Hamilton Lane (HLNE) 10-Q 1 Feb 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2021	Jan. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
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	110 Washington Street,
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Conshohocken,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19428
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	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001433642
Current Fiscal Year End Date	--03-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		37,194,344
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		16,033,359

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Assets
Fees receivable	$ 47,085,000	$ 29,202,000
Prepaid expenses	5,912,000	6,143,000
Due from related parties	2,016,000	2,495,000
Furniture, fixtures and equipment, net	29,229,000	23,308,000
Lease right-of-use assets, net	67,023,000	64,384,000
Investments	483,320,000	368,836,000
Deferred income taxes	249,004,000	251,949,000
Assets of consolidated variable interest entities:
Investments	483,320,000	368,836,000
Total assets	1,279,453,000	1,136,519,000
Liabilities, redeemable non-controlling interests and equity
Accounts payable	2,190,000	2,173,000
Accrued compensation and benefits	48,282,000	29,415,000
Accrued members’ distributions	11,769,000	16,877,000
Accrued dividend	12,916,000	11,201,000
Debt	146,767,000	163,175,000
Payable to related parties pursuant to tax receivable agreement	187,252,000	194,764,000
Lease liabilities	83,720,000	75,281,000
Liabilities of consolidated variable interest entities:
Total liabilities	540,578,000	546,318,000
Commitments and contingencies (Note 16)
Redeemable non-controlling interests	276,000,000	276,000,000
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued	0	0
Additional paid-in-capital	162,067,000	150,564,000
Total Hamilton Lane Incorporated stockholders’ equity	343,757,000	238,129,000
Total equity	462,875,000	314,201,000
Total liabilities, redeemable non-controlling interests and equity	1,279,453,000	1,136,519,000
Common Class A
Liabilities of consolidated variable interest entities:
Common stock	37,000	36,000
Common Class B
Liabilities of consolidated variable interest entities:
Common stock	16,000	17,000
Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Cash and cash equivalents	78,838,000	87,025,000
Restricted cash	3,315,000	3,041,000
Investments	483,320,000	368,836,000
Other assets	28,553,000	17,821,000
Assets of consolidated variable interest entities:
Cash and cash equivalents	78,838,000	87,025,000
Investments held in trust	3,315,000	3,041,000
Investments	483,320,000	368,836,000
Other assets	28,553,000	17,821,000
Liabilities, redeemable non-controlling interests and equity
Other liabilities (includes $16,477 and $17,381 at fair value)	31,560,000	36,122,000
Liabilities of consolidated variable interest entities:
Other liabilities	31,560,000	36,122,000
Primary Beneficiary
Assets
Cash and cash equivalents	187,000	311,000
Restricted cash	276,009,000	276,003,000
Investments	8,294,000	4,787,000
Other assets	668,000	1,214,000
Assets of consolidated variable interest entities:
Cash and cash equivalents	187,000	311,000
Investments held in trust	276,009,000	276,003,000
Investments	8,294,000	4,787,000
Other assets	668,000	1,214,000
Liabilities, redeemable non-controlling interests and equity
Other liabilities (includes $16,477 and $17,381 at fair value)	16,122,000	17,310,000
Liabilities of consolidated variable interest entities:
Other liabilities	16,122,000	17,310,000
Total liabilities	0	0
General Partnerships
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	2,941,000	2,211,000
Hamilton Lane Advisors, L.L.C.
Liabilities of consolidated variable interest entities:
Retained earnings	181,637,000	87,512,000
Stockholders' equity attributable to noncontrolling interest	$ 116,177,000	$ 73,861,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Class of Stock [Line Items]
Other liabilities, fair value	$ 16,477	$ 17,381
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)	37,194,344	36,290,183
Common stock, shares outstanding (in shares)	37,194,344	36,290,183
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)	16,033,359	16,739,846
Common stock, shares outstanding (in shares)	16,033,359	16,739,846

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 91,704	$ 84,583	$ 267,019	$ 238,758
Consolidated variable interest entities related:
Total revenues	91,704	84,583	267,019	238,758
Expenses
Compensation and benefits	34,004	28,536	94,028	93,914
Consolidated variable interest entities related:
Total expenses	50,658	41,864	143,722	128,892
Other income (expense)
Equity in income of investees	12,924	12,138	60,181	10,938
Interest income	26	658	488	775
Non-operating income	37,043	6,229	65,500	6,830
Consolidated variable interest entities related:
Unrealized income			47,774	0
Total other income (expense)	50,669	18,342	123,914	14,856
Income before income taxes	91,715	61,061	247,211	124,722
Income tax expense	11,519	6,429	37,515	20,522
Net income	80,196	54,632	209,696	104,200
Net income attributable to Hamilton Lane Incorporated	51,849	33,203	132,161	58,263
Common Class A
Consolidated variable interest entities related:
Net income attributable to Hamilton Lane Incorporated	$ 51,849	$ 33,203	$ 132,161	$ 58,263
Basic earnings per share of Class A common stock (in dollars per share)	$ 1.44	$ 0.96	$ 3.64	$ 1.79
Diluted earnings per share of Class A common stock (in dollars per share)	1.40	0.96	3.59	1.78
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.35	$ 0.313	$ 1.05	$ 0.938
Consolidated Entity Excluding Variable Interest Entities (VIE)
Expenses
General, administrative and other	$ 16,332	$ 13,328	$ 48,742	$ 34,978
Consolidated variable interest entities related:
General, administrative and other	16,332	13,328	48,742	34,978
Other income (expense)
Interest expense	(1,157)	(468)	(3,488)	(1,448)
Primary Beneficiary
Expenses
General, administrative and other	322	0	952	0
Consolidated variable interest entities related:
General, administrative and other	322	0	952	0
Other income (expense)
Interest expense	(4)	0	(4)	0
Consolidated variable interest entities related:
Equity in (loss) income of investees	(298)	(215)	170	(2,239)
Unrealized income	2,135	0	1,067	0
General Partnerships
Consolidated variable interest entities related:
Less: (loss) Income attributable to non-controlling interests	(119)	(68)	167	(346)
Hamilton Lane Advisors, L.L.C.
Consolidated variable interest entities related:
Less: (loss) Income attributable to non-controlling interests	26,181	21,497	76,849	46,283
Hamilton Lane Alliance Holdings I, Inc.
Consolidated variable interest entities related:
Less: (loss) Income attributable to non-controlling interests	2,285	0	519	0
Management and advisory fees
Revenues
Total revenues	79,836	75,279	229,653	208,913
Consolidated variable interest entities related:
Total revenues	79,836	75,279	229,653	208,913
Incentive fees
Revenues
Total revenues	11,868	9,304	37,366	29,845
Consolidated variable interest entities related:
Total revenues	11,868	9,304	37,366	29,845
Incentive fees | Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Total revenues	10,490	8,680	34,217	12,512
Consolidated variable interest entities related:
Total revenues	10,490	8,680	34,217	12,512
Incentive fees | Primary Beneficiary
Revenues
Total revenues	1,378	624	3,149	17,333
Consolidated variable interest entities related:
Total revenues	$ 1,378	$ 624	$ 3,149	$ 17,333

