Hamilton Lane (HLNE) 10-Q 2 Feb 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2020	Feb. 01, 2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-38021
Entity Registrant Name	HAMILTON LANE INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2482738
Entity Address, Address Line One	One Presidential Blvd.,
Entity Address, Address Line Two	4th Floor
Entity Address, City or Town	Bala Cynwyd,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19004
City Area Code	610
Local Phone Number	934-2222
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	HLNE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001433642
Current Fiscal Year End Date	--03-31
Common Class A
Entity Common Stock, Shares Outstanding		34,918,397
Common Class B
Entity Common Stock, Shares Outstanding		17,841,211

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Assets
Cash and cash equivalents	$ 92,895	$ 50,124
Restricted cash	3,042	3,086
Fees receivable	26,624	30,384
Prepaid expenses	4,920	6,988
Due from related parties	3,987	2,605
Furniture, fixtures and equipment, net	14,010	7,402
Lease right-of-use assets, net	66,170	9,577
Investments	264,613	207,747
Deferred income taxes	216,139	137,941
Other assets	23,429	17,675
Total assets	715,829	473,529
Liabilities and Equity
Accounts payable	2,069	1,968
Accrued compensation and benefits	40,786	10,804
Deferred incentive fee revenue	3,704	3,704
Debt	73,630	74,524
Accrued members’ distributions	7,906	5,829
Payable to related parties pursuant to tax receivable agreement	176,046	98,956
Dividends payable	10,775	8,027
Lease liabilities	73,967	10,184
Other liabilities (includes $18,162 and $13,394 at fair value)	27,094	22,132
Total liabilities	415,977	236,128
Commitments and contingencies (Note 13)
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued	0	0
Additional paid-in-capital	142,564	107,727
Accumulated other comprehensive loss	0	(78)
Total Hamilton Lane Incorporated stockholders’ equity	216,320	154,791
Total equity	299,852	237,401
Total liabilities and equity	715,829	473,529
Common Class A
Liabilities and Equity
Common stock	35	30
Common Class B
Liabilities and Equity
Common stock	18	22
General Partnerships
Liabilities and Equity
Stockholders' equity attributable to noncontrolling interest	2,086	4,853
Hamilton Lane Advisors, L.L.C.
Liabilities and Equity
Retained earnings	73,703	47,090
Stockholders' equity attributable to noncontrolling interest	$ 81,446	$ 77,757

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Class of Stock [Line Items]
Other investments	$ 18,162	$ 13,394
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A
Class of Stock [Line Items]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	34,918,578	29,842,784
Common stock, shares outstanding (in shares)	34,918,578	29,842,784
Common Class B
Class of Stock [Line Items]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	17,841,211	22,049,727
Common stock, shares outstanding (in shares)	17,841,211	22,049,727

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenues	$ 84,583	$ 68,138	$ 238,758	$ 197,116
Expenses
Compensation and benefits	28,536	23,773	93,914	71,570
General, administrative and other	13,328	15,473	34,978	42,736
Total expenses	41,864	39,246	128,892	114,306
Other income (expense)
Equity in income of investees	11,923	4,454	8,699	14,331
Interest expense	(468)	(651)	(1,448)	(2,213)
Interest income	658	196	775	624
Non-operating income	6,229	97	6,830	4,175
Total other income (expense)	18,342	4,096	14,856	16,917
Income before income taxes	61,061	32,988	124,722	99,727
Income tax expense	6,429	4,551	20,522	11,564
Net income	54,632	28,437	104,200	88,163
Net income attributable to Hamilton Lane Incorporated	$ 33,203	$ 13,497	$ 58,263	$ 40,177
Common Class A
Other income (expense)
Basic earnings per share of Class A common stock (in dollars per share)	$ 0.96	$ 0.46	$ 1.79	$ 1.45
Diluted earnings per share of Class A common stock (in dollars per share)	0.96	0.46	1.78	1.44
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.313	$ 0.275	$ 0.938	$ 0.825
General Partnerships
Other income (expense)
Less: Income (loss) attributable to non-controlling interests	$ (68)	$ 44	$ (346)	$ 593
Hamilton Lane Advisors, L.L.C.
Other income (expense)
Less: Income (loss) attributable to non-controlling interests	21,497	14,896	46,283	47,393
Management and advisory fees
Revenues
Total revenues	75,279	59,837	208,913	179,584
Incentive fees
Revenues
Total revenues	$ 9,304	$ 8,301	$ 29,845	$ 17,532

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 54,632	$ 28,437	$ 104,200	$ 88,163
Other comprehensive income (loss), net of tax
Foreign currency translation	0	16	130	(13)
Total other comprehensive income (loss), net of tax	0	16	130	(13)
Comprehensive income	54,632	28,453	104,330	88,150
Less:
Total comprehensive income attributable to Hamilton Lane Incorporated	33,203	13,506	58,341	40,172
General Partnerships
Less:
Comprehensive (loss) income attributable to non-controlling interests	(68)	44	(346)	593
Hamilton Lane Advisors, L.L.C.
Less:
Comprehensive (loss) income attributable to non-controlling interests	$ 21,497	$ 14,903	$ 46,335	$ 47,385

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	General PartnershipsNoncontrolling Interests	Hamilton Lane Advisors, L.L.C.Noncontrolling Interests
Beginning balance at Mar. 31, 2019	$ 169,722	$ 27	$ 24	$ 92,482	$ 17,686	$ 7	$ 5,716	$ 53,780
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	88,163				40,177		593	47,393
Other comprehensive income (loss)	(13)					(5)		(8)
Equity-based compensation	5,283			2,758				2,525
Deferred tax adjustment	6,231			6,231
Dividends declared	(23,394)				(23,394)
Capital distributions to non-controlling interests, net	(868)						(868)
Member distributions	(30,037)							(30,037)
Employee Share Purchase Plan share issuance	885			462				423
Equity reallocation between controlling and non-controlling interests	0			559				(559)
Repurchase of Class A shares for employee tax withholding	(45)			(23)				(22)
Secondary Offering	(2)	3	(2)	6,367				(6,370)
Issuance of shares for contingent compensation payout	425			214				211
Ending balance at Dec. 31, 2019	216,350	30	22	109,050	34,469	2	5,441	67,336
Beginning balance at Sep. 30, 2019	204,631	30	22	107,718	28,998	(7)	5,592	62,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,437				13,497		44	14,896
Other comprehensive income (loss)	16					9		7
Equity-based compensation	1,781			981				800
Deferred tax adjustment	20			20
Dividends declared	(8,026)				(8,026)
Capital distributions to non-controlling interests, net	(195)						(195)
Member distributions	(10,607)							(10,607)
Employee Share Purchase Plan share issuance	293			161				132
Equity reallocation between controlling and non-controlling interests	0			170				(170)
Secondary Offering	0
Ending balance at Dec. 31, 2019	216,350	30	22	109,050	34,469	2	5,441	67,336
Beginning balance at Mar. 31, 2020	237,401	30	22	107,727	47,090	(78)	4,853	77,757
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	104,200				58,263		(346)	46,283
Other comprehensive income (loss)	130					78		52
Equity-based compensation	5,330			3,251				2,079
Deferred tax adjustment	14,424			14,424
Dividends declared	(31,650)				(31,650)
Capital distributions to non-controlling interests, net	(2,421)						(2,421)
Member distributions	(28,599)							(28,599)
Employee Share Purchase Plan share issuance	1,077			658				419
Equity reallocation between controlling and non-controlling interests	0			593				(593)
Repurchase of Class A shares for employee tax withholding	(36)			(22)				(14)
Secondary Offering	(4)	5	(4)	15,933				(15,938)
Issuance of shares for contingent compensation payout	0
Ending balance at Dec. 31, 2020	299,852	35	18	142,564	73,703	0	2,086	81,446
Beginning balance at Sep. 30, 2020	263,195	35	18	141,010	51,275	0	3,506	67,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	54,632				33,203		(68)	21,497
Other comprehensive income (loss)	0
Equity-based compensation	1,759			1,136				623
Deferred tax adjustment	(4)			(4)
Dividends declared	(10,775)				(10,775)
Capital distributions to non-controlling interests, net	(1,352)						(1,352)
Member distributions	(7,973)							(7,973)
Employee Share Purchase Plan share issuance	370			239				131
Equity reallocation between controlling and non-controlling interests	0			183				(183)
Ending balance at Dec. 31, 2020	$ 299,852	$ 35	$ 18	$ 142,564	$ 73,703	$ 0	$ 2,086	$ 81,446

