Hamilton Lane (HLNE) 10-Q 1 Nov 22 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001433642
Current Fiscal Year End Date	--03-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		37,866,085
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		15,948,744

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Assets
Fees receivable	$ 47,496,000	$ 51,869,000
Prepaid expenses	5,520,000	6,858,000
Due from related parties	7,481,000	1,872,000
Furniture, fixtures and equipment, net	28,920,000	28,842,000
Lease right-of-use assets, net	64,150,000	65,636,000
Investments	533,889,000	503,789,000
Deferred income taxes	237,207,000	245,046,000
Assets of consolidated variable interest entities:
Investments	533,889,000	503,789,000
Total assets	1,387,742,000	1,294,946,000
Liabilities, redeemable non-controlling interests and equity
Accounts payable	1,942,000	2,827,000
Accrued compensation and benefits	64,210,000	20,117,000
Accrued members’ distributions	10,754,000	27,119,000
Accrued dividend	14,803,000	12,947,000
Debt	194,115,000	171,326,000
Payable to related parties pursuant to tax receivable agreement	179,602,000	180,536,000
Lease liabilities	79,979,000	82,244,000
Liabilities of consolidated variable interest entities:
Total liabilities	586,764,000	557,460,000
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	164,763,000	161,676,000
Total Hamilton Lane Incorporated stockholders’ equity	390,774,000	346,878,000
Total equity	524,978,000	461,486,000
Total liabilities, redeemable non-controlling interests and equity	1,387,742,000	1,294,946,000
Class A Common Stock
Liabilities of consolidated variable interest entities:
Common stock	38,000	37,000
Class B Common Stock
Liabilities of consolidated variable interest entities:
Common stock	16,000	16,000
Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Cash and cash equivalents	121,764,000	72,138,000
Restricted cash	3,078,000	4,023,000
Investments	533,889,000	503,789,000
Other assets	26,503,000	28,162,000
Assets of consolidated variable interest entities:
Cash and cash equivalents	121,764,000	72,138,000
Investments held in trust	3,078,000	4,023,000
Investments	533,889,000	503,789,000
Other assets	26,503,000	28,162,000
Liabilities, redeemable non-controlling interests and equity
Other liabilities (includes $13,080 and $13,818 at fair value)	30,968,000	47,669,000
Liabilities of consolidated variable interest entities:
Other liabilities	30,968,000	47,669,000
Primary Beneficiary
Assets
Cash and cash equivalents	512,000	36,000
Restricted cash	276,592,000	276,016,000
Investments	34,217,000	10,036,000
Other assets	413,000	623,000
Assets of consolidated variable interest entities:
Cash and cash equivalents	512,000	36,000
Investments held in trust	276,592,000	276,016,000
Investments	34,217,000	10,036,000
Other assets	413,000	623,000
Liabilities, redeemable non-controlling interests and equity
Other liabilities (includes $13,080 and $13,818 at fair value)	10,391,000	12,675,000
Liabilities of consolidated variable interest entities:
Other liabilities	10,391,000	12,675,000
Total liabilities	0	0
General Partnerships
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	3,820,000	3,423,000
Hamilton Lane Advisors, L.L.C.
Liabilities of consolidated variable interest entities:
Retained earnings	225,957,000	185,149,000
Stockholders' equity attributable to noncontrolling interest	$ 130,384,000	$ 111,185,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Class of Stock [Line Items]
Other liabilities, fair value	$ 13,080	$ 13,818
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
Class A Common Stock
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)	37,866,085	37,280,697
Common stock, shares outstanding (in shares)	37,866,085	37,280,697
Class B Common Stock
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)	15,953,682	16,033,359
Common stock, shares outstanding (in shares)	15,953,682	16,033,359