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 80,196	$ 54,632	$ 209,696	$ 104,200
Other comprehensive income, net of tax
Foreign currency translation	0	0	0	130
Total other comprehensive income, net of tax	0	0	0	130
Comprehensive income	80,196	54,632	209,696	104,330
Less:
Total comprehensive income attributable to Hamilton Lane Incorporated	51,849	33,203	132,161	58,341
General Partnerships
Less:
Comprehensive (loss) income attributable to non-controlling interests	(119)	(68)	167	(346)
Hamilton Lane Advisors, L.L.C.
Less:
Comprehensive (loss) income attributable to non-controlling interests	26,181	21,497	76,849	46,335
Hamilton Lane Alliance Holdings I, Inc.
Less:
Comprehensive (loss) income attributable to non-controlling interests	$ 2,285	$ 0	$ 519	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements 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.	Hamilton Lane Advisors, L.L.C.Noncontrolling Interests
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	130					78			52
Equity-based compensation	5,330			3,251					2,079
Repurchase of Class A shares for employee tax withholding	(36)			(22)					(14)
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)
Secondary offerings	(4)	5	(4)	15,933				$ (15,938)
Employee Share Purchase Plan share issuance	1,077			658					419
Equity reallocation between controlling and non-controlling interests	0			593					(593)
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	0
Equity-based compensation	1,759			1,136					623
Repurchase of Class A shares for employee tax withholding	(4)			(4)					0
Deferred tax adjustment	0			0
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
Beginning balance at Mar. 31, 2021	314,201	36	17	150,564	87,512	0	2,211		73,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	209,177				132,161		167		76,849
Other comprehensive income	0
Equity-based compensation	5,706			3,870					1,836
Repurchase of Class A shares for employee tax withholding	(605)			(220)					(385)
Deferred tax adjustment	2,722			2,722
Dividends declared	(38,429)				(38,429)
Capital contributions from non-controlling interests, net	563						563
Member distributions	(32,361)								(32,361)
Secondary offerings	(1)	1	(1)	4,097					(4,098)
Employee Share Purchase Plan share issuance	1,382			936					446
Adjustment of redeemable non-controlling interest to redemption value	520			0	393			127
Equity reallocation between controlling and non-controlling interests	0			98					(98)
Ending balance at Dec. 31, 2021	462,875	37	16	162,067	181,637	0	2,941		116,177
Beginning balance at Sep. 30, 2021	404,252	37	16	161,000	141,130	0	2,904		99,165
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	77,911				51,849		(119)		26,181
Other comprehensive income	0
Equity-based compensation	1,711			1,179					532
Deferred tax adjustment	2			2
Dividends declared	(12,916)				(12,916)
Capital contributions from non-controlling interests, net	156						156
Member distributions	(11,024)								(11,024)
Employee Share Purchase Plan share issuance	498			340					158
Adjustment of redeemable non-controlling interest to redemption value	2,285				1,574			$ 711
Equity reallocation between controlling and non-controlling interests	0			(454)					454
Ending balance at Dec. 31, 2021	$ 462,875	$ 37	$ 16	$ 162,067	$ 181,637	$ 0	$ 2,941		$ 116,177

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income	$ 209,696	$ 104,200
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,744	2,982
Change in deferred income taxes	19,941	13,382
Change in payable to related parties pursuant to tax receivable agreement	(6,202)	(73)
Equity-based compensation	5,706	5,310
Equity in income of investees	(60,181)	(10,938)
Gain on sale of investment	(11,936)	(6,229)
Fair value adjustment of other investments	(47,774)	0
Proceeds received from investments	38,945	704
Non-cash lease expense	7,210	4,352
Other	43	(105)
Changes in operating assets and liabilities:
Fees receivable	(17,883)	3,760
Prepaid expenses	263	2,068
Due from related parties	479	(1,382)
Other assets	256	(1,291)
Accounts payable	17	101
Accrued compensation and benefits	18,867	29,982
Lease liability	(1,410)	(1,466)
Other liabilities	(6,457)	195
Consolidated variable interest entities related:
Net cash provided by operating activities	152,512	147,791
Investing activities:
Purchase of furniture, fixtures and equipment	(7,788)	(8,558)
Purchase of other investments	(18,798)	(500)
Cash paid for acquisition of business	(10,096)	0
Cash paid for purchase of intangible assets	0	(1,000)
Proceeds from sale of investment valued under the measurement alternative	12,623	0
Distribution from investment valued under the measurement alternative	12,739	0
Distributions received from investments	12,088	19,764
Contributions to investments	(56,432)	(57,119)
Net cash used in investing activities	(55,664)	(47,413)
Financing activities:
Proceeds from offerings	73,833	354,629
Purchase of membership interests	(73,833)	(354,629)
Repayments of debt	(1,382)	(937)
Repayment of revolver	(15,000)	0
Repurchase of Class B common stock	(1)	(4)
Repurchase of Class A shares for employee tax withholding	(605)	(36)
Proceeds received from issuance of shares under Employee Share Purchase Plan	1,382	1,077
Payments to related parties, pursuant to tax receivable agreement	(15,584)	(36)
Dividends paid	(36,714)	(28,902)
Members’ distributions paid	(37,469)	(26,522)
Other	(75)	0
Consolidated variable interest entities related:
Net cash used in financing activities	(104,885)	(57,781)
Effect of exchange rate changes on cash and cash equivalents	0	130
(Decrease) increase in cash, cash equivalents, and restricted cash	(8,037)	42,727
Cash, cash equivalents, and restricted cash at beginning of the period	90,377	53,210
Cash, cash equivalents, and restricted cash at end of the period	82,340	95,937
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities	82,340	95,937
Primary Beneficiary
Adjustments to reconcile net income to net cash provided by operating activities:
Fair value adjustment of other investments	(1,067)	0
Consolidated variable interest entities related:
Change in warrant liability measured at fair value	(1,067)	0
Equity in (income) loss of investees	(170)	2,239
Other assets and liabilities	425	0
Consolidated variable interest entities related:
Contributions from non-controlling interest in general partnerships	1,053	70
Distributions to non-controlling interest in general partnerships	(490)	(2,491)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	187	0
Restricted cash	276,009
Consolidated Entity Excluding Variable Interest Entities (VIE)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	78,838	92,895
Restricted cash	$ 3,315	$ 3,042

Organization

Organization	9 Months Ended
	Dec. 31, 2021
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, 2021 and March 31, 2021, HLI held approximately 68.9% and 67.2%, 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, 2021
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, 2021 are not necessarily indicative of the results that may be expected for the year ending March 31, 2022. 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, 2021. 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 continued 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. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.

Revenue

Revenue	9 Months Ended
	Dec. 31, 2021
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 2021 2020 2021 2020 Specialized funds $ 38,233 $ 38,155 $ 107,935 $ 102,103 Customized separate accounts 25,982 23,285 75,416 70,600 Advisory 6,119 6,618 18,781 19,928 Reporting and other 5,992 2,673 16,983 8,093 Distribution management 3,170 2,827 9,313 5,291 Fund reimbursement revenue 340 1,721 1,225 2,898 Total management and advisory fees $ 79,836 $ 75,279 $ 229,653 $ 208,913 Three Months Ended Nine Months Ended December 31, Incentive fees 2021 2020 2021 2020 Specialized funds $ 6,765 6,178 $ 23,903 $ 9,407 Customized separate accounts 3,725 2,502 10,314 3,105 Consolidated variable interest related: Specialized funds 1,378 624 3,149 17,333 Total incentive fees $ 11,868 $ 9,304 $ 37,366 $ 29,845 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 $1,022 and $964 as of December 31, 2021 and March 31, 2021, respectively, and is included in other assets in the Condensed Consolidated Balance Sheets. Amortization expense related to this contract asset was $121 and $373 for the three and nine months ended December 31, 2021, respectively, and $135 and $389 for the three and nine months ended December 31, 2020, respectively, and is included in compensation and benefits in the Condensed Consolidated Statements of Income.