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income	$ 104,200	$ 88,163
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,982	2,379
Change in deferred income taxes	13,382	7,197
Change in payable to related parties pursuant to tax receivable agreement	(73)	150
Equity-based compensation	5,310	5,244
Equity in income of investees	(8,699)	(14,331)
Gain on investments valued under the measurement alternative	(6,229)	(4,973)
Proceeds received from investments	704	8,475
Non-cash lease expense	4,352	3,645
Other	(105)	688
Changes in operating assets and liabilities:
Fees receivable	3,760	856
Prepaid expenses	2,068	126
Due from related parties	(1,382)	(39)
Other assets	(1,291)	329
Accounts payable	101	(108)
Accrued compensation and benefits	29,982	14,510
Lease liability	(1,466)	(3,735)
Other liabilities	195	(521)
Net cash provided by operating activities	147,791	108,055
Investing activities:
Purchase of furniture, fixtures and equipment	(8,558)	(1,207)
Purchase of other investments	(500)	(3,967)
Proceeds from sales of investments valued under the measurement alternative	0	6,419
Purchase of intangible assets	(1,000)	0
Loan to investee	0	(157)
Distributions received from investments	19,764	6,878
Contributions to investments	(57,119)	(37,196)
Net cash used in investing activities	(47,413)	(29,230)
Financing activities:
Proceeds from offerings	354,629	147,122
Purchase of membership interests	(354,629)	(147,122)
Repayments of debt	(937)	(3,750)
Draw-down on revolver	0	15,000
Repayment of revolver	0	(15,000)
Secured financing	0	15,750
Contributions from non-controlling interest in general partnerships	70	30
Distributions to non-controlling interest in general partnerships	(2,491)	(898)
Repurchase of Class B common stock	(4)	(2)
Repurchase of Class A shares for employee tax withholding	(36)	(45)
Proceeds received from issuance of shares under Employee Share Purchase Plan	1,077	885
Payments to related parties, pursuant to tax receivable agreement	(36)	0
Dividends paid	(28,902)	(21,041)
Members’ distributions paid	(26,522)	(36,613)
Net cash used in financing activities	(57,781)	(45,684)
Effect of exchange rate changes on cash and cash equivalents	130	(37)
Increase in cash, cash equivalents, and restricted cash	42,727	33,104
Cash, cash equivalents, and restricted cash at beginning of the period	53,210	51,590
Cash, cash equivalents, and restricted cash at end of the period	$ 95,937	$ 84,694

Organization

Organization	9 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Hamilton Lane Incorporated (“HLI”) is a holding company whose principal asset is a controlling equity interest in Hamilton Lane Advisors, L.L.C. (“HLA”). As the sole managing member of HLA, HLI operates and controls all of the business and affairs of HLA, and through HLA, conducts its business. As a result, HLI consolidates HLA’s financial results and reports a non-controlling interest related to the portion of HLA units not owned by HLI. The assets and liabilities of HLA represent substantially all of HLI’s consolidated assets and liabilities with the exception of certain cash, certain deferred tax assets and liabilities, payable to related parties pursuant to a tax receivable agreement, and dividends payable. Unless otherwise specified, “the Company” refers to the consolidated entity of HLI, HLA and subsidiaries throughout the remainder of these notes. As of December 31, 2020 and March 31, 2020, HLI held approximately 64.6% and 55.1%, respectively, of the economic interest in HLA. As future exchanges of HLA units occur pursuant to the exchange agreement in place with HLA’s members, the economic interest in HLA held by HLI will increase. HLA is a registered investment advisor with the United States Securities and Exchange Commission (“SEC”), providing asset management and advisory services, primarily to institutional investors, to design, build and manage private markets portfolios. HLA sponsors the formation, and/or serves as the general partner or managing member, of various limited partnerships or limited liability companies consisting of specialized funds and certain single client separate account entities (“Partnerships”) that acquire interests in third-party managed investment funds that make private equity and equity-related investments. The Partnerships may also make direct co-investments, including investments in debt, equity, and other equity-based instruments. HLA, which includes certain subsidiaries that serve as the general partner or managing member of substantially all of the Partnerships, may invest its own capital in the Partnerships and generally makes all investment and operating decisions for the Partnerships. HLA operates several wholly-owned entities through which it conducts its foreign operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Management believes it has made all necessary adjustments (which consisted of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. Results of operations for the three and nine months ended December 31, 2020 are not necessarily indicative of the results that may be expected for the year ending March 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in HLI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020. COVID-19 In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) a global pandemic, which has resulted in significant disruption and uncertainty in the global economic markets. Given the amount of uncertainty regarding the scope and duration of the COVID-19 pandemic, it is currently not possible to predict the precise impact it will have on the Company’s financial statements. In addition, certain impacts may not be reported in the current quarter due to the Company’s investments in partnerships and unrealized carried interest amounts, which are reported on a three month lag, as discussed below in “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 Condensed Consolidated Balance Sheets during the three month lag period. Fair Value of Financial Instruments The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below: • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. • Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputs are observable. • Level 3: V alues are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The carrying amount of cash and cash equivalents, fees receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. The carrying amount of the term loan of $73,630 as of December 31, 2020 approximated fair value based on then-current market rates for similar debt instruments and is classified as Level 2 within the fair value hierarchy. Recent Accounting Pronouncements 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 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. The Company adopted the remaining requirements on April 1, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “ Accounting for Financial Instruments - Credit Losses (Topic 326) ”. ASU 2016-13 replaces the incurred loss methodology in current GAAP with a methodology that reflects expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company adopted ASU 2016-13 using the modified retrospective transition method on April 1, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.