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenues	$ 153,382	$ 96,320	$ 288,891	$ 175,315
Consolidated variable interest entities related:
Total revenues	153,382	96,320	288,891	175,315
Expenses
Compensation and benefits	60,364	33,292	112,558	60,024
Consolidated variable interest entities related:
Total expenses	83,556	49,819	156,540	93,064
Other income (expense)
Equity in (loss) income of investees	(7,518)	27,208	(8,143)	47,257
Interest income	1,107	39	1,276	462
Non-operating income	11,738	24,854	16,081	28,457
Consolidated variable interest entities related:
Unrealized income (loss)			5,352	27,838
Total other income (expense)	3,402	52,351	8,492	73,246
Income before income taxes	73,228	98,852	140,843	155,497
Income tax expense	15,489	14,032	26,977	25,996
Net income	57,739	84,820	113,866	129,501
Net income attributable to Hamilton Lane Incorporated	34,881	52,145	68,365	80,313
Class A Common Stock
Consolidated variable interest entities related:
Net income attributable to Hamilton Lane Incorporated	$ 34,881	$ 52,145	$ 68,365	$ 80,313
Basic earnings per share of Class A common stock (in dollars per share)	$ 0.98	$ 1.41	$ 1.89	$ 2.20
Diluted earnings per share of Class A common stock (in dollars per share)	0.97	1.41	1.88	2.19
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.40	$ 0.35	$ 0.80	$ 0.70
Consolidated Entity Excluding Variable Interest Entities (VIE)
Expenses
General, administrative and other	$ 22,836	$ 16,256	$ 43,350	$ 32,410
Consolidated variable interest entities related:
General, administrative and other	22,836	16,256	43,350	32,410
Other income (expense)
Interest expense	(2,114)	(1,166)	(3,609)	(2,331)
Primary Beneficiary
Expenses
General, administrative and other	356	271	632	630
Consolidated variable interest entities related:
General, administrative and other	356	271	632	630
Consolidated variable interest entities related:
Equity in (loss) income of investees	(91)	240	641	469
Unrealized income (loss)	280	1,176	2,246	(1,068)
General Partnerships
Consolidated variable interest entities related:
Less: (loss) Income attributable to non-controlling interests	43	73	351	286
Hamilton Lane Advisors, L.L.C.
Consolidated variable interest entities related:
Less: (loss) Income attributable to non-controlling interests	22,012	31,372	42,180	50,668
Hamilton Lane Alliance Holdings I, Inc.
Consolidated variable interest entities related:
Less: (loss) Income attributable to non-controlling interests	803	1,230	2,970	(1,766)
Management and advisory fees
Revenues
Total revenues	92,880	75,934	178,826	149,818
Consolidated variable interest entities related:
Total revenues	92,880	75,934	178,826	149,818
Incentive fees
Revenues
Total revenues	60,502	20,386	110,065	25,497
Consolidated variable interest entities related:
Total revenues	60,502	20,386	110,065	25,497
Incentive fees | Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Total revenues	59,237	21,362	108,760	23,726
Consolidated variable interest entities related:
Total revenues	59,237	21,362	108,760	23,726
Incentive fees | Primary Beneficiary
Revenues
Total revenues	1,265	(976)	1,305	1,771
Consolidated variable interest entities related:
Total revenues	$ 1,265	$ (976)	$ 1,305	$ 1,771

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid in Capital	Retained Earnings	Noncontrolling Interests	General Partnerships Noncontrolling Interests	Hamilton Lane Advisors, L.L.C. Noncontrolling Interests
Beginning balance at Mar. 31, 2021	$ 314,201	$ 36	$ 17	$ 150,564	$ 87,512		$ 2,211	$ 73,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	131,267				80,313		286	50,668
Equity-based compensation	3,995			2,691				1,304
Repurchase of Class A shares for employee tax withholding	(605)			(220)				(385)
Deferred tax adjustment	2,720			2,720
Dividends declared	(25,513)				(25,513)
Capital contributions from non-controlling interests, net	407						407
Member distributions	(21,337)							(21,337)
Secondary offerings	(1)	1	(1)	4,097				(4,098)
Employee Share Purchase Plan share issuance	884			596				288
Adjustment of redeemable non-controlling interest to redemption value	(1,766)				(1,182)			(584)
Equity reallocation between controlling and non-controlling interests	0			552				(552)
Ending balance at Sep. 30, 2021	404,252	37	16	161,000	141,130		2,904	99,165
Beginning balance at Jun. 30, 2021	339,424	36	17	150,345	103,080		2,561	83,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	83,590				52,145		73	31,372
Equity-based compensation	1,654			1,118				536
Repurchase of Class A shares for employee tax withholding	(174)			(174)
Deferred tax adjustment	2,357			2,720				(363)
Dividends declared	(12,913)				(12,913)
Capital contributions from non-controlling interests, net	270						270
Member distributions	(11,672)							(11,672)
Secondary offerings	(1)	1	(1)	4,097				(4,098)
Employee Share Purchase Plan share issuance	487			329				158
Adjustment of redeemable non-controlling interest to redemption value	1,230			2,013	(1,182)			399
Equity reallocation between controlling and non-controlling interests	0			552				(552)
Ending balance at Sep. 30, 2021	404,252	37	16	161,000	141,130		2,904	99,165
Beginning balance at Mar. 31, 2022	461,486	37	16	161,676	185,149		3,423	111,185
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	110,896				68,365		351	42,180
Equity-based compensation	3,982			2,746				1,236
Repurchase of Class A shares for employee tax withholding	(93)			(64)				(29)
Dividends declared	(29,603)				(29,603)
Capital contributions from non-controlling interests, net	46						46
Member distributions	(25,707)							(25,707)
Employee Share Purchase Plan share issuance	1,001	1		689				311
Adjustment of redeemable non-controlling interest to redemption value	2,970				2,046			924
Equity reallocation between controlling and non-controlling interests	0			(284)				284
Ending balance at Sep. 30, 2022	524,978	38	16	164,763	225,957		3,820	130,384
Beginning balance at Jun. 30, 2022	490,974	37	16	163,129	205,325		3,632	118,835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,936				34,881		43	22,012
Equity-based compensation	2,085			1,439				646
Repurchase of Class A shares for employee tax withholding	(93)			(64)		$ (29)
Dividends declared	(14,803)				(14,803)
Capital contributions from non-controlling interests, net	145						145
Member distributions	(11,586)							(11,586)
Employee Share Purchase Plan share issuance	517	1		356				160
Adjustment of redeemable non-controlling interest to redemption value	803				554			249
Equity reallocation between controlling and non-controlling interests	0			(97)				97
Ending balance at Sep. 30, 2022	$ 524,978	$ 38	$ 16	$ 164,763	$ 225,957		$ 3,820	$ 130,384

