22	$ 0.49	$ 0.40	$ 0.69	$ (0.35)	$ 0.26	$ 0.30	$ 1.41	$ 0.94	$ 0.03
Diluted earnings per share (in dollars per share)	$ 0.03		$ 0.31	$ 0.22	$ 0.49	$ 0.39	$ 0.68	$ (0.35)	$ 0.26	$ 0.30	$ 1.40	$ 0.93	$ 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.

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Oct. 23, 2018
Related Party Transaction [Line Items]
Revenues	$ 66,988,000	$ 65,996,000	$ 55,833,000	$ 63,362,000	$ 77,609,000	$ 65,014,000	$ 48,709,000	$ 52,701,000	$ 252,179,000	$ 244,033,000	$ 179,820,000
Payable to related parties pursuant to tax receivable agreement	69,636,000				34,133,000				69,636,000	34,133,000
Fees receivable	20,320,000				14,924,000				20,320,000	14,924,000
General Partnerships
Related Party Transaction [Line Items]
Fees receivable	8,927,000				1,929,000				8,927,000	1,929,000
Joint Venture
Related Party Transaction [Line Items]
Payable to related parties pursuant to tax receivable agreement	450,000				$ 393,000				450,000	393,000
Service Agreement Fees Paid | Joint Venture
Related Party Transaction [Line Items]
Amount payable to joint venture									5,058,000	3,638,000
8% Convertible Notes Due December 2019 | Convertible Debt
Related Party Transaction [Line Items]
Debt instrument, face amount												$ 944
Interest rate												8.00%
Impairment of note receivable										300,000
Notes receivable	$ 678,000								678,000
Management and advisory fees
Related Party Transaction [Line Items]
Revenues									217,773,000	195,030,000	172,674,000
Management and advisory fees | General Partnerships
Related Party Transaction [Line Items]
Revenues									134,343,000	113,507,000	105,087,000
Incentive fees
Related Party Transaction [Line Items]
Revenues									34,406,000	49,003,000	7,146,000
Incentive fees | General Partnerships
Related Party Transaction [Line Items]
Revenues									$ 31,876,000	$ 43,522,000	$ 6,495,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash paid during the year for interest	$ 2,966	$ 3,075	$ 10,234
Cash paid during the year for income taxes	10,176	8,790	280
Cumulative-effect adjustment from adoption of accounting guidance	997	0	0
Shares issued for contingent compensation payment	425	0	0
Non-cash investing activities:
Shares issued for acquisition of business	0	612	0
Non-cash financing activities:
Exchange of HLA Class A units to HLI Class A common stock	0	0	4
Establishment of net deferred tax assets related to tax receivable agreement	56,010	34,492	61,278
Dividends declared but not paid	5,673	3,893	0
Members’ distributions declared but not paid	$ 17,081	$ 11,837	$ 2,385

Commitments and Contingencies -

Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Loss Contingencies [Line Items]
Carried interest subject to contingencies	$ 326,466	$ 303,766
Deferred incentive fee revenue	3,704	6,245
Incentive fees, unrecorded estimate	81,616	75,306
Carried Interest
Loss Contingencies [Line Items]
Deferred incentive fee revenue	$ 3,704	$ 6,245

Commitments and Contingencies_2

Commitments and Contingencies - Leases (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2019USD ($)option	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of options to extend | option	2
Operating lease term of extension	5 years
Operating lease expense	$ 5,851	$ 5,286	$ 4,801
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	5,472
2020	4,670
2021	2,939
2022	811
2023	382
Thereafter	$ 244

Commitments and Contingencies_3

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Aggregate Unfunded Commitment
Other Commitments [Line Items]
Other commitment	$ 123,637	$ 101,054