Revenue

Revenue	9 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount: Three Months Ended Nine Months Ended December 31, Management and advisory fees 2020 2019 2020 2019 Specialized funds $ 38,155 $ 27,789 $ 102,103 $ 81,733 Customized separate accounts 23,285 22,618 70,600 67,047 Advisory 6,618 5,878 19,928 18,091 Reporting and other 2,673 2,237 8,093 6,492 Distribution management 2,827 1,108 5,291 3,169 Fund reimbursement revenue 1,721 207 2,898 3,052 Total management and advisory fees $ 75,279 $ 59,837 $ 208,913 $ 179,584 Three Months Ended Nine Months Ended December 31, Incentive fees 2020 2019 2020 2019 Specialized funds $ 6,802 $ 3,638 $ 26,740 $ 11,257 Customized separate accounts 2,502 4,663 3,105 6,275 Total incentive fees $ 9,304 $ 8,301 $ 29,845 $ 17,532 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 $1,006 and $994 as of December 31, 2020 and March 31, 2020, respectively, and is included in other assets in the Condensed Consolidated Balance Sheets. Amortization expense related to this contract asset was $135 and $389 for the three and nine months ended December 31, 2020, respectively, and $120 and $363 for the three and nine months ended December 31, 2019, respectively, and is included in compensation and benefits in the Condensed Consolidated Statements of Income.

Investments

Investments	9 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: December 31, March 31, 2020 2020 Equity method investments in Partnerships $ 217,823 $ 166,106 Equity method investments in Partnerships held by consolidated VIEs 4,319 9,988 Other equity method investments 1,194 1,168 Other investments 18,162 13,394 Investments valued under the measurement alternative 23,115 17,091 Total Investments $ 264,613 $ 207,747 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 an equity method income related to its investments in Partnerships and other equity method investments of $11,923 and $8,699 for the three and nine months ended December 31, 2020, respectively, and $4,454 and $14,331 for the three and nine months ended December 31, 2019, respectively. Other investments The Company’s other investments represent investments in private equity funds and direct credit and equity co-investments. The private equity fund investments can only be redeemed through distributions received from the liquidation of underlying investments of the fund, and the timing of distributions is currently indeterminable. The direct credit co-investments are debt securities classified as trading securities. The direct equity co-investments and private equity funds are measured at fair value with unrealized holding gains and losses included in earnings. During the quarter ended December 31, 2020, one of the Company's direct equity co-investments held through a special purpose vehicle was transferred out of Level 3 and into Level 2 as the lockup restrictions from its initial public offering expired. The special purpose vehicle now predominately attributes its fair value to a publicly traded share price and is therefore classified as Level 2 in the hierarchy. As of December 31, 2020, the fair value of the Company's investment in the special purpose vehicle was $4,271. The Company’s remaining other investments are recorded at estimated fair value utilizing significant unobservable inputs and are therefore classified in Level 3 of the fair value hierarchy. The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining value: Private equity funds Direct credit co-investments Direct equity co-investments Total other investments Balance as of September 30, 2020 $ 6,208 $ 1,889 $ 9,606 $ 17,703 Contributions 218 — — 218 Distributions (896) — (139) (1,035) Net gain 252 6 1,018 1,276 Transfer out of Level 3 — — (4,271) (4,271) Balance as of December 31, 2020 $ 5,782 $ 1,895 $ 6,214 $ 13,891 Private equity funds Direct credit co-investments Direct equity co-investments Total other investments Balance as of March 31, 2020 $ 5,786 $ 1,756 $ 5,852 $ 13,394 Contributions 246 — — 246 Distributions (1,264) (74) (139) (1,477) Net gain 1,014 213 4,772 5,999 Transfer out of Level 3 — — (4,271) (4,271) Balance as of December 31, 2020 $ 5,782 $ 1,895 $ 6,214 $ 13,891 Private equity funds Direct credit co-investments Direct equity co-investments Total other investments Balance as of September 30, 2019 $ 5,836 $ 3,093 $ 6,984 $ 15,913 Contributions 392 — — 392 Distributions (748) — — (748) Net gain 457 36 345 838 Balance as of December 31, 2019 $ 5,937 $ 3,129 $ 7,329 $ 16,395 Private equity funds Direct credit co-investments Direct equity co-investments Total other investments Balance as of March 31, 2019 $ 3,734 $ 3,940 $ 4,814 $ 12,488 Contributions 2,484 — 1,875 4,359 Distributions (748) (973) — (1,721) Net gain 467 162 640 1,269 Balance as of December 31, 2019 $ 5,937 $ 3,129 $ 7,329 $ 16,395 The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of assets were as follows, as of December 31, 2020: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Private equity funds $ 5,782 Adjusted net asset value Selected market return 5.6% - 7.9% 6.2% Direct credit co-investments $ 1,895 Discounted cash flow Market yield 9.5% - 10.4% 9.9% Direct equity co-investments $ 6,214 Market approach EBITDA multiple 7.75x - 13.75x 9.6x Market approach Equity multiple 1.4x 1.4x For the significant unobservable inputs listed in the table above, (1) a significant increase or decrease in the selected market return would result in a significantly higher or lower fair value measurement, respectively; (2) a significant increase or decrease in the market yield would result in a significantly lower or higher fair value measurement, respectively; and (3) a significant increase or decrease in the selected multiple would result in a significantly higher or lower fair value measurement, respectively. In May 2019, the Company transferred these investments for an agreed amount of cash of $15,750 to a Partnership that is a Variable Interest Entity (“VIE”) of which the Company is the general partner but does not consolidate as the Company is not the primary beneficiary. Due to continuing involvement with these assets at the Partnership, the Company accounted for this transfer as a secured financing as it has not met the criteria in ASC 860, “ Transfers and Servicing ”, to qualify as a sale and therefore has recorded a financial liability for the secured financing which is included in other liabilities in the Condensed Consolidated Balance Sheets. The cash received was recorded as secured financing in financing activities in the Condensed Consolidated Statements of Cash Flows. As of December 31, 2020, all other investments were pledged as collateral on the Company’s secured financing. The Company accounts for this financial liability at fair value under the fair value option. The primary reason for electing the fair value option is to mitigate volatility in earnings from using different measurement attributes. The significant input to the fair value of the secured financing is the fair value of the other investments delivered as collateral. As of December 31, 2020, the secured financing had a fair value of $18,162 and an amortized cost of $11,845. The fair value of the secured financing is estimated using Level 3 inputs with the significant input being the fair value of the other investments utilized as collateral as shown above. The Company recognized a gain on other investments of $1,276 and $5,999 during the three and nine months ended December 31, 2020, respectively, and $838 and $1,269 during the three and nine months ended December 31, 2019, respectively, that are recorded in other non-operating income. The Company recognized a loss on the secured financing liability of $1,276 and $5,999 during the three and nine months ended December 31, 2020, respectively, and $838 and $1,973 during the three and nine months ended December 31, 2019, respectively, that are recorded in other non-operating income.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates certain VIEs in which it is determined that the Company is the primary beneficiary. The consolidated VIEs are general partner entities of the Partnerships, which are not wholly owned by the Company. The total assets of the consolidated VIEs are $4,319 and $9,988 as of December 31, 2020 and March 31, 2020, respectively, and are recorded in investments in the Condensed Consolidated Balance Sheets. The consolidated VIEs had no liabilities as of December 31, 2020 and March 31, 2020 other than deferred incentive fee revenue of $3,704 as of both December 31, 2020 and March 31, 2020. 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 clawback of previously distributed carried interest. The Company holds variable interests in certain Partnerships that are VIEs, which are not consolidated, as it is determined that the Company is not the primary beneficiary based upon the Company’s equity interest percentage in each of the VIEs. Certain Partnerships are considered VIEs because limited partners lack the ability to remove the general partner or dissolve the entity without cause, by simple majority vote (i.e. do not have substantive “kick out” or “liquidation” rights). The Company’s involvement with such entities is in the form of direct equity interests in, and fee arrangements with, the Partnerships in which it also serves as the general partner or managing member. In the Company’s role as general partner or managing member, it generally considers itself the sponsor of the applicable Partnership and makes all investment and operating decisions. As of December 31, 2020, the total commitments and remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIEs are $21,618,870 and $8,407,279, respectively. These commitments are the primary source of financing for the unconsolidated VIEs. The maximum exposure to loss represents the potential loss of assets recognized by the Company relating to these unconsolidated entities. The Company believes that its maximum exposure to loss is limited because it establishes separate limited partnerships or limited liability companies to serve as the general partner or managing member of the Partnerships. The carrying amount of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows: December 31, March 31, 2020 2020 Investments $ 122,651 $ 118,696 Fees receivable 7,305 8,703 Due from related parties 1,028 1,194 Total VIE Assets 130,984 128,593 Deferred incentive fee revenue 3,704 3,704 Non-controlling interests (2,086) (4,853) Maximum exposure to loss $ 132,602 $ 127,444