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net income	$ 113,866	$ 129,501
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,577	2,452
Change in deferred income taxes	7,839	16,330
Change in payable to related parties pursuant to tax receivable agreement	(934)	(1,030)
Equity-based compensation	3,982	3,995
Equity in loss (income) of investees	8,143	(47,257)
Gain on sale of investment	(9,783)	0
Fair value adjustment of other investments	(5,352)	(27,838)
Proceeds received from partnerships	8,503	11,402
Non-cash lease expense	2,903	6,340
Other	40	34
Changes in operating assets and liabilities:
Fees receivable	4,373	(12,509)
Prepaid expenses	1,338	1,970
Due from related parties	(5,608)	775
Other assets	944	(546)
Accounts payable	(885)	(1,049)
Accrued compensation and benefits	44,093	11,418
Lease liability	(3,682)	(1,327)
Other liabilities	(14,209)	(9,560)
Consolidated variable interest entities related:
Net cash provided by operating activities	155,854	83,923
Investing activities:
Purchase of furniture, fixtures and equipment	(2,490)	(6,684)
Cash paid for acquisition of business	(1,500)	(10,096)
Loan to investee	(535)	0
Purchase of other investments	(27,236)	(798)
Proceeds from sale of investments	10,000	0
Distributions from investments	1,406	12,739
Distributions received from Partnerships	9,240	20,956
Contributions to Partnerships	(49,553)	(35,726)
Net cash used in investing activities	(60,668)	(19,609)
Financing activities:
Proceeds from offerings	0	73,833
Purchase of membership interests	0	(73,833)
Borrowings of debt	25,000	0
Repayments of debt	(2,164)	(926)
Draw-down on revolver	25,000	0
Repayment of revolver	(25,000)	(15,000)
Repurchase of Class A shares for employee tax withholding	(93)	(605)
Proceeds received from issuance of shares under Employee Share Purchase Plan	1,001	884
Dividends paid	(27,747)	(23,801)
Members’ distributions paid	(42,072)	(26,003)
Other	0	(76)
Consolidated variable interest entities related:
Net cash used in financing activities	(46,029)	(65,120)
Increase (decrease) in cash, cash equivalents, and restricted cash	49,157	(806)
Cash, cash equivalents, and restricted cash at beginning of the period	76,197	90,377
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at end of the period	125,354	89,571
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:
Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities	125,354	89,571
Consolidated Entity Excluding Variable Interest Entities (VIE)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	121,764	85,962
Restricted cash	3,078	3,315
Primary Beneficiary
Adjustments to reconcile net income to net cash provided by operating activities:
Fair value adjustment of other investments	(2,246)	1,068
Consolidated variable interest entities related:
Change in warrant liability measured at fair value	(2,246)	1,068
Equity in income of investees	(641)	(469)
Other assets and liabilities	(407)	223
Consolidated variable interest entities related:
Contributions from non-controlling interest in general partnerships	355	743
Distributions to non-controlling interest in general partnerships	(309)	(336)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	512	$ 294
Restricted cash	$ 276,592

Organization

Organization	6 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and March 31, 2022, HLI held approximately 69.0% and 68.9%, 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 generates revenues primarily from management fees, by managing assets on behalf of customized separate accounts, specialized fund products and distribution management accounts, and advisory fees, by providing asset supervisory and reporting services. HLA sponsors the formation, and serves as the general partner or managing member, of various limited liability partnerships consisting of specialized funds and certain single client separate account entities (“Partnerships”) that acquire interests in third-party managed investment funds that make private equity and equity-related investments. The Partnerships may also make direct investments, including investments in debt, equity, and other equity-based instruments. The Company, which includes certain subsidiaries that serve as the general partner or managing member of the Partnerships, may invest its own capital in the Partnerships and generally makes all investment and operating decisions for the Partnerships. HLA operates several wholly-owned entities through which it conducts its foreign operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2022
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 six months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending March 31, 2023. 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, 2022. 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. Recent Accounting Pronouncements In June 2022, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.