Quarterly Financial Informati_3

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, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 05, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
Total revenues				$ 66,988	$ 65,996	$ 55,833	$ 63,362	$ 77,609	$ 65,014	$ 48,709	$ 52,701		$ 252,179	$ 244,033	$ 179,820
Total expenses				38,060	37,759	34,466	37,670	33,247	30,710	28,703	28,420		147,955	121,080	103,705
Net income			$ 2,644	20,407	22,915	32,572	23,103	44,618	17,833	18,234	25,612	$ 71,794	98,997	106,297	74,438
Net income attributable to Hamilton Lane Incorporated				$ 8,048	$ 5,458	$ 11,222	$ 8,845	$ 13,498	$ (6,309)	$ 4,688	$ 5,464		$ 33,573	$ 17,341	$ 612
Common Class A
Earnings per share of Class A common stock:
Basic (in dollars per share)	$ 0.03			$ 0.32	$ 0.22	$ 0.49	$ 0.40	$ 0.69	$ (0.35)	$ 0.26	$ 0.30		$ 1.41	$ 0.94	$ 0.03
Diluted (in dollars per share)	$ 0.03			$ 0.31	$ 0.22	$ 0.49	$ 0.39	$ 0.68	$ (0.35)	$ 0.26	$ 0.30		$ 1.40	$ 0.93	$ 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.

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event $ / shares in Units, $ in Thousands	May 29, 2019USD ($)$ / shares
Common Class A
Subsequent Event [Line Items]
Dividends payable (in dollars per share) | $ / shares	$ 0.275
Scenario, Forecast
Subsequent Event [Line Items]
Estimated gain | $	$ 4,900

Uncategorized Items - hlne-2019

Label	Element	Value
Noncontrolling Interest, Increase (Decrease) For Equity Reallocation Between Controlling And Non-Controlling Interests	hlne_NoncontrollingInterestIncreaseDecreaseForEquityReallocationBetweenControllingAndNonControllingInterests	$ 0
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	5,844,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	997,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition	318,000
Adjustments To Additional Paid In Capital, Tax Receivable Agreement	hlne_AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreement	50,543,000
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
Adjustments Related to Tax Withholding for Share-based Compensation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	2,151,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	2,659,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	4,669,000
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
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
Additional Paid-in Capital [Member]
Noncontrolling Interest, Increase (Decrease) For Equity Reallocation Between Controlling And Non-Controlling Interests	hlne_NoncontrollingInterestIncreaseDecreaseForEquityReallocationBetweenControllingAndNonControllingInterests	115,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	(1,000)
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	5,844,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	411,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition	107,000
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	(1,415,000)
Stockholders' Equity, Reorganization And Purchase Of Subsidiary Interest	hlne_StockholdersEquityReorganizationAndPurchaseOfSubsidiaryInterest	187,681,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	20,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	612,000
Member Units [Member]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared	71,083,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	4,669,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	1,192,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	70,658,000
Stock Repurchased During Period, Value	us-gaap_StockRepurchasedDuringPeriodValue	18,783,000
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)
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)
Treasury Stock [Member]
Adjustments Related to Tax Withholding for Share-based Compensation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	2,151,000
Subsidiaries [Member] | Noncontrolling Interest [Member]
Noncontrolling Interest, Increase (Decrease) For Equity Reallocation Between Controlling And Non-Controlling Interests	hlne_NoncontrollingInterestIncreaseDecreaseForEquityReallocationBetweenControllingAndNonControllingInterests	(115,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	566,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	28,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition	211,000
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared	2,373,000
Adjustments Related to Tax Withholding for Share-based Compensation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	1,415,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	1,976,000
Stockholders' Equity, Reorganization And Purchase Of Subsidiary Interest	hlne_StockholdersEquityReorganizationAndPurchaseOfSubsidiaryInterest	(18,372,000)
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 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
Common Class A [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	203,205,000
Common Class A [Member] | Additional Paid-in Capital [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	203,191,000
Common Class A [Member] | Common Stock [Member]
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	1,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	14,000
Stockholders' Equity, Reorganization And Purchase Of Subsidiary Interest	hlne_StockholdersEquityReorganizationAndPurchaseOfSubsidiaryInterest	$ (4,000)