Equity

Equity	9 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Equity	Equity The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2020: Class A Common Stock Class B Common Stock March 31, 2020 29,842,784 22,049,727 Shares issued (repurchased) in connection with registered offerings 5,056,895 (4,208,516) Forfeitures (1,299) — Shares repurchased for employee tax withholdings (511) — Restricted stock granted 2,503 Shares issued pursuant to Employee Share Purchase Plan 18,206 — December 31, 2020 34,918,578 17,841,211 June 2020 Offering In June 2020, the Company and certain selling stockholders completed a registered offering of an aggregate of 2,995,757 shares of Class A common stock at a price to the underwriters of $70.09 per share (the “June 2020 Offering”). The shares sold consisted of 71,242 shares held by the selling stockholders and 2,924,515 shares newly issued by the Company. The Company received approximately $204,979 in net proceeds from the sale of its shares and used all of the proceeds to settle exchanges by certain members of HLA of a total of 2,271,636 Class B units and 652,879 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 2020 Offering In September 2020, the Company and a certain selling stockholder completed a registered offering of an aggregate of 2,207,380 shares of Class A common stock at a price to the underwriter of $70.18 per share (the “September 2020 Offering”). The shares sold consisted of 75,000 shares held by the selling stockholder and 2,132,380 shares newly issued by the Company. The Company received approximately $149,650 in net proceeds from the sale of its shares and used all of the proceeds to settle exchanges by

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation A summary of restricted stock activity for the nine months ended December 31, 2020 is presented below: Total Weighted- March 31, 2020 441,515 $ 36.87 Granted 2,503 $ 73.56 Vested (9,630) $ 32.92 Forfeited (1,299) $ 14.33 December 31, 2020 433,089 $ 37.24

Compensation and Benefits

Compensation and Benefits	9 Months Ended
	Dec. 31, 2020
Compensation Related Costs [Abstract]
Compensation and Benefits	Compensation and Benefits The Company has recorded the following amounts related to compensation and benefits: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Base compensation and benefits $ 24,448 $ 19,966 $ 81,317 $ 62,012 Incentive fee compensation 2,329 2,046 7,287 4,314 Equity-based compensation 1,759 1,761 5,310 5,244 Total compensation and benefits $ 28,536 $ 23,773 $ 93,914 $ 71,570 During the quarter ended December 31, 2020, the Company changed its estimate of certain discretionary compensation amounts that are based upon overall Company performance and paid annually. The overall Company performance in the current fiscal year caused the previously estimated amount to be in excess of the targeted payout amount as of December 31, 2020. The result of this change in estimate was to reduce compensation and benefits expense by $6,267 for the three months ended December 31, 2020 , of which $4,009 was related to amounts recorded in prior quarters.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate used for interim periods is based on an estimated annual effective tax rate including the tax effect of items required to be recorded discretely in the interim period in which those items occur. The effective tax rate is dependent on many factors, including the estimated amount of income subject to income tax; therefore, the effective tax rate can vary from period to period. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is more likely than not that all or a portion of the deferred tax asset may not be realized. The Company’s effective tax rate was 10.5% and 13.8% for the three months ended December 31, 2020 and 2019, respectively, and 16.5% and 11.6% for the nine months ended December 31, 2020 and 2019, respectively. The effective tax rates were different from the statutory rates due to the portion of income allocated to the non-controlling entities, valuation allowance recorded against deferred tax assets and discrete tax adjustments recorded in the periods. In connection with the June 2020 Offering and unit exchanges, the Company recorded a deferred tax asset in the amount of $56,314, which is net of a valuation allowance of $3,521 related to the portion of tax benefits that it is more likely than not will not be realized. Additionally, in connection with the June 2020 Offering and unit exchange and recording of the deferred tax asset, the Company recorded a payable to related parties pursuant to the tax receivable agreement of $44,450. In connection with the September 2020 Offering and unit exchanges, the Company recorded a deferred tax asset in the amount of $41,539, which is net of a valuation allowance of $2,712 related to the portion of tax benefits that it is more likely than not will not be realized. Additionally, in connection with the September 2020 Offering and unit exchange and recording of the deferred tax asset, the Company recorded a payable to related parties pursuant to the tax receivable agreement of $32,787. As of December 31, 2020, the Company had no unrecognized tax positions and believes there will be no changes to uncertain tax positions within the next 12 months.

Earnings per Share

Earnings per Share	9 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to HLI, and, therefore, are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included. Shares of the Company’s Class B common stock are, however, considered potentially dilutive to the Class A common stock because the Class B units to which the Class B common stock corresponds are exchangeable for shares of Class A common stock on a one-for-one basis, at which time the share of Class B common stock is surrendered in exchange for a payment of its par value. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: Three Months Ended Three Months Ended 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 $ 33,203 34,478,437 $ 0.96 $ 13,497 29,185,039 $ 0.46 Adjustment to net income: Assumed vesting of employee awards 94 88 Effect of dilutive securities: Assumed vesting of employee awards 272,955 423,167 Diluted EPS of Class A common stock $ 33,297 34,751,392 $ 0.96 $ 13,585 29,608,206 $ 0.46 Nine Months Ended Nine Months Ended 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 $ 58,263 32,567,754 $ 1.79 $ 40,177 27,710,607 $ 1.45 Adjustment to net income: Assumed vesting of employee awards 156 267 Effect of dilutive securities: Assumed vesting of employee awards 240,194 386,988 Diluted EPS of Class A common stock $ 58,419 32,807,948 $ 1.78 $ 40,444 28,097,595 $ 1.44 The calculations of diluted earnings per share exclude 18,912,099 outstanding Class B and Class C units of HLA for the three and nine months ended December 31, 2020 and 23,968,994 outstanding Class B and Class C units of HLA for the three and nine months ended December 31, 2019, which are exchangeable into Class A common stock under the “if-converted” method, because the inclusion of such shares would be antidilutive.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions The Company has investment management agreements with various specialized funds and customized separate accounts that it manages. The Company earned management and advisory fees from Partnerships of $52,080 and $140,883 for the three and nine months ended December 31, 2020, respectively, and $39,141 and $117,941 for the three and nine months ended December 31, 2019, respectively. The Company earned incentive fees from Partnerships of $8,153 and $28,332 for the three and nine months ended December 31, 2020, respectively, and $5,731 and $14,850 for the three and nine months ended December 31, 2019, respectively. The Company entered into a service agreement on June 1, 2017 with its joint venture pursuant to which it had expenses of $1,047 and $3,001 for the three and nine months ended December 31, 2020, respectively, and $1,261 and $4,006 for the three and nine months ended December 31, 2019, respectively, that are included in general, administrative and other expenses in the Condensed Consolidated Statements of Income. The Company also has a payable to the joint venture of $354 and $428 as of December 31, 2020 and March 31, 2020, respectively, which is included in other liabilities in the Condensed Consolidated Balance Sheets. During the quarter ended December 31, 2020, the Company paid the remaining $1,000 related to its purchase of the Cobalt LP software from January 2020. Fees receivable from the Partnerships were $13,297 and $16,970 as of December 31, 2020 and March 31, 2020, respectively, and are included in fees receivable in the Condensed Consolidated Balance Sheets.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Nine Months Ended December 31, 2020 2019 Shares issued for contingent compensation payment $ — $ 425 Establishment of lease liability in exchange for right of use asset $ 61,597 $ 12,675 Non-cash financing activities: Dividends declared but not paid $ 10,775 $ 8,026 Member distributions declared but not paid $ 7,906 $ 10,505 Establishment of net deferred tax assets related to offerings $ 91,580 $ 37,394