Revenue

Revenue	6 Months Ended
	Sep. 30, 2022
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 Six Months Ended September 30, Management and advisory fees 2022 2021 2022 2021 Specialized funds $ 47,150 $ 36,314 $ 90,799 $ 69,702 Customized separate accounts 29,383 24,934 57,758 49,434 Advisory 6,211 6,297 12,460 12,663 Reporting and other 6,133 5,709 12,450 10,991 Distribution management 771 2,022 1,267 6,143 Fund reimbursement revenue 3,232 658 4,092 885 Total management and advisory fees $ 92,880 $ 75,934 $ 178,826 $ 149,818 Three Months Ended Six Months Ended September 30, Incentive fees 2022 2021 2022 2021 Specialized funds $ 51,929 15,478 $ 94,137 $ 17,137 Customized separate accounts 7,308 5,884 14,623 6,589 Consolidated variable interest related: Specialized funds 1,265 (976) 1,305 1,771 Total incentive fees $ 60,502 $ 20,386 $ 110,065 $ 25,497

Investments

Investments	6 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: September 30, March 31, 2022 2022 Equity method investments in Partnerships $ 326,118 $ 326,296 Other equity method investments — 1,573 Other investments 17,748 19,820 Investments valued under the measurement alternative 190,023 156,100 Total Investments $ 533,889 $ 503,789 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. During the quarter ended September 30, 2022, the Company sold its ownership interests in its joint venture that automates the collection of fund and underlying portfolio company data from general partners, Private Markets Connect, for $10,000 and recognized a gain of $9,783 which is recorded in non-operating income in the Condensed Consolidated Statement of Income. Immediately preceding the sale, the Company received a distribution from the joint venture of $1,406. Other investments The Company’s other investments represent a publicly traded security and investments in private equity funds and direct credit and equity 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 investments are debt securities classified as trading securities. Other investments are measured at fair value with unrealized holding gains and losses recorded in non-operating income in the Condensed Consolidated Statement of Income. 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 in Note 5 below. The Company recognized a loss on other investments held as collateral of $817 and $94 during the three and six months ended September 30, 2022, respectively, and a gain of $186 and $1,000 during the three and six months ended September 30, 2021, respectively, that are recorded in non-operating income. The Company recognized a gain on the secured financing liability of $817 and $94 during the three and six months ended September 30, 2022, respectively, and a loss of $186 and $1,000 during the three and six months ended September 30, 2021, respectively, that are recorded in non-operating income in the Condensed Consolidated Statement of Income. Investments valued under the measurement alternative During the quarter ended June 30, 2022, the Company made investments in two private companies. The Company invested $3,000 in a technology driven platform that provides a digitized token for investors that improves the efficiency of capital raises. Additionally, the Company invested $12,000 in an online financial services platform. Due to the lack of readily determinable fair values for these investments, over which the Company does not have significant influence, the Company values the investments under the measurement alternative. During the quarter ended June 30, 2022, the Company made an additional investment of $5,236 in a company that maintains a platform of solutions designed to aid individual investors and various wealth management platforms with their wealth management needs. As a result of the transaction, the Company marked its original investment to fair value based upon the transaction price, which resulted in total unrealized gain of $6,687 during the three months ended June 30, 2022, that is recorded in non-operating income in the Condensed Consolidated Statement of Income. Due to the lack of readily determinable fair value for this investment, over which the Company does not have significant influence, the Company will continue to value the investment under the measurement alternative. During the quarter ended September 30, 2022, the Company made investments in two private companies. The Company invested $3,000 in a digital platform that offers financial planning and portfolio management tools to retail and accredited investors. The Company invested $4,000 in a cloud-based treasury and liquidity solution for investment management firms. 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.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Sep. 30, 2022
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 September 30, 2022 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ 4,668 $ — $ 13,080 $ 17,748 $ 10,673 Investments held in trust 276,592 — — 276,592 276,000 Total financial assets $ 281,260 $ — $ 13,080 $ 294,340 $ 286,673 Financial liabilities: Warrant liability (1) $ 549 $ 88 $ — $ 637 Secured financing (2) — — 13,080 13,080 Total financial liabilities $ 549 $ 88 $ 13,080 $ 13,717 As of March 31, 2022 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ 6,002 $ — $ 13,818 $ 19,820 $ 10,853 Investments held in trust 276,016 — — 276,016 276,000 Total financial assets $ 282,018 $ — $ 13,818 $ 295,836 $ 286,853 Financial liabilities: Warrant liability (1) $ 2,484 $ 399 $ — $ 2,883 Secured financing (2) — — 13,818 13,818 Total financial liabilities $ 2,484 $ 399 $ 13,818 $ 16,701 (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 investments Direct equity investments Total other investments Balance as of June 30, 2022 $ 6,404 $ 773 $ 5,754 $ 12,931 Contributions 22 — — 22 Distributions (690) — — (690) Net gain (loss) 516 (5) 306 817 Balance as of September 30, 2022 $ 6,252 $ 768 $ 6,060 $ 13,080 Private equity funds Direct credit investments Direct equity investments Total other investments Balance as of March 31, 2022 $ 7,024 $ 774 $ 6,020 $ 13,818 Contributions 22 — — 22 Distributions (854) — — (854) Net gain (loss) 60 (6) 40 94 Balance as of September 30, 2022 $ 6,252 $ 768 $ 6,060 $ 13,080 Private equity funds Direct credit investments Direct equity investments Publicly traded equity security Total other investments Balance as of June 30, 2021 $ 6,766 $ 795 $ 6,312 $ 6,455 $ 20,328 Contributions 10 — — — 10 Distributions (59) — — — (59) Net gain (loss) 442 (12) (244) (333) (147) Balance as of September 30, 2021 $ 7,159 $ 783 $ 6,068 $ 6,122 $ 20,132 Balance as of March 31, 2021 $ 6,254 $ 985 $ 6,059 $ — $ 13,298 Contributions 40 — 28 — 68 Distributions (154) (202) — — (356) Net gain (loss) 1,019 — (19) (333) 667 Transfer in — — — 6,455 6,455 Balance as of September 30, 2021 $ 7,159 $ 783 $ 6,068 $ 6,122 $ 20,132 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 September 30, 2022: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 6,252 Adjusted net asset value Selected market return (0.6)% - 1.5% 1.1% Direct credit investments $ 768 Discounted cash flow Market yield 13.8% - 13.8% 13.8% Direct equity investments $ 6,060 Market approach EBITDA multiple 8.00x - 13.75x 11.06x Market approach Equity multiple 1.52x 1.52x 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