Investments

Investments	9 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: December 31, March 31, 2021 2021 Equity method investments in Partnerships $ 303,149 $ 240,337 Other equity method investments 1,502 1,297 Other investments 22,767 17,381 Investments valued under the measurement alternative 155,902 109,821 Total Investments $ 483,320 $ 368,836 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 investment represents 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 $12,924 and $60,181 for the three and nine months ended December 31, 2021, respectively, and $12,138 and $10,938 for the three and nine months ended December 31, 2020, respectively. Other investments The Company’s other investments represent a publicly traded security and investments in private equity funds and direct credit and equity co-investments that are held as collateral on the Company’s secured financing. 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. The Company accounts for its secured financing 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 which are estimated using Level 3 inputs with the significant inputs as shown below. The Company recognized a gain on other investments held as collateral of $2,288 and $3,239 during the three and nine months ended December 31, 2021, respectively, and $1,276 and $5,999 during the three and nine months ended December 31, 2020, respectively, that are recorded in non-operating income. The Company recognized a loss on the secured financing liability of $2,288 and $3,239 during the three and nine months ended December 31, 2021, respectively, and $1,276 and $5,999 during the three and nine months ended December 31, 2020, respectively, that are recorded in non-operating income in the Condensed Consolidated Statement of Income. Investments valued under the measurement alternative During the nine months ended December 31, 2021, an investment held by the Company launched an initial public offering (“IPO”) and began trading on a public exchange. As part of the IPO, the Company agreed to a lockup restriction on selling or transferring the security for a period of 180 days. As the investment has a readily determinable fair value at the end of each reporting period, it no longer qualifies to be recorded under the measurement alternative. The investment is recorded at fair value with changes in value recorded to net income. As the lockup restriction expired during the quarter ended December 31, 2021, the Company transferred the investment from Level 3 to Level 1 at December 31, 2021. During the nine months ended December 31, 2021, there were observable price changes in two investments held by the Company. As a result of the transactions, the Company marked the investments to fair value based upon the transaction prices, which resulted in total unrealized gains of $19,768 and $44,484 during the three and nine months ended December 31, 2021, respectively, that are recorded in non-operating income in the Condensed Consolidated Statement of Income. During the quarter ended December 31, 2021, the Company made investments in two private companies. The Company invested $13,500 in a company maintaining a platform of solutions designed to aid individual investors and various wealth management platforms with their wealth management needs. Additionally, the Company invested $4,500 in a company that provides environmental, social and governance (“ESG”) reporting metrics and analysis to private market firms and private companies. Due to the lack of readily determinable fair values for these investments, over which the Company does not have significant influence, the Company will value the investments under the measurement alternative. During the quarter ended December 31, 2021, an entity in which the Company held an investment with a total carrying amount of $687 was sold to a third party. The Company received cash proceeds of $12,623 and recorded a gain of $11,936 in connection with the transaction during the three months ended December 31, 2021 that is recorded in non-operating income in the Condensed Consolidated Statement of Income.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level: As of December 31, 2021 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ 6,290 $ — $ 16,477 $ 22,767 $ 11,369 Investments held in trust 276,009 — — 276,009 276,000 Total financial assets $ 282,299 $ — $ 16,477 $ 298,776 $ 287,369 Financial liabilities: Warrant liability (1) $ 5,429 $ 873 $ — $ 6,302 Secured financing (2) — — 16,477 16,477 Total financial liabilities $ 5,429 $ 873 $ 16,477 $ 22,779 As of March 31, 2021 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ — $ 4,083 $ 13,298 $ 17,381 $ 9,902 Investments held in trust 276,003 — — 276,003 276,000 Total financial assets $ 276,003 $ 4,083 $ 13,298 $ 293,384 $ 285,902 Financial liabilities: Warrant liability (1) $ 6,348 $ 1,020 $ — $ 7,368 Secured financing (2) — 4,083 13,298 17,381 Total financial liabilities $ 6,348 $ 5,103 $ 13,298 $ 24,749 (1) Warrant liability is recorded within other liabilities of consolidated variable interests in the Condensed Consolidated Balance Sheet. (2) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheet. The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining fair value: Private equity funds Direct credit co-investments Direct equity co-investments Publicly traded equity security Total other investments Balance as of September 30, 2021 $ 7,159 $ 783 $ 6,068 $ 6,122 $ 20,132 Contributions 204 — — — 204 Distributions (25) — — — (25) Net gain (loss) 1,464 (1) 825 168 2,456 Transfer out — — — (6,290) (6,290) Balance as of December 31, 2021 $ 8,802 $ 782 $ 6,893 $ — $ 16,477 Balance as of March 31, 2021 $ 6,254 $ 985 $ 6,059 $ — $ 13,298 Contributions 293 — 28 — 321 Distributions (179) (202) — — (381) Net gain (loss) 2,434 (1) 806 (165) 3,074 Transfer in — — — 6,455 6,455 Transfer out — — — $ (6,290) (6,290) Balance as of December 31, 2021 $ 8,802 $ 782 $ 6,893 $ — $ 16,477 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 (loss) 252 6 1,018 1,276 Transfer out — — (4,271) (4,271) Balance as of December 31, 2020 $ 5,782 $ 1,895 $ 6,214 $ 13,891 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 — — (4,271) (4,271) Balance as of December 31, 2020 $ 5,782 $ 1,895 $ 6,214 $ 13,891 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 financial assets were as follows, as of December 31, 2021: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 8,802 Adjusted net asset value Selected market return 4.7% - 6.1% 5.9% Direct credit co-investments $ 782 Discounted cash flow Market yield 10.0% - 10.0% 10.0% Direct equity co-investments $ 6,893 Market approach EBITDA multiple 8.00x - 15.25x 11.40x Market approach Equity multiple 1.62x 1.62x 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.