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In the ordinary course of business, the Company may be subject to various legal, regulatory, and/or administrative proceedings from time to time. Although there can be no assurance of the outcome of such proceedings, in the opinion of management, the Company does not believe it is probable that any pending or, to its knowledge, threatened legal proceeding or claim would individually or in the aggregate materially affect its condensed consolidated financial statements. Incentive Fees The Partnerships have allocated carried interest still subject to contingencies and that did not meet the Company’s criteria for recognition in the amounts of $497,383 and $441,150, net of amounts attributable to non-controlling interests, at December 31, 2020 and March 31, 2020, respectively, and $3,704 at both December 31, 2020 and March 31, 2020 that has been received and deferred by the Company. If the Company ultimately receives the unrecognized carried interest, a total of $124,346 and $110,288 as of December 31, 2020 and March 31, 2020, respectively, would potentially be payable to certain employees and third parties pursuant to compensation arrangements related to carried interest profit-sharing plans. Such amounts have not been recorded in the Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Income as the payment is not yet probable. Commitments The Company serves as the investment manager of the Partnerships. The general partner or managing member of each Partnership is generally a separate subsidiary of the Company and has agreed to invest funds on the same basis as the limited partners in most instances. The Company’s aggregate unfunded commitment to the Partnerships was $154,964 and $143,489 as of December 31, 2020 and March 31, 2020, respectively. Leases The Company’s leases consist primarily of operating leases for office space and office equipment in various locations around the world, which have remaining lease terms of one year to 17 years. Some leases have the option to extend for an additional term or terminate early. Where it is reasonably certain that the Company will exercise the option, the option has been included in the lease term and reflected in the ROU asset and liability. Short-term leases (leases with a term of less than 12 months) have not been recorded on the balance sheet. Short-term lease costs were not material for the three and nine months ended December 31, 2020 and 2019 . The Company entered into a 17-year lease agreement for its new headquarters in suburban Philadelphia, which is currently being constructed. The Company was granted access to the space in October 2020 to begin building various leasehold improvements and expects to move into the property in the first quarter of fiscal 2022. The following table shows lease costs and other supplemental information related to the Company’s operating leases: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Operating lease costs $ 2,471 $ 1,239 $ 4,908 $ 3,649 Variable lease costs $ 387 $ 134 $ 688 $ 395 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,338 $ 1,323 $ 3,889 $ 3,898 Weighted average remaining lease term (in years) 15.4 2.5 Weighted average discount rate 3.2 % 5.5 % As of December 31, 2020, the maturities of operating lease liabilities were as follows: Remainder of FY2021 $ 1,321 FY2022 6,236 FY2023 6,856 FY2024 6,233 FY2025 5,724 Thereafter 76,886 Total lease payments 103,256 Less: imputed interest (29,289) Total operating lease liabilities $ 73,967

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 2, 2021, the Company declared a quarterly dividend of $0.3125 per share of Class A common stock to record holders at the close of business on March 15, 2021. The payment date will be April 6, 2021. On January 15, 2021, Hamilton Lane Alliance Holdings I, Inc. (“HLAH”), a special purpose acquisition company, closed its initial public offering of 27.6 million units for $276,000. HLAH is sponsored by a wholly-owned subsidiary of the Company that will assist in identifying and effectuating a merger between HLAH and a target company. Until the merger occurs, HLAH is expected be consolidated by the Company. As part of the IPO, the Company was issued 4.9 million shares for sponsoring HLAH and purchased 5 million warrants for $7,520. The shares and warrants vest or become exercisable upon a successful merger and at certain share price targets. On January 28, 2021, the Company entered into an asset purchase agreement with 361 Capital LLC for an estimated $13,000. The transaction is expected to close during the Company’s fiscal fourth quarter and is subject to customary closing conditions.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Management believes it has made all necessary adjustments (which consisted of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. Results of operations for the three and nine months ended December 31, 2020 are not necessarily indicative of the results that may be expected for the year ending March 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in HLI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020.
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 Condensed Consolidated Balance Sheets during the three month lag period.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 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. The Company adopted the remaining requirements on April 1, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “ Accounting for Financial Instruments - Credit Losses (Topic 326) ”. ASU 2016-13 replaces the incurred loss methodology in current GAAP with a methodology that reflects expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company adopted ASU 2016-13 using the modified retrospective transition method on April 1, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount: Three Months Ended Nine Months Ended December 31, Management and advisory fees 2020 2019 2020 2019 Specialized funds $ 38,155 $ 27,789 $ 102,103 $ 81,733 Customized separate accounts 23,285 22,618 70,600 67,047 Advisory 6,618 5,878 19,928 18,091 Reporting and other 2,673 2,237 8,093 6,492 Distribution management 2,827 1,108 5,291 3,169 Fund reimbursement revenue 1,721 207 2,898 3,052 Total management and advisory fees $ 75,279 $ 59,837 $ 208,913 $ 179,584 Three Months Ended Nine Months Ended December 31, Incentive fees 2020 2019 2020 2019 Specialized funds $ 6,802 $ 3,638 $ 26,740 $ 11,257 Customized separate accounts 2,502 4,663 3,105 6,275 Total incentive fees $ 9,304 $ 8,301 $ 29,845 $ 17,532

Investments (Tables)