Acquisitions

Acquisitions	6 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [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. On April 1, 2022, the Company paid the first of the two equal installments. 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 six months ended September 30, 2022 and 2021, and therefore, pro forma information related to this acquisition is not presented.In August 2022, the Company entered into an agreement to effect the transfer of the advisory arrangement to a third party for an agreed upon percentage of the respective funds’ management fees over two calendar years following the closing. The transaction is contingent upon customary closing conditions, including approval of fund shareholders, and is expected to close during fiscal year 2023. Given the executed sales agreement, the Company classified the management contracts as held for sale and is no longer amortizing the assets.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates certain variable interest entities (“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 and a Partnership in which it is currently the primary beneficiary, which are not wholly-owned by the Company. The total assets of these consolidated VIEs are $34,582 and $10,036 as of September 30, 2022 and March 31, 2022, respectively, and are recorded in investments of consolidated variable interest entities in the Condensed Consolidated Balance Sheets. The consolidated VIEs had no liabilities as of September 30, 2022 and March 31, 2022. The assets of the consolidated general partner VIEs represent equity method-investments in direct investment funds and customized separate accounts and the assets of the consolidated Partnership VIE represent cash and direct credit investments. The assets may only be used to settle obligations of the respective consolidated VIEs, if any. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. The Company 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 $277,517 and $276,675 as of September 30, 2022 and March 31, 2022, respectively. The total liabilities of HLAH were $10,391 and $12,675 as of September 30, 2022 and March 31, 2022, 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 September 30, 2022, the total remaining unfunded commitments from the Company’s general partner entities to the nonconsolidated VIEs was $128,646. Investor commitments are the primary source of financing for the nonconsolidated VIEs. The maximum exposure to loss represents the potential loss of assets recognized by the Company relating to these nonconsolidated 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 value of assets and liabilities recognized in the Condensed Consolidated Balance Sheet related to the Company’s interests in these nonconsolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows: September 30, March 31, 2022 2022 Investments $ 185,593 $ 191,378 Fees receivable 14,860 9,754 Due from related parties 975 778 Total VIE Assets 201,428 201,910 Less: Non-controlling interests (1,946) (1,873) Maximum exposure to loss $ 199,482 $ 200,037

Debt

Debt	6 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt The Company’s debt consisted of the following: As of September 30, 2022 As of March 31, 2022 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 94,590 $ 94,348 4.75 % $ 71,754 $ 71,574 2.25 % Multi-Draw Facility 100,000 99,767 3.50 % 100,000 99,752 3.50 % Total Debt $ 194,590 $ 194,115 $ 171,754 $ 171,326