Acquisitions

Acquisitions	9 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions	AcquisitionsOn April 1, 2021, the Company acquired substantially all the assets of 361 Capital, LLC for a total aggregate cash amount of $13,096, of which $10,096 was paid on the closing date of the acquisition. The remaining $3,000 will be paid in two equal installments on the first and second anniversaries of the closing. The purchase price based upon the fair value of consideration transferred at the date of acquisition is $12,946. The Company recorded $7,145 of definite lived intangible assets related primarily to the acquired investment management contracts, which will be amortized over seven years, and $5,623 of goodwill, which are both recorded in other assets in the Condensed Consolidated Balance Sheets. The remaining assets acquired and liabilities assumed are not material to the condensed consolidated financial statements. Revenue and net income attributable to the acquisition of 361 Capital, LLC were not material for the three and nine months ended December 31, 2021 and 2020, and therefore, pro forma information related to this acquisition is not presented.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Dec. 31, 2021
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. Consolidated Variable Interest Entities The Company consolidates general partner entities of certain Partnerships, which are not wholly-owned by the Company. The total assets of the consolidated general partner entities are $8,294 and $4,787 as of December 31, 2021 and March 31, 2021, respectively, and are recorded in investments of consolidated variable interest entities in the Condensed Consolidated Balance Sheets. The consolidated general partner entities had no liabilities as of December 31, 2021 and March 31, 2021. The assets of the consolidated general partner entities represent equity method-investments in direct/co-investment funds and customized separate accounts and may only be used to settle obligations of the consolidated general partner entities, if any. In addition, there is no recourse to the Company for the consolidated general partner entities’ liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. The Company sponsors and consolidates Hamilton Lane Alliance Holdings I, Inc. (“HLAH”) through HL Alliance Holdings Sponsor LLC, an indirect wholly-owned subsidiary of the Company. On January 15, 2021, HLAH completed an IPO raising total gross proceeds of $276,000 which were placed in a trust and can only be utilized for funding a business combination or the redemption of Class A shares of HLAH. In a private placement concurrent with the IPO, HLAH sold warrants to HL Alliance Holdings Sponsor LLC for gross proceeds of $7,520 which were used by HLAH to pay the offering costs and also to provide working capital. The total assets of HLAH were $276,864 and $277,528 as of December 31, 2021 and March 31, 2021, respectively. The total liabilities of HLAH were $16,122 and $17,310 as of December 31, 2021 and March 31, 2021, respectively. The assets of HLAH held outside of the trust can only be used to settle obligations of HLAH, and there is no recourse to the Company for HLAH’s liabilities. All warrants and Class B common stock of HLAH held by the Company are eliminated in consolidation. Nonconsolidated Variable Interest Entities 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, 2021, the total commitments and remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIEs are $25,965,752 and $8,954,083, 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 Sheet 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, 2021 2021 Investments $ 174,367 $ 138,092 Fees receivable 12,677 4,133 Due from related parties 512 837 Total VIE Assets 187,556 143,062 Less: Non-controlling interests (1,831) (2,211) Maximum exposure to loss $ 185,725 $ 140,851

Debt

Debt	9 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt The Company’s debt consisted of the following: December 31, 2021 March 31, 2021 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 72,211 $ 72,022 2.25 % $ 73,594 $ 73,378 2.25 % Multi-Draw Facility 75,000 74,745 3.50 % 75,000 74,797 3.50 % Revolver — — 2.25 % 15,000 15,000 2.25 % Total Debt $ 147,211 $ 146,767 $ 163,594 $ 163,175

Equity

Equity	9 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity	Equity The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2021: Class A Common Stock Class B Common Stock March 31, 2021 36,290,183 16,739,846 Shares issued (repurchased) in connection with offerings 877,400 (695,505) Forfeitures (7,420) (10,982) Shares repurchased for employee tax withholdings (5,891) — Restricted stock granted 22,411 — Shares issued pursuant to Employee Share Purchase Plan 17,661 — December 31, 2021 37,194,344 16,033,359 September 2021 Offering In September 2021, the Company and certain selling stockholders completed a registered offering of an aggregate of 950,751 shares of Class A common stock at a price to the underwriter of $84.15 per share (the “September 2021 Offering”). The shares sold consisted of 73,351 shares held by the selling stockholders and 877,400 shares newly issued by the Company. The Company received $73,833 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 695,505 Class B units and 181,895 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 $149,650 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 1,936,880 Class B units and 195,500 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. 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 $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.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation A summary of restricted stock activity for the nine months ended December 31, 2021 is presented below: Total Weighted- March 31, 2021 288,857 $ 55.58 Granted 22,411 $ 82.06 Vested (19,093) $ 51.13 Forfeited (7,420) $ 63.38 December 31, 2021 284,755 $ 57.76

Compensation and Benefits

Compensation and Benefits	9 Months Ended
	Dec. 31, 2021
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, 2021 2020 2021 2020 Base compensation and benefits $ 29,340 $ 24,448 $ 79,014 $ 81,317 Incentive fee compensation 2,953 2,329 9,308 7,287 Equity-based compensation 1,711 1,759 5,706 5,310 Total compensation and benefits $ 34,004 $ 28,536 $ 94,028 $ 93,914

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate used for interim periods is based on an estimated annual effective tax rate including the tax effect of items required to be recorded discretely in the interim period in which those items occur. The effective tax rate is dependent on many factors, including the estimated amount of income subject to income tax; therefore, the effective tax rate can vary from period to period. The Company 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 12.6% and 15.2% for the three and nine months ended December 31, 2021, respectively, and 10.5% and 16.5% for the three and nine months ended December 31, 2020, respectively. The effective tax rates were different from the statutory tax rates due to the portion of income allocated to non-controlling interests, valuation allowance recorded against deferred tax assets and state income tax expense recorded in the periods. In connection with the September 2021 Offering and unit exchanges, the Company recorded a deferred tax asset in the amount of $16,996, which is net of a valuation allowance of $2,786 related to the portion of tax benefits that more likely than not will not be realized. Additionally, in connection with the September 2021 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 $14,277. During the quarter ended December 31, 2021, the Company exercised its contractual right to terminate early the rights of certain parties to receive ongoing payments under the tax receivable agreement by making early termination payments of $15,584. As a result of the early termination payments, the Company recognized a gain of $4,319 during the three months ended December 31, 2021 that is recorded in non-operating income in the Condensed Consolidated Statement of Income. As of December 31, 2021, 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, 2021
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 Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to HLI $ 51,849 $ 33,203 Impact of changes in carrying amount of redeemable NCI 1,308 — Basic EPS of Class A common stock $ 53,157 36,902,741 $ 1.44 $ 33,203 34,478,437 $ 0.96 Adjustment to net income: Assumed vesting of employee awards 66 94 Assumed conversion of Class B and Class C Units 21,946 — Effect of dilutive securities: Assumed vesting of employee awards 165,569 272,955 Assumed conversion of Class B and Class C Units 16,675,834 — Diluted EPS of Class A common stock $ 75,169 53,744,144 $ 1.40 $ 33,297 34,751,392 $ 0.96 Nine Months Ended Nine Months Ended Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to HLI $ 132,161 $ 58,263 Impact of changes in carrying amount of redeemable NCI 358 — Basic EPS of Class A common stock $ 132,519 36,375,797 $ 3.64 $ 58,263 32,567,754 $ 1.79 Adjustment to net income: Assumed vesting of employee awards 156 156 Assumed conversion of Class B and Class C Units 60,083 — Effect of dilutive securities: Assumed vesting of employee awards 138,902 240,194 Assumed conversion of Class B and Class C Units 17,192,702 — Diluted EPS of Class A common stock $ 192,758 53,707,401 $ 3.59 $ 58,419 32,807,948 $ 1.78

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions The Company considers its employees, directors, and equity method investments to be related parties. Revenue and Receivables 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 $53,701 and $150,955 for the three and nine months ended December 31, 2021, respectively, and $52,080 and $140,883 for the three and nine months ended December 31, 2020, respectively. The Company earned incentive fees from Partnerships of $10,335 and $34,669 for the three and nine months ended December 31, 2021, respectively, and $8,153 and $28,332 for the three and nine months ended December 31, 2020, respectively. Fees receivable from the Partnerships were $31,407 and $14,814 as of December 31, 2021 and March 31, 2021, respectively, and are included in fees receivable in the Condensed Consolidated Balance Sheets. Expenses and Payables The Company maintains a service agreement with its joint venture pursuant to which it had expenses of $1,098 and $3,201 for the three and nine months ended December 31, 2021, respectively, and $1,047 and $3,001 for the three and nine months ended December 31, 2020, 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 $370 and $325 as of December 31, 2021 and March 31, 2021, respectively, which is included in other liabilities in the Condensed Consolidated Balance Sheets.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Nine Months Ended December 31, 2021 2020 Establishment of lease liability in exchange for right of use asset $ 7,950 $ 61,597 Non-cash financing activities: Dividends declared but not paid $ 12,916 $ 10,775 Member distributions declared but not paid $ 11,769 $ 7,906 Establishment of net deferred tax assets related to offerings $ 19,783 $ 91,580