Investments (Tables)	9 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments	Investments consist of the following: December 31, March 31, 2020 2020 Equity method investments in Partnerships $ 217,823 $ 166,106 Equity method investments in Partnerships held by consolidated VIEs 4,319 9,988 Other equity method investments 1,194 1,168 Other investments 18,162 13,394 Investments valued under the measurement alternative 23,115 17,091 Total Investments $ 264,613 $ 207,747
Reconciliation of Other Investments	The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining value: Private equity funds Direct credit co-investments Direct equity co-investments Total other investments Balance as of September 30, 2020 $ 6,208 $ 1,889 $ 9,606 $ 17,703 Contributions 218 — — 218 Distributions (896) — (139) (1,035) Net gain 252 6 1,018 1,276 Transfer out of Level 3 — — (4,271) (4,271) Balance as of December 31, 2020 $ 5,782 $ 1,895 $ 6,214 $ 13,891 Private equity funds Direct credit co-investments Direct equity co-investments Total other investments Balance as of March 31, 2020 $ 5,786 $ 1,756 $ 5,852 $ 13,394 Contributions 246 — — 246 Distributions (1,264) (74) (139) (1,477) Net gain 1,014 213 4,772 5,999 Transfer out of Level 3 — — (4,271) (4,271) Balance as of December 31, 2020 $ 5,782 $ 1,895 $ 6,214 $ 13,891 Private equity funds Direct credit co-investments Direct equity co-investments Total other investments Balance as of September 30, 2019 $ 5,836 $ 3,093 $ 6,984 $ 15,913 Contributions 392 — — 392 Distributions (748) — — (748) Net gain 457 36 345 838 Balance as of December 31, 2019 $ 5,937 $ 3,129 $ 7,329 $ 16,395 Private equity funds Direct credit co-investments Direct equity co-investments Total other investments Balance as of March 31, 2019 $ 3,734 $ 3,940 $ 4,814 $ 12,488 Contributions 2,484 — 1,875 4,359 Distributions (748) (973) — (1,721) Net gain 467 162 640 1,269 Balance as of December 31, 2019 $ 5,937 $ 3,129 $ 7,329 $ 16,395
Schedule of Assumptions Used	The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of assets were as follows, as of December 31, 2020: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Private equity funds $ 5,782 Adjusted net asset value Selected market return 5.6% - 7.9% 6.2% Direct credit co-investments $ 1,895 Discounted cash flow Market yield 9.5% - 10.4% 9.9% Direct equity co-investments $ 6,214 Market approach EBITDA multiple 7.75x - 13.75x 9.6x Market approach Equity multiple 1.4x 1.4x

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying amount of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows: December 31, March 31, 2020 2020 Investments $ 122,651 $ 118,696 Fees receivable 7,305 8,703 Due from related parties 1,028 1,194 Total VIE Assets 130,984 128,593 Deferred incentive fee revenue 3,704 3,704 Non-controlling interests (2,086) (4,853) Maximum exposure to loss $ 132,602 $ 127,444

Equity (Tables)

Equity (Tables)	9 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Rollforward of Common Stock	The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2020: Class A Common Stock Class B Common Stock March 31, 2020 29,842,784 22,049,727 Shares issued (repurchased) in connection with registered offerings 5,056,895 (4,208,516) Forfeitures (1,299) — Shares repurchased for employee tax withholdings (511) — Restricted stock granted 2,503 Shares issued pursuant to Employee Share Purchase Plan 18,206 — December 31, 2020 34,918,578 17,841,211

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Activity	A summary of restricted stock activity for the nine months ended December 31, 2020 is presented below: Total Weighted- March 31, 2020 441,515 $ 36.87 Granted 2,503 $ 73.56 Vested (9,630) $ 32.92 Forfeited (1,299) $ 14.33 December 31, 2020 433,089 $ 37.24

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	9 Months Ended
	Dec. 31, 2020
Compensation Related Costs [Abstract]
Schedule of Compensation and Benefits	The Company has recorded the following amounts related to compensation and benefits: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Base compensation and benefits $ 24,448 $ 19,966 $ 81,317 $ 62,012 Incentive fee compensation 2,329 2,046 7,287 4,314 Equity-based compensation 1,759 1,761 5,310 5,244 Total compensation and benefits $ 28,536 $ 23,773 $ 93,914 $ 71,570

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: Three Months Ended Three Months Ended 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 $ 33,203 34,478,437 $ 0.96 $ 13,497 29,185,039 $ 0.46 Adjustment to net income: Assumed vesting of employee awards 94 88 Effect of dilutive securities: Assumed vesting of employee awards 272,955 423,167 Diluted EPS of Class A common stock $ 33,297 34,751,392 $ 0.96 $ 13,585 29,608,206 $ 0.46 Nine Months Ended Nine Months Ended 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 $ 58,263 32,567,754 $ 1.79 $ 40,177 27,710,607 $ 1.45 Adjustment to net income: Assumed vesting of employee awards 156 267 Effect of dilutive securities: Assumed vesting of employee awards 240,194 386,988 Diluted EPS of Class A common stock $ 58,419 32,807,948 $ 1.78 $ 40,444 28,097,595 $ 1.44

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Nine Months Ended December 31, 2020 2019 Shares issued for contingent compensation payment $ — $ 425 Establishment of lease liability in exchange for right of use asset $ 61,597 $ 12,675 Non-cash financing activities: Dividends declared but not paid $ 10,775 $ 8,026 Member distributions declared but not paid $ 7,906 $ 10,505 Establishment of net deferred tax assets related to offerings $ 91,580 $ 37,394

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Lease Cost, Cash Flows, and Other Supplemental Cash Flow Information Regarding Leases	The following table shows lease costs and other supplemental information related to the Company’s operating leases: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Operating lease costs $ 2,471 $ 1,239 $ 4,908 $ 3,649 Variable lease costs $ 387 $ 134 $ 688 $ 395 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,338 $ 1,323 $ 3,889 $ 3,898 Weighted average remaining lease term (in years) 15.4 2.5 Weighted average discount rate 3.2 % 5.5 %
Maturity of Operating Lease Liabilities	As of December 31, 2020, the maturities of operating lease liabilities were as follows: Remainder of FY2021 $ 1,321 FY2022 6,236 FY2023 6,856 FY2024 6,233 FY2025 5,724 Thereafter 76,886 Total lease payments 103,256 Less: imputed interest (29,289) Total operating lease liabilities $ 73,967

Organization - Narrative (Detai

Organization - Narrative (Details)	Dec. 31, 2020	Mar. 31, 2020
HLA
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percent of economic interest held	64.60%	55.10%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Debt	$ 73,630	$ 74,524
Term Loan
Debt Instrument [Line Items]
Debt	$ 73,630

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 84,583	$ 68,138	$ 238,758	$ 197,116
Management and advisory fees
Disaggregation of Revenue [Line Items]
Revenues	75,279	59,837	208,913	179,584
Specialized funds
Disaggregation of Revenue [Line Items]
Revenues	38,155	27,789	102,103	81,733
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	23,285	22,618	70,600	67,047
Advisory
Disaggregation of Revenue [Line Items]
Revenues	6,618	5,878	19,928	18,091
Reporting and other
Disaggregation of Revenue [Line Items]
Revenues	2,673	2,237	8,093	6,492
Distribution management
Disaggregation of Revenue [Line Items]
Revenues	2,827	1,108	5,291	3,169
Fund reimbursement revenue
Disaggregation of Revenue [Line Items]
Revenues	1,721	207	2,898	3,052
Incentive fees
Disaggregation of Revenue [Line Items]
Revenues	9,304	8,301	29,845	17,532
Specialized funds
Disaggregation of Revenue [Line Items]
Revenues	6,802	3,638	26,740	11,257
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	$ 2,502	$ 4,663	$ 3,105	$ 6,275