Equity

Equity	6 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity	Equity The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2022: Class A Common Stock Class B Common Stock March 31, 2022 37,280,697 16,033,359 Forfeitures (1,402) (79,677) Shares repurchased for employee tax withholdings (1,320) — Awards granted 569,442 — Shares issued pursuant to Employee Share Purchase Plan 18,668 — September 30, 2022 37,866,085 15,953,682

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Restricted Stock Awards A summary of restricted stock activity for the six months ended September 30, 2022 is presented below: Total Weighted- March 31, 2022 281,307 $ 67.50 Granted 41,160 $ 66.97 Vested (8,094) $ 82.76 Forfeited (1,402) $ 80.73 September 30, 2022 312,971 $ 66.97 As of September 30, 2022, total unrecognized compensation expense related to restricted stock was $17,252. Performance Awards The Company granted performance stock awards to certain employees that are subject to both a market-based vesting and a service-based vesting condition (“Performance Awards”). The Performance Awards will vest based upon (i) the market price of HLI Class A common stock achieving certain price thresholds from $150 per share to $230 per share and (ii) continued employment through the date the price target is met (with a minimum of five years of service required after the grant date for vesting). If the price target is met prior to the fifth anniversary of the grant date, the vesting date will be the fifth anniversary of the grant date. Holders of the Performance Awards do not participate in dividends until such awards have met both their market-based and service-based vesting requirements. Due to the existence of the service requirement, the vesting period for these awards will vary with each respective tranche as the employees must be employed with the Company at the point in which the market requirement is met with a minimum of five years of service required after the grant date for vesting. As such, compensation expense will be recognized ratably for each vesting tranche from the grant date to the end for the employee’s service period. The fair value of the awards granted are based on a Monte-Carlo simulation valuation model. A summary of Performance Award activity for the six months ended September 30, 2022 is presented below: Total Weighted- March 31, 2022 — $ — Granted 528,282 $ 29.79 Vested — $ — Forfeited — $ — September 30, 2022 528,282 $ 29.79 Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of the Performance Awards granted September 16, 2022: Grant Date Fair Value $ 29.79 Closing share price as of valuation date $ 69.64 Risk Free Rate 3.6% Volatility 37.0% Dividend Yield 2.3% As of September 30, 2022, there was approximately $15,606 of total estimated unrecognized expense related to the unvested Performance Awards, and none of the Performance Awards have met their market price based vesting condition.

Compensation and Benefits

Compensation and Benefits	6 Months Ended
	Sep. 30, 2022
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 September 30, Six Months Ended September 30, 2022 2021 2022 2021 Base compensation and benefits $ 43,168 $ 26,537 $ 81,075 $ 49,674 Incentive fee compensation 15,111 5,101 27,501 6,355 Equity-based compensation 2,085 1,654 3,982 3,995 Total compensation and benefits $ 60,364 $ 33,292 $ 112,558 $ 60,024

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2022
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 21.2% and 19.2% for the three and six months ended September 30, 2022, respectively, and 14.2% and 16.7% for the three and six months ended September 30, 2021, 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 discrete tax adjustments recorded in the periods. As of September 30, 2022, 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	6 Months Ended
	Sep. 30, 2022
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 $ 34,881 $ 52,145 Impact of changes in carrying amount of redeemable NCI 1,333 (951) Basic EPS of Class A common stock $ 36,214 37,009,309 $ 0.98 51,194 36,217,511 $ 1.41 Adjustment to net income: Assumed vesting of employee awards 17 66 Assumed conversion of Class B and Class C Units 15,825 — Effect of dilutive securities: Assumed vesting of employee awards 60,790 125,104 Assumed conversion of Class B and Class C Units 16,675,834 — Diluted EPS of Class A common stock $ 52,056 53,745,933 $ 0.97 $ 51,260 36,342,615 $ 1.41 Six Months Ended Six 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 $ 68,365 $ 80,313 Impact of changes in carrying amount of redeemable NCI 1,713 (951) Basic EPS of Class A common stock $ 70,078 37,000,150 $ 1.89 $ 79,362 36,110,885 $ 2.20 Adjustment to net income: Assumed vesting of employee awards 9 52 Assumed conversion of Class B and Class C Units 31,007 — Effect of dilutive securities: Assumed vesting of employee awards 48,816 118,872 Assumed conversion of Class B and Class C Units 16,675,834 — Diluted EPS of Class A common stock $ 101,094 53,724,800 $ 1.88 $ 79,414 36,229,757 $ 2.19