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2021
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 did not meet the Company’s criteria for recognition in the amounts of $1,064,430 and $648,772, net of amounts attributable to non-controlling interests, at December 31, 2021 and March 31, 2021, respectively. If the Company ultimately receives the unrecognized carried interest, a total of $266,107 and $162,193 as of December 31, 2021 and March 31, 2021, 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 $183,843 and $201,442 as of December 31, 2021 and March 31, 2021, respectively. The Company has unrealized gains on its investments valued under the measurement alternative of $54,003 as of December 31, 2021, of which up to 15% may be accrued as a discretionary bonus as those gains are realized. 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. Short-term lease costs are not material . The Company entered into a 17-year lease agreement for its new headquarters in a newly constructed building. The Company was granted access to the space in October 2020 to begin building various leasehold improvements and moved into the property in June 2021. 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, 2021 2020 2021 2020 Operating lease costs $ 2,011 $ 2,471 $ 7,610 $ 4,908 Variable lease costs $ 416 $ 387 $ 980 $ 688 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,657 $ 1,338 $ 4,794 $ 3,889 Weighted average remaining lease term (in years) 14.7 15.4 Weighted average discount rate 3.2 % 3.2 % As of December 31, 2021, the maturities of operating lease liabilities were as follows: Remainder of FY2022 $ 1,927 FY2023 7,984 FY2024 7,411 FY2025 6,977 FY2026 6,382 Thereafter 76,180 Total lease payments 106,861 Less: imputed interest (23,141) Total operating lease liabilities $ 83,720

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 1, 2022, the Company declared a quarterly dividend of $0.35 per share of Class A common stock to record holders at the close of business on March 15, 2022. The payment date will be April 6, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2021
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, 2021 are not necessarily indicative of the results that may be expected for the year ending March 31, 2022. 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, 2021.
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.
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, 2021
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 2021 2020 2021 2020 Specialized funds $ 38,233 $ 38,155 $ 107,935 $ 102,103 Customized separate accounts 25,982 23,285 75,416 70,600 Advisory 6,119 6,618 18,781 19,928 Reporting and other 5,992 2,673 16,983 8,093 Distribution management 3,170 2,827 9,313 5,291 Fund reimbursement revenue 340 1,721 1,225 2,898 Total management and advisory fees $ 79,836 $ 75,279 $ 229,653 $ 208,913 Three Months Ended Nine Months Ended December 31, Incentive fees 2021 2020 2021 2020 Specialized funds $ 6,765 6,178 $ 23,903 $ 9,407 Customized separate accounts 3,725 2,502 10,314 3,105 Consolidated variable interest related: Specialized funds 1,378 624 3,149 17,333 Total incentive fees $ 11,868 $ 9,304 $ 37,366 $ 29,845

Investments (Tables)

Investments (Tables)	9 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments	Investments consist of the following: December 31, March 31, 2021 2021 Equity method investments in Partnerships $ 303,149 $ 240,337 Other equity method investments 1,502 1,297 Other investments 22,767 17,381 Investments valued under the measurement alternative 155,902 109,821 Total Investments $ 483,320 $ 368,836

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities	The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level: As of December 31, 2021 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ 6,290 $ — $ 16,477 $ 22,767 $ 11,369 Investments held in trust 276,009 — — 276,009 276,000 Total financial assets $ 282,299 $ — $ 16,477 $ 298,776 $ 287,369 Financial liabilities: Warrant liability (1) $ 5,429 $ 873 $ — $ 6,302 Secured financing (2) — — 16,477 16,477 Total financial liabilities $ 5,429 $ 873 $ 16,477 $ 22,779 As of March 31, 2021 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ — $ 4,083 $ 13,298 $ 17,381 $ 9,902 Investments held in trust 276,003 — — 276,003 276,000 Total financial assets $ 276,003 $ 4,083 $ 13,298 $ 293,384 $ 285,902 Financial liabilities: Warrant liability (1) $ 6,348 $ 1,020 $ — $ 7,368 Secured financing (2) — 4,083 13,298 17,381 Total financial liabilities $ 6,348 $ 5,103 $ 13,298 $ 24,749 (1) Warrant liability is recorded within other liabilities of consolidated variable interests in the Condensed Consolidated Balance Sheet. (2) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheet.
Reconciliation of Other Investments	The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining fair value: Private equity funds Direct credit co-investments Direct equity co-investments Publicly traded equity security Total other investments Balance as of September 30, 2021 $ 7,159 $ 783 $ 6,068 $ 6,122 $ 20,132 Contributions 204 — — — 204 Distributions (25) — — — (25) Net gain (loss) 1,464 (1) 825 168 2,456 Transfer out — — — (6,290) (6,290) Balance as of December 31, 2021 $ 8,802 $ 782 $ 6,893 $ — $ 16,477 Balance as of March 31, 2021 $ 6,254 $ 985 $ 6,059 $ — $ 13,298 Contributions 293 — 28 — 321 Distributions (179) (202) — — (381) Net gain (loss) 2,434 (1) 806 (165) 3,074 Transfer in — — — 6,455 6,455 Transfer out — — — $ (6,290) (6,290) Balance as of December 31, 2021 $ 8,802 $ 782 $ 6,893 $ — $ 16,477 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 (loss) 252 6 1,018 1,276 Transfer out — — (4,271) (4,271) Balance as of December 31, 2020 $ 5,782 $ 1,895 $ 6,214 $ 13,891 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 — — (4,271) (4,271) Balance as of December 31, 2020 $ 5,782 $ 1,895 $ 6,214 $ 13,891
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 financial assets were as follows, as of December 31, 2021: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 8,802 Adjusted net asset value Selected market return 4.7% - 6.1% 5.9% Direct credit co-investments $ 782 Discounted cash flow Market yield 10.0% - 10.0% 10.0% Direct equity co-investments $ 6,893 Market approach EBITDA multiple 8.00x - 15.25x 11.40x Market approach Equity multiple 1.62x 1.62x

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Dec. 31, 2021
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 Sheet 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, 2021 2021 Investments $ 174,367 $ 138,092 Fees receivable 12,677 4,133 Due from related parties 512 837 Total VIE Assets 187,556 143,062 Less: Non-controlling interests (1,831) (2,211) Maximum exposure to loss $ 185,725 $ 140,851

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt consisted of the following: December 31, 2021 March 31, 2021 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 72,211 $ 72,022 2.25 % $ 73,594 $ 73,378 2.25 % Multi-Draw Facility 75,000 74,745 3.50 % 75,000 74,797 3.50 % Revolver — — 2.25 % 15,000 15,000 2.25 % Total Debt $ 147,211 $ 146,767 $ 163,594 $ 163,175

Equity (Tables)

Equity (Tables)	9 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Rollforward of Common Stock	The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2021: Class A Common Stock Class B Common Stock March 31, 2021 36,290,183 16,739,846 Shares issued (repurchased) in connection with offerings 877,400 (695,505) Forfeitures (7,420) (10,982) Shares repurchased for employee tax withholdings (5,891) — Restricted stock granted 22,411 — Shares issued pursuant to Employee Share Purchase Plan 17,661 — December 31, 2021 37,194,344 16,033,359