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract asset related to the cost to obtain contracts	$ 1,006		$ 1,006		$ 994
Contract asset amortization expense	$ 135	$ 120	$ 389	$ 363

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Other investments	$ 18,162	$ 13,394
Investments valued under the measurement alternative	23,115	17,091
Total Investments	264,613	207,747
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	217,823	166,106
Equity method investments in Partnerships held by consolidated VIEs
Schedule of Equity Method Investments [Line Items]
Equity method investments	4,319	9,988
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1,194	$ 1,168

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity in income of investees		$ 11,923	$ 4,454	$ 8,699	$ 14,331
Other investments		18,162		18,162		$ 13,394
Cash received on transfer of other investments	$ 15,750			0	15,750
Secured financing		18,162		18,162
Amortized cost		11,845		11,845
Net gain		1,276	838	5,999	1,269
Unrealized loss on secured borrowings, fair value adjustment		$ 1,276	$ 838	$ 5,999	$ 1,973
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Percent interest in partnerships		1.00%		1.00%
Direct Equity Co-Investments, Special Purpose Vehicle
Schedule of Equity Method Investments [Line Items]
Other investments		$ 4,271		$ 4,271
Investment, Measurement Alternative
Schedule of Equity Method Investments [Line Items]
Net gain		$ 6,229

Investments - Reconciliation of

Investments - Reconciliation of Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance			$ 13,394
Net gain	$ 1,276	$ 838	5,999	$ 1,269
Other investments, ending balance	18,162		18,162
Fair Value, Inputs, Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	17,703	15,913	13,394	12,488
Contributions	218	392	246	4,359
Distributions	(1,035)	(748)	(1,477)	(1,721)
Net gain	1,276	838	5,999	1,269
Transfer out of Level 3	(4,271)		(4,271)
Other investments, ending balance	13,891	16,395	13,891	16,395
Private equity funds
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	5,782		5,782
Private equity funds | Fair Value, Inputs, Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	6,208	5,836	5,786	3,734
Contributions	218	392	246	2,484
Distributions	(896)	(748)	(1,264)	(748)
Net gain	252	457	1,014	467
Transfer out of Level 3	0		0
Other investments, ending balance	5,782	5,937	5,782	5,937
Direct credit co-investments
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	1,895		1,895
Direct credit co-investments | Fair Value, Inputs, Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	1,889	3,093	1,756	3,940
Contributions	0	0	0	0
Distributions	0	0	(74)	(973)
Net gain	6	36	213	162
Transfer out of Level 3	0		0
Other investments, ending balance	1,895	3,129	1,895	3,129
Direct equity co-investments
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	6,214		6,214
Direct equity co-investments | Fair Value, Inputs, Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	9,606	6,984	5,852	4,814
Contributions	0	0	0	1,875
Distributions	(139)	0	(139)	0
Net gain	1,018	345	4,772	640
Transfer out of Level 3	(4,271)		(4,271)
Other investments, ending balance	$ 6,214	$ 7,329	$ 6,214	$ 7,329

Investments - Valuation Methodo

Investments - Valuation Methodologies (Details) $ in Thousands	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Other investments	$ 18,162	$ 13,394
Private equity funds
Schedule of Equity Method Investments [Line Items]
Other investments	5,782
Direct credit co-investments
Schedule of Equity Method Investments [Line Items]
Other investments	1,895
Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Other investments	$ 6,214
Selected market return | Adjusted net asset value | Minimum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.056
Selected market return | Adjusted net asset value | Maximum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.079
Selected market return | Adjusted net asset value | Weighted Average | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.062
Market yield | Discounted cash flow | Minimum | Direct credit co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.095
Market yield | Discounted cash flow | Maximum | Direct credit co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.104
Market yield | Discounted cash flow | Weighted Average | Direct credit co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.099
EBITDA multiple | Market approach | Minimum | Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	7.75
EBITDA multiple | Market approach | Maximum | Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	13.75
EBITDA multiple | Market approach | Weighted Average | Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	9.6
Equity multiple | Market approach | Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	1.4
Equity multiple | Market approach | Weighted Average | Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	1.4

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Variable Interest Entity [Line Items]
Total VIE Assets	$ 715,829,000	$ 473,529,000
Total liabilities of consolidated VIEs	415,977,000	236,128,000
Deferred incentive fee revenue	3,704,000	3,704,000
Primary Beneficiary
Variable Interest Entity [Line Items]
Total VIE Assets	4,319,000	9,988,000
Total liabilities of consolidated VIEs	0	0
Deferred incentive fee revenue	$ 3,704,000	$ 3,704,000

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Variable Interest Entity [Line Items]
Total commitments from the limited partners and general partners to the unconsolidated VIE	$ 21,618,870
Remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIE	8,407,279
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Investments	264,613	$ 207,747
Fees receivable	26,624	30,384
Due from related parties	3,987	2,605
Total assets	715,829	473,529
Deferred incentive fee revenue	3,704	3,704
Not Primary Beneficiary
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Investments	122,651	118,696
Fees receivable	7,305	8,703
Due from related parties	1,028	1,194
Total assets	130,984	128,593
Deferred incentive fee revenue	3,704	3,704
Non-controlling interests	(2,086)	(4,853)
Maximum exposure to loss	$ 132,602	$ 127,444

Equity - Shares of Common Stock

Equity - Shares of Common Stock Outstanding (Details)	9 Months Ended
	Dec. 31, 2020shares
Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	29,842,784
Shares issued in connection with registered offerings (in shares)	5,056,895
Forfeitures (in shares)	(1,299)
Shares repurchased for employee tax withholdings (in shares)	(511)
Restricted stock granted (in shares)	2,503
Shares issued pursuant to Employee Share Purchase Plan (in shares)	18,206
Outstanding, end of period (in shares)	34,918,578
Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	22,049,727
Stock (repurchased) in connection with registered offerings (in shares)	(4,208,516)
Forfeitures (in shares)	0
Shares repurchased for employee tax withholdings (in shares)	0
Restricted stock granted (in shares)
Shares issued pursuant to Employee Share Purchase Plan (in shares)	0
Outstanding, end of period (in shares)	17,841,211

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Proceeds from offering			$ 354,629	$ 147,122
Common Class A
Class of Stock [Line Items]
Stock sold in connection with secondary public offering (in shares)			5,056,895
June 2020 Offering | Common Class A
Class of Stock [Line Items]
Stock sold in connection with secondary public offering (in shares)		2,995,757
Shares sold in connection with secondary offering (in dollars per share)		$ 70.09
Proceeds from offering		$ 204,979
June 2020 Offering Current Stockholder Issuance | Common Class A
Class of Stock [Line Items]
Stock sold in connection with secondary public offering (in shares)		71,242
June 2020 Offering New Issuance | Common Class A
Class of Stock [Line Items]
Stock sold in connection with secondary public offering (in shares)		2,924,515
September 2020 Offering | Common Class A
Class of Stock [Line Items]
Stock sold in connection with secondary public offering (in shares)	2,207,380
Shares sold in connection with secondary offering (in dollars per share)	$ 70.18
Proceeds from offering	$ 149,650
September 2020 Offering Current Stockholder Issuance | Common Class A
Class of Stock [Line Items]
Stock sold in connection with secondary public offering (in shares)	75,000
September 2020 Offering New Issuance | Common Class A
Class of Stock [Line Items]
Stock sold in connection with secondary public offering (in shares)	2,132,380
Members’ Equity (Deficit) | Common Class B
Class of Stock [Line Items]
Purchase of interest by parent (in shares)	1,936,880	2,271,636
Members’ Equity (Deficit) | Common Class C
Class of Stock [Line Items]
Purchase of interest by parent (in shares)	195,500	652,879