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Sep. 30, 2022
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 $67,334 and $128,044 for the three and six months ended September 30, 2022, respectively, and $50,829 and $97,254 for the three and six months ended September 30, 2021, respectively. The Company earned incentive fees from Partnerships of $59,714 and $108,893 for the three and six months ended September 30, 2022, respectively, and $19,759 and $24,334 for the three and six months ended September 30, 2021, respectively. Fees receivable from the Partnerships were $28,425 and $27,728 as of September 30, 2022 and March 31, 2022, respectively, and are included in fees receivable in the Condensed Consolidated Balance Sheets.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Six Months Ended September 30, 2022 2021 Establishment of lease liability in exchange for right of use asset $ 1,123 $ 7,950 Non-cash financing activities: Dividends declared but not paid $ 14,803 $ 12,913 Member distributions declared but not paid $ 10,754 $ 12,211 Establishment of net deferred tax assets related to offerings $ — $ 19,783

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2022
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 revenue recognition in the amounts of $984,530 and $1,191,066, net of amounts attributable to non-controlling interests, at September 30, 2022 and March 31, 2022, respectively. If the Company ultimately receives the unrecognized carried interest, a total of $246,133 and $297,766 as of September 30, 2022 and March 31, 2022, 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 $205,039 and $186,164 as of September 30, 2022 and March 31, 2022, respectively. The Company has unrealized gains on its investments valued under the measurement alternative of $59,067 as of September 30, 2022, of which up to 15% may be paid 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. Some leases have the option to extend for an additional term or terminate early. Short-term lease costs are not material . The following table shows lease costs and other supplemental information related to the Company’s operating leases: Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Operating lease costs $ 2,046 $ 2,216 $ 4,104 $ 5,598 Variable lease costs $ 434 $ 360 $ 671 $ 564 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,921 $ 1,637 $ 3,860 $ 3,137 Weighted average remaining lease term (in years) 14.3 14.8 Weighted average discount rate 3.2 % 3.2 % As of September 30, 2022, the maturities of operating lease liabilities were as follows: Remainder of FY2023 $ 3,957 FY2024 7,295 FY2025 6,901 FY2026 6,401 FY2027 6,550 Thereafter 70,177 Total lease payments 101,281 Less: imputed interest (21,302) Total operating lease liabilities $ 79,979

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 20, 2022, HLA modified its existing credit facility with First Republic Bank. The modifications took the form of a new Multi-Draw Term Loan and Security Agreement, as well as amendments to the existing Revolving Loan and Security Agreement, Term Loan and Security Agreement and prior Multi-Draw Term Loan and Security Agreement (collectively, the “Loan Agreements”). The modifications extended maturity dates and added borrowing capacity across the Loan Agreements, subject to an overall cap of $325 million of loan principal outstanding. The facility is secured by substantially all of HLA’s personal property assets, subject to certain excluded assets. The Loan Agreements contain financial and operational covenants, events of default and remedies that HLA believes to be customary. The modifications to the credit facility are described more particularly on a Form 8-K filed by the Company on October 26, 2022. On November 1, 2022, the Company declared a quarterly dividend of $0.40 per share of Class A common stock to record holders at the close of business on December 15, 2022. The payment date will be January 6, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
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 six months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending March 31, 2023. 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, 2022.
Accounting for Differing Fiscal Periods		Accounting for Differing Fiscal Periods The Partnerships primarily have a fiscal year end as of December 31, and the Company accounts for its investments in the Partnerships using a three-month lag due to the timing of financial information received from the investments held by the Partnerships. The Partnerships primarily invest in private equity funds, which generally require at least 90 days following the calendar year end to present audited financial statements. The Company records its share of capital contributions to and distributions from the Partnerships in investments in the Condensed Consolidated Balance Sheets during the three-month lag period.
Fair Value of Financial Instruments		Fair Value of Financial Instruments The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below: • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. • Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputs are observable. • Level 3: V alues are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2022, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.
Reclassifications		Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Sep. 30, 2022
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 Six Months Ended September 30, Management and advisory fees 2022 2021 2022 2021 Specialized funds $ 47,150 $ 36,314 $ 90,799 $ 69,702 Customized separate accounts 29,383 24,934 57,758 49,434 Advisory 6,211 6,297 12,460 12,663 Reporting and other 6,133 5,709 12,450 10,991 Distribution management 771 2,022 1,267 6,143 Fund reimbursement revenue 3,232 658 4,092 885 Total management and advisory fees $ 92,880 $ 75,934 $ 178,826 $ 149,818 Three Months Ended Six Months Ended September 30, Incentive fees 2022 2021 2022 2021 Specialized funds $ 51,929 15,478 $ 94,137 $ 17,137 Customized separate accounts 7,308 5,884 14,623 6,589 Consolidated variable interest related: Specialized funds 1,265 (976) 1,305 1,771 Total incentive fees $ 60,502 $ 20,386 $ 110,065 $ 25,497

Investments (Tables)

Investments (Tables)	6 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments	Investments consist of the following: September 30, March 31, 2022 2022 Equity method investments in Partnerships $ 326,118 $ 326,296 Other equity method investments — 1,573 Other investments 17,748 19,820 Investments valued under the measurement alternative 190,023 156,100 Total Investments $ 533,889 $ 503,789