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Activity	A summary of restricted stock activity for the nine months ended December 31, 2021 is presented below: Total Weighted- March 31, 2021 288,857 $ 55.58 Granted 22,411 $ 82.06 Vested (19,093) $ 51.13 Forfeited (7,420) $ 63.38 December 31, 2021 284,755 $ 57.76

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	9 Months Ended
	Dec. 31, 2021
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, 2021 2020 2021 2020 Base compensation and benefits $ 29,340 $ 24,448 $ 79,014 $ 81,317 Incentive fee compensation 2,953 2,329 9,308 7,287 Equity-based compensation 1,711 1,759 5,706 5,310 Total compensation and benefits $ 34,004 $ 28,536 $ 94,028 $ 93,914

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Dec. 31, 2021
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 Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to HLI $ 51,849 $ 33,203 Impact of changes in carrying amount of redeemable NCI 1,308 — Basic EPS of Class A common stock $ 53,157 36,902,741 $ 1.44 $ 33,203 34,478,437 $ 0.96 Adjustment to net income: Assumed vesting of employee awards 66 94 Assumed conversion of Class B and Class C Units 21,946 — Effect of dilutive securities: Assumed vesting of employee awards 165,569 272,955 Assumed conversion of Class B and Class C Units 16,675,834 — Diluted EPS of Class A common stock $ 75,169 53,744,144 $ 1.40 $ 33,297 34,751,392 $ 0.96 Nine Months Ended Nine Months Ended Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to HLI $ 132,161 $ 58,263 Impact of changes in carrying amount of redeemable NCI 358 — Basic EPS of Class A common stock $ 132,519 36,375,797 $ 3.64 $ 58,263 32,567,754 $ 1.79 Adjustment to net income: Assumed vesting of employee awards 156 156 Assumed conversion of Class B and Class C Units 60,083 — Effect of dilutive securities: Assumed vesting of employee awards 138,902 240,194 Assumed conversion of Class B and Class C Units 17,192,702 — Diluted EPS of Class A common stock $ 192,758 53,707,401 $ 3.59 $ 58,419 32,807,948 $ 1.78

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Nine Months Ended December 31, 2021 2020 Establishment of lease liability in exchange for right of use asset $ 7,950 $ 61,597 Non-cash financing activities: Dividends declared but not paid $ 12,916 $ 10,775 Member distributions declared but not paid $ 11,769 $ 7,906 Establishment of net deferred tax assets related to offerings $ 19,783 $ 91,580

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2021
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, 2021 2020 2021 2020 Operating lease costs $ 2,011 $ 2,471 $ 7,610 $ 4,908 Variable lease costs $ 416 $ 387 $ 980 $ 688 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,657 $ 1,338 $ 4,794 $ 3,889 Weighted average remaining lease term (in years) 14.7 15.4 Weighted average discount rate 3.2 % 3.2 %
Maturity of Operating Lease Liabilities	As of December 31, 2021, the maturities of operating lease liabilities were as follows: Remainder of FY2022 $ 1,927 FY2023 7,984 FY2024 7,411 FY2025 6,977 FY2026 6,382 Thereafter 76,180 Total lease payments 106,861 Less: imputed interest (23,141) Total operating lease liabilities $ 83,720

Organization - Narrative (Detai

Organization - Narrative (Details)	Dec. 31, 2021	Mar. 31, 2021
HLA
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percent of economic interest held	68.90%	67.20%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 91,704	$ 84,583	$ 267,019	$ 238,758
Management and advisory fees
Disaggregation of Revenue [Line Items]
Revenues	79,836	75,279	229,653	208,913
Specialized funds
Disaggregation of Revenue [Line Items]
Revenues	38,233	38,155	107,935	102,103
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	25,982	23,285	75,416	70,600
Advisory
Disaggregation of Revenue [Line Items]
Revenues	6,119	6,618	18,781	19,928
Reporting and other
Disaggregation of Revenue [Line Items]
Revenues	5,992	2,673	16,983	8,093
Distribution management
Disaggregation of Revenue [Line Items]
Revenues	3,170	2,827	9,313	5,291
Fund reimbursement revenue
Disaggregation of Revenue [Line Items]
Revenues	340	1,721	1,225	2,898
Incentive fees
Disaggregation of Revenue [Line Items]
Revenues	11,868	9,304	37,366	29,845
Incentive fees | Consolidated Entity Excluding Variable Interest Entities (VIE)
Disaggregation of Revenue [Line Items]
Revenues	10,490	8,680	34,217	12,512
Incentive fees | Primary Beneficiary
Disaggregation of Revenue [Line Items]
Revenues	1,378	624	3,149	17,333
Specialized funds | Consolidated Entity Excluding Variable Interest Entities (VIE)
Disaggregation of Revenue [Line Items]
Revenues	6,765	6,178	23,903	9,407
Specialized funds | Primary Beneficiary
Disaggregation of Revenue [Line Items]
Revenues	1,378	624	3,149	17,333
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	$ 3,725	$ 2,502	$ 10,314	$ 3,105

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract asset related to the cost to obtain contracts	$ 1,022		$ 1,022		$ 964
Contract asset amortization expense	$ 121	$ 135	$ 373	$ 389

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Other investments	$ 22,767	$ 17,381
Investments valued under the measurement alternative	155,902	109,821
Total Investments	483,320	368,836
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	303,149	240,337
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1,502	$ 1,297

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021USD ($)investment	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)investment	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in income of investees	$ 12,924	$ 12,138	$ 60,181	$ 10,938
Net gain (loss)			47,774	0
Unrealized loss on secured borrowings, fair value adjustment	$ 2,288	1,276	$ 3,239	5,999
Investments held | investment	2		2
Investments valued under the measurement alternative	$ 155,902		$ 155,902		$ 109,821
Proceeds from sale of investment valued under the measurement alternative			12,623	0
Gain on sale of investment			11,936	6,229
Equity Securities Sold December 2021
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative	687		687
Proceeds from sale of investment valued under the measurement alternative	12,623
Gain on sale of investment	11,936
Individual Investors And Wealth Management Platform
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative	13,500		13,500
ESG Reporting Metrics, Private Market Firms And Private Companies
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative	$ 4,500		$ 4,500
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Percent interest in partnerships	1.00%		1.00%
Investment, Held As Collateral
Schedule of Equity Method Investments [Line Items]
Net gain (loss)	$ 2,288	$ 1,276	$ 3,239	$ 5,999
Investment, Measurement Alternative
Schedule of Equity Method Investments [Line Items]
Net gain (loss)	$ 19,768		$ 44,484

Fair Value Measurement - Assets

Fair Value Measurement - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Financial assets:
Other investments	$ 22,767	$ 17,381
Investments held in trust	276,009	276,003
Total financial assets	298,776	293,384
Financial liabilities:
Warrant liability	6,302	7,368
Secured financing	16,477	17,381
Total financial liabilities	22,779	24,749
Reported Value Measurement
Financial assets:
Other investments	11,369	9,902
Investments held in trust	276,000	276,000
Total financial assets	287,369	285,902
Level 1
Financial assets:
Other investments	6,290	0
Investments held in trust	276,009	276,003
Total financial assets	282,299	276,003
Financial liabilities:
Warrant liability	5,429	6,348
Secured financing	0	0
Total financial liabilities	5,429	6,348
Level 2
Financial assets:
Other investments	0	4,083
Investments held in trust	0	0
Total financial assets	0	4,083
Financial liabilities:
Warrant liability	873	1,020
Secured financing	0	4,083
Total financial liabilities	873	5,103
Level 3
Financial assets:
Other investments	16,477	13,298
Investments held in trust	0	0
Total financial assets	16,477	13,298
Financial liabilities:
Warrant liability	0	0
Secured financing	16,477	13,298
Total financial liabilities	$ 16,477	$ 13,298