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Restricted Stock (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Total Unvested
Unvested at beginning of period (in shares) | shares	441,515
Granted (in shares) | shares	2,503
Vested (in shares) | shares	(9,630)
Forfeited (in shares) | shares	(1,299)
Unvested at end of period (in shares) | shares	433,089
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share) | $ / shares	$ 36.87
Granted (in dollars per share) | $ / shares	73.56
Vested (in dollars per share) | $ / shares	32.92
Forfeited (in dollars per share) | $ / shares	14.33
Unvested at end of period (in dollars per share) | $ / shares	$ 37.24
Total unrecognized compensation expense relating to restricted stock | $	$ 10,888

Compensation and Benefits - Sch

Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Compensation Related Costs [Abstract]
Base compensation and benefits	$ 24,448	$ 19,966	$ 81,317	$ 62,012
Incentive fee compensation	2,329	2,046	7,287	4,314
Equity-based compensation	1,759	1,761	5,310	5,244
Total compensation and benefits	$ 28,536	$ 23,773	$ 93,914	$ 71,570

Compensation and Benefits - Nar

Compensation and Benefits - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Change in Accounting Estimate [Line Items]
Decrease in compensation and benefits expense	$ (28,536)	$ (23,773)		$ (93,914)	$ (71,570)
Change In Estimate From Change In Process
Change in Accounting Estimate [Line Items]
Decrease in compensation and benefits expense	$ 6,267		$ 4,009

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Related Party Transaction [Line Items]
Effective tax rate	10.50%	13.80%	16.50%	11.60%
Payable to related parties pursuant to tax receivable agreement	$ 176,046,000		$ 176,046,000		$ 98,956,000
Unrecognized tax positions	0		0
June 2020 Offering
Related Party Transaction [Line Items]
Deferred tax asset	56,314,000		56,314,000
Valuation allowance	3,521,000		3,521,000
June 2020 Offering | Tax Receivable Agreement
Related Party Transaction [Line Items]
Payable to related parties pursuant to tax receivable agreement	44,450,000		44,450,000
September 2020 Offering
Related Party Transaction [Line Items]
Deferred tax asset	41,539,000		41,539,000
Valuation allowance	2,712,000		2,712,000
September 2020 Offering | Tax Receivable Agreement
Related Party Transaction [Line Items]
Payable to related parties pursuant to tax receivable agreement	$ 32,787,000		$ 32,787,000

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings Per Share - Basic and Diluted (Details) - Common Class A - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net income attributable to HLI
Basic EPS of Class A common stock	$ 33,203	$ 13,497	$ 58,263	$ 40,177
Assumed vesting of employee awards	94	88	156	267
Diluted EPS of Class A common stock	$ 33,297	$ 13,585	$ 58,419	$ 40,444
Weighted-Average Shares
Weighted-average basic EPS of Class A common stock (in shares)	34,478,437	29,185,039,000	32,567,754	27,710,607,000
Weighted-average assumed vesting of employee awards (in shares)	272,955	423,167,000	240,194	386,988,000
Weighted-average diluted EPS of Class A common stock (in shares)	34,751,392	29,608,206,000	32,807,948	28,097,595,000
Per share amount
Basic EPS of Class A common stock (in dollars per share)	$ 0.96	$ 0.46	$ 1.79	$ 1.45
Diluted EPS of Class A common stock (in dollars per share)	$ 0.96	$ 0.46	$ 1.78	$ 1.44

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Class B and Class C Units of Hamilton Lane Advisors, L.L.C.
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	18,912,099	23,968,994	18,912,099	23,968,994

Related-Party Transactions - Na

Related-Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Related Party Transaction [Line Items]
Revenues	$ 84,583	$ 68,138	$ 238,758	$ 197,116
Payable to related parties pursuant to tax receivable agreement	176,046		176,046		$ 98,956
Fees receivable	26,624		26,624		30,384
Purchase of intangible assets	1,000		1,000	0
General Partnerships
Related Party Transaction [Line Items]
Fees receivable	13,297		13,297		16,970
Joint Venture
Related Party Transaction [Line Items]
Payable to related parties pursuant to tax receivable agreement	354		354		$ 428
Service Agreement Fees Paid | Joint Venture
Related Party Transaction [Line Items]
Fees paid to joint venture	1,047	1,261	3,001	4,006
Management and advisory fees
Related Party Transaction [Line Items]
Revenues	75,279	59,837	208,913	179,584
Management and advisory fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	52,080	39,141	140,883	117,941
Incentive fees
Related Party Transaction [Line Items]
Revenues	9,304	8,301	29,845	17,532
Incentive fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	$ 8,153	$ 5,731	$ 28,332	$ 14,850

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
Shares issued for contingent compensation payment	$ 0	$ 425
Establishment of lease liability in exchange for right of use asset	61,597	12,675
Non-cash financing activities:
Dividends declared but not paid	10,775	8,026	$ 8,027
Member distributions declared but not paid	7,906	10,505	$ 5,829
Establishment of net deferred tax assets related to offerings	$ 91,580	$ 37,394

Commitments and Contingencies -

Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Carried Interest still subject to contingencies	$ 497,383	$ 441,150
Deferred incentive fee revenue	3,704	3,704
Incentive fees, unrecorded estimate	$ 124,346	$ 110,288

Commitments and Contingencies_2

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Other commitment	$ 154,964	$ 143,489

Commitments and Contingencies_3

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term	17 years		17 years
Operating lease costs	$ 2,471	$ 1,239	$ 4,908	$ 3,649
Variable lease costs	387	134	688	395
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,338	$ 1,323	$ 3,889	$ 3,898
Weighted average remaining lease term (in years)	15 years 4 months 24 days	2 years 6 months	15 years 4 months 24 days	2 years 6 months
Weighted average discount rate	3.20%	5.50%	3.20%	5.50%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term			1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term			17 years

Commitments and Contingencies_4

Commitments and Contingencies - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2021	$ 1,321
FY2022	6,236
FY2023	6,856
FY2024	6,233
FY2025	5,724
Thereafter	76,886
Total lease payments	103,256
Less: imputed interest	(29,289)
Total operating lease liabilities	$ 73,967	$ 10,184

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Feb. 02, 2021	Jan. 28, 2021	Jan. 15, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event
Subsequent Event [Line Items]
Investment balance (in shares)			4.9
Warrant investment (in shares)			5
Warrants investment			$ 7,520
Subsequent Event | Scenario, Forecast
Subsequent Event [Line Items]
Payment for asset purchase agreement		$ 13,000
Subsequent Event | HLAH
Subsequent Event [Line Items]
Number of shares issued (in shares)			27.6
Proceeds from sale of stock			$ 276,000
Common Class A
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)				$ 0.313	$ 0.275	$ 0.938	$ 0.825
Common Class A | Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.3125