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Sep. 30, 2022
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 September 30, 2022 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ 4,668 $ — $ 13,080 $ 17,748 $ 10,673 Investments held in trust 276,592 — — 276,592 276,000 Total financial assets $ 281,260 $ — $ 13,080 $ 294,340 $ 286,673 Financial liabilities: Warrant liability (1) $ 549 $ 88 $ — $ 637 Secured financing (2) — — 13,080 13,080 Total financial liabilities $ 549 $ 88 $ 13,080 $ 13,717 As of March 31, 2022 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ 6,002 $ — $ 13,818 $ 19,820 $ 10,853 Investments held in trust 276,016 — — 276,016 276,000 Total financial assets $ 282,018 $ — $ 13,818 $ 295,836 $ 286,853 Financial liabilities: Warrant liability (1) $ 2,484 $ 399 $ — $ 2,883 Secured financing (2) — — 13,818 13,818 Total financial liabilities $ 2,484 $ 399 $ 13,818 $ 16,701 (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 investments Direct equity investments Total other investments Balance as of June 30, 2022 $ 6,404 $ 773 $ 5,754 $ 12,931 Contributions 22 — — 22 Distributions (690) — — (690) Net gain (loss) 516 (5) 306 817 Balance as of September 30, 2022 $ 6,252 $ 768 $ 6,060 $ 13,080 Private equity funds Direct credit investments Direct equity investments Total other investments Balance as of March 31, 2022 $ 7,024 $ 774 $ 6,020 $ 13,818 Contributions 22 — — 22 Distributions (854) — — (854) Net gain (loss) 60 (6) 40 94 Balance as of September 30, 2022 $ 6,252 $ 768 $ 6,060 $ 13,080 Private equity funds Direct credit investments Direct equity investments Publicly traded equity security Total other investments Balance as of June 30, 2021 $ 6,766 $ 795 $ 6,312 $ 6,455 $ 20,328 Contributions 10 — — — 10 Distributions (59) — — — (59) Net gain (loss) 442 (12) (244) (333) (147) Balance as of September 30, 2021 $ 7,159 $ 783 $ 6,068 $ 6,122 $ 20,132 Balance as of March 31, 2021 $ 6,254 $ 985 $ 6,059 $ — $ 13,298 Contributions 40 — 28 — 68 Distributions (154) (202) — — (356) Net gain (loss) 1,019 — (19) (333) 667 Transfer in — — — 6,455 6,455 Balance as of September 30, 2021 $ 7,159 $ 783 $ 6,068 $ 6,122 $ 20,132
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 September 30, 2022: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 6,252 Adjusted net asset value Selected market return (0.6)% - 1.5% 1.1% Direct credit investments $ 768 Discounted cash flow Market yield 13.8% - 13.8% 13.8% Direct equity investments $ 6,060 Market approach EBITDA multiple 8.00x - 13.75x 11.06x Market approach Equity multiple 1.52x 1.52x

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheet related to the Company’s interests in these nonconsolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows: September 30, March 31, 2022 2022 Investments $ 185,593 $ 191,378 Fees receivable 14,860 9,754 Due from related parties 975 778 Total VIE Assets 201,428 201,910 Less: Non-controlling interests (1,946) (1,873) Maximum exposure to loss $ 199,482 $ 200,037

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt consisted of the following: As of September 30, 2022 As of March 31, 2022 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 94,590 $ 94,348 4.75 % $ 71,754 $ 71,574 2.25 % Multi-Draw Facility 100,000 99,767 3.50 % 100,000 99,752 3.50 % Total Debt $ 194,590 $ 194,115 $ 171,754 $ 171,326

Equity (Tables)

Equity (Tables)	6 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Rollforward of Common Stock	The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2022: Class A Common Stock Class B Common Stock March 31, 2022 37,280,697 16,033,359 Forfeitures (1,402) (79,677) Shares repurchased for employee tax withholdings (1,320) — Awards granted 569,442 — Shares issued pursuant to Employee Share Purchase Plan 18,668 — September 30, 2022 37,866,085 15,953,682

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock Activity	A summary of restricted stock activity for the six months ended September 30, 2022 is presented below: Total Weighted- March 31, 2022 281,307 $ 67.50 Granted 41,160 $ 66.97 Vested (8,094) $ 82.76 Forfeited (1,402) $ 80.73 September 30, 2022 312,971 $ 66.97
Schedule of Performance Units Activity	A summary of Performance Award activity for the six months ended September 30, 2022 is presented below: Total Weighted- March 31, 2022 — $ — Granted 528,282 $ 29.79 Vested — $ — Forfeited — $ — September 30, 2022 528,282 $ 29.79
Schedule