Fair Value Measurement - Reconc

Fair Value Measurement - Reconciliation of Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance			$ 17,381
Net gain (loss)			47,774	$ 0
Other investments, ending balance	$ 22,767		22,767
Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	20,132	$ 17,703	13,298	13,394
Contributions	204	218	321	246
Distributions	(25)	(1,035)	(381)	(1,477)
Net gain (loss)	2,456	1,276	3,074	5,999
Transfer in			6,455
Transfer out	(6,290)	4,271	(6,290)	4,271
Other investments, ending balance	16,477	13,891	16,477	13,891
Private equity funds
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	8,802		8,802
Private equity funds | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	7,159	6,208	6,254	5,786
Contributions	204	218	293	246
Distributions	(25)	(896)	(179)	(1,264)
Net gain (loss)	1,464	252	2,434	1,014
Transfer in			0
Transfer out	0	0	0	0
Other investments, ending balance	8,802	5,782	8,802	5,782
Direct credit co-investments
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	782		782
Direct credit co-investments | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	783	1,889	985	1,756
Contributions	0	0	0	0
Distributions	0	0	(202)	(74)
Net gain (loss)	(1)	6	(1)	213
Transfer in			0
Transfer out	0	0	0	0
Other investments, ending balance	782	1,895	782	1,895
Direct equity co-investments
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	6,893		6,893
Direct equity co-investments | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	6,068	9,606	6,059	5,852
Contributions	0	0	28	0
Distributions	0	(139)	0	(139)
Net gain (loss)	825	1,018	806	4,772
Transfer in			0
Transfer out	0	4,271	0	4,271
Other investments, ending balance	6,893	$ 6,214	6,893	$ 6,214
Publicly traded equity security | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	6,122		0
Contributions	0		0
Distributions	0		0
Net gain (loss)	168		(165)
Transfer in			6,455
Transfer out	(6,290)		(6,290)
Other investments, ending balance	$ 0		$ 0

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Methodologies (Details) $ in Thousands	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 22,767	$ 17,381
Private equity funds
Schedule of Equity Method Investments [Line Items]
Fair Value	8,802
Direct credit co-investments
Schedule of Equity Method Investments [Line Items]
Fair Value	782
Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 6,893
Selected market return | Adjusted net asset value | Minimum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.047
Selected market return | Adjusted net asset value | Maximum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.061
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	0.059
Market yield | Discounted cash flow | Minimum | Direct credit co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.100
Market yield | Discounted cash flow | Maximum | Direct credit co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.100
Market yield | Discounted cash flow | Weighted Average | Direct credit co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.100
EBITDA multiple | Market approach | Minimum | Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	8
EBITDA multiple | Market approach | Maximum | Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	15.25
EBITDA multiple | Market approach | Weighted Average | Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	11.40
Equity multiple | Market approach | Weighted Average | Direct equity co-investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	1.62

Acquisitions (Details)

Acquisitions (Details) - 361 Capital, LLC $ in Thousands	Apr. 01, 2021USD ($)installment	Apr. 01, 2023USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Aggregate purchase price	$ 13,096
Cash paid for acquisition of business	$ 10,096
Number of installments | installment	2
Preliminary purchase price	$ 12,946
Goodwill	5,623
Scenario, Forecast
Acquired Finite-Lived Intangible Assets [Line Items]
Cash paid for acquisition of business		$ 3,000
Customer Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 7,145
Finite-lived intangible asset useful life	7 years

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($)	Jan. 15, 2021	Dec. 31, 2021	Mar. 31, 2021
Variable Interest Entity [Line Items]
Total VIE Assets		$ 1,279,453,000	$ 1,136,519,000
Total liabilities of consolidated VIEs		540,578,000	546,318,000
Hamilton Lane Alliance Holdings I, Inc.
Variable Interest Entity [Line Items]
Proceeds from offering	$ 276,000,000
Primary Beneficiary
Variable Interest Entity [Line Items]
Total liabilities of consolidated VIEs		0	0
Other liabilities		16,122,000	17,310,000
Primary Beneficiary | Investments
Variable Interest Entity [Line Items]
Total VIE Assets		8,294,000	4,787,000
Hamilton Lane Advisors, L.L.C. | Hamilton Lane Alliance Holdings I, Inc.
Variable Interest Entity [Line Items]
Proceeds from offering	$ 7,520,000
Hamilton Lane Alliance Holdings I, Inc.
Variable Interest Entity [Line Items]
Total VIE Assets		276,864,000	277,528,000
Other liabilities		$ 16,122,000	$ 17,310,000

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Variable Interest Entity [Line Items]
Total commitments from the limited partners and general partners to the unconsolidated VIE	$ 25,965,752
Remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIE	8,954,083
Statement of Financial Position [Abstract]
Investments	483,320	$ 368,836
Fees receivable	47,085	29,202
Due from related parties	2,016	2,495
Total assets	1,279,453	1,136,519
Not Primary Beneficiary
Statement of Financial Position [Abstract]
Investments	174,367	138,092
Fees receivable	12,677	4,133
Due from related parties	512	837
Total assets	187,556	143,062
Less: Non-controlling interests	(1,831)	(2,211)
Maximum exposure to loss	$ 185,725	$ 140,851

Debt (Details)

Debt (Details) - USD ($)	Apr. 22, 2021	Dec. 31, 2021	Apr. 21, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Principal Outstanding		$ 147,211,000		$ 163,594,000
Carrying Value		146,767,000		163,175,000
Line of Credit | Term Loan
Debt Instrument [Line Items]
Principal Outstanding		72,211,000		73,594,000
Carrying Value		$ 72,022,000		$ 73,378,000
Interest Rate		2.25%		2.25%
Additional borrowing capacity	$ 25,000,000
Line of Credit | Multi-Draw Facility
Debt Instrument [Line Items]
Principal Outstanding		$ 75,000,000		$ 75,000,000
Carrying Value		$ 74,745,000		$ 74,797,000
Interest Rate		3.50%		3.50%
Maximum commitment amount	$ 100,000,000		$ 75,000,000
Line of Credit | Revolver
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 15,000,000
Carrying Value		$ 0		$ 15,000,000
Interest Rate		2.25%		2.25%

Equity - Shares of Common Stock

Equity - Shares of Common Stock Outstanding (Details)	9 Months Ended
	Dec. 31, 2021shares
Common Class A
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	36,290,183
Shares issued in connection with offering (in shares)	877,400
Forfeitures (in shares)	(7,420)
Shares repurchased for employee tax withholdings (in shares)	(5,891)
Restricted stock granted (in shares)	22,411
Shares issued pursuant to Employee Share Purchase Plan (in shares)	17,661
Outstanding, end of period (in shares)	37,194,344
Common Class B
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	16,739,846
Shares repurchased in connection with offerings (in shares)	(695,505)
Forfeitures (in shares)	(10,982)
Shares repurchased for employee tax withholdings (in shares)	0
Restricted stock granted (in shares)	0
Shares issued pursuant to Employee Share Purchase Plan (in shares)	0
Outstanding, end of period (in shares)	16,033,359

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
September 2021 Offering | Common Class A
Class of Stock [Line Items]
Stock sold in connection with secondary public offering (in shares)	950,751
Shares sold in connection with secondary offering (in dollars per share)				$ 84.15
Proceeds from offering	$ 73,833
September 2021 Offering Current Stockholder Issuance | Common Class A
Class of Stock [Line Items]
Stock sold in connection with secondary public offering (in shares)	73,351
September 2021 Offering New Issuance | Common Class A
Class of Stock [Line Items]
Stock sold in connection with secondary public offering (in shares)	877,400
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
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
Members’ Equity (Deficit) | Common Class B
Class of Stock [Line Items]
Purchase of interest by parent (in shares)	695,505	1,936,880	2,271,636
Members’ Equity (Deficit) | Common Class C
Class of Stock [Line Items]
Purchase of interest by parent (in shares)	181,895	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, 2021USD ($)$ / sharesshares
Total Unvested
Unvested at beginning of period (in shares) | shares	288,857
Granted (in shares) | shares	22,411
Vested (in shares) | shares	(19,093)
Forfeited (in shares) | shares	(7,420)
Unvested at end of period (in shares) | shares	284,755
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share) | $ / shares	$ 55.58
Granted (in dollars per share) | $ / shares	82.06
Vested (in dollars per share) | $ / shares	51.13
Forfeited (in dollars per share) | $ / shares	63.38
Unvested at end of period (in dollars per share) | $ / shares	$ 57.76
Total unrecognized compensation expense relating to restricted stock | $	$ 11,624

Compensation and Benefits - Sch

Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Compensation Related Costs [Abstract]
Base compensation and benefits	$ 29,340	$ 24,448	$ 79,014	$ 81,317
Incentive fee compensation	2,953	2,329	9,308	7,287
Equity-based compensation	1,711	1,759	5,706	5,310
Total compensation and benefits	$ 34,004	$ 28,536	$ 94,028	$ 93,914

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	12.60%	10.50%	15.20%	16.50%
Unrecognized tax positions	$ 0		$ 0
Valuation Allowance [Line Items]
Due to related parties	187,252,000		187,252,000		$ 194,764,000
Early termination payments	15,584,000		15,584,000	$ 36,000
Gain on early termination payments	4,319,000
Deferred Tax Asset Two Thousand Twenty One Offering
Valuation Allowance [Line Items]
Deferred tax asset	16,996,000		16,996,000
Valuation allowance	2,786,000		2,786,000
Deferred Tax Asset Two Thousand Twenty One Offering | Tax Receivable Agreement
Valuation Allowance [Line Items]
Due to related parties	$ 14,277,000		$ 14,277,000

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net income attributable to Class A Stockholders
Net income attributable to HLI	$ 51,849	$ 33,203	$ 132,161	$ 58,263
Common Class A
Net income attributable to Class A Stockholders
Net income attributable to HLI	51,849	33,203	132,161	58,263
Impact of changes in carrying amount of redeemable NCI	1,308	0	358	0
Basic EPS of Class A common stock	53,157	33,203	132,519	58,263
Assumed vesting of employee awards	66	94	156	156
Assumed conversion of Class B and Class C Units	21,946	0	60,083	0
Diluted EPS of Class A common stock	$ 75,169	$ 33,297	$ 192,758	$ 58,419
Weighted-Average Shares
Weighted-average basic EPS of Class A common stock (in shares)	36,902,741	34,478,437	36,375,797	32,567,754
Weighted-average assumed vesting of employee awards (in shares)	165,569	272,955	138,902	240,194
Weighted-average assumed conversion of Class B and Class C units (in shares)	16,675,834	0	17,192,702	0
Weighted-average diluted EPS of Class A common stock (in shares)	53,744,144	34,751,392	53,707,401	32,807,948
Per share amount
Basic EPS of Class A common stock (in dollars per share)	$ 1.44	$ 0.96	$ 3.64	$ 1.79
Diluted EPS of Class A common stock (in dollars per share)	$ 1.40	$ 0.96	$ 3.59	$ 1.78

Earnings per Share - Narrative

Earnings per Share - Narrative (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2020shares	Dec. 31, 2020shares	Dec. 31, 2021
Common Class B
Class of Stock [Line Items]
Common stock, conversion ratio			1
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	18,912,099

Related-Party Transactions - Na

Related-Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Related Party Transaction [Line Items]
Revenues	$ 91,704	$ 84,583	$ 267,019	$ 238,758
Fees receivable	47,085		47,085		$ 29,202
Payable to related parties pursuant to tax receivable agreement	187,252		187,252		194,764
General Partnerships
Related Party Transaction [Line Items]
Fees receivable	31,407		31,407		14,814
Joint Venture
Related Party Transaction [Line Items]
Payable to related parties pursuant to tax receivable agreement	370		370		$ 325
Service Agreement Fees Paid | Joint Venture
Related Party Transaction [Line Items]
Fees paid to joint venture	1,098	1,047	3,201	3,001
Management and advisory fees
Related Party Transaction [Line Items]
Revenues	79,836	75,279	229,653	208,913
Management and advisory fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	53,701	52,080	150,955	140,883
Incentive fees
Related Party Transaction [Line Items]
Revenues	11,868	9,304	37,366	29,845
Incentive fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	$ 10,335	$ 8,153	$ 34,669	$ 28,332

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Non-cash financing activities:
Establishment of lease liability in exchange for right of use asset	$ 7,950	$ 61,597
Dividends declared but not paid	12,916	10,775	$ 11,201
Member distributions declared but not paid	11,769	7,906
Establishment of net deferred tax assets related to offerings	$ 19,783	$ 91,580

Commitments and Contingencies -

Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Carried interest still subject to contingencies	$ 1,064,430	$ 648,772
Incentive fees, unrecorded estimate	$ 266,107	$ 162,193

Commitments and Contingencies_2

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Other commitment	$ 183,843		$ 201,442
Loss Contingencies [Line Items]
Net gain (loss)	47,774	$ 0
Valued Under Measurement Alternative
Loss Contingencies [Line Items]
Net gain (loss)	$ 54,003
Maximum
Loss Contingencies [Line Items]
Accrued discretionary bonus	15.00%

Commitments and Contingencies_3

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term	17 years		17 years
Operating lease costs	$ 2,011	$ 2,471	$ 7,610	$ 4,908
Variable lease costs	416	387	980	688
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,657	$ 1,338	$ 4,794	$ 3,889
Weighted average remaining lease term (in years)	14 years 8 months 12 days	15 years 4 months 24 days	14 years 8 months 12 days	15 years 4 months 24 days
Weighted average discount rate	3.20%	3.20%	3.20%	3.20%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	17 years		17 years

Commitments and Contingencies_4

Commitments and Contingencies - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2022	$ 1,927
FY2023	7,984
FY2024	7,411
FY2025	6,977
FY2026	6,382
Thereafter	76,180
Total lease payments	106,861
Less: imputed interest	(23,141)
Total operating lease liabilities	$ 83,720	$ 75,281

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Common Class A - $ / shares	Feb. 01, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)		$ 0.35	$ 0.313	$ 1.05	$ 0.938
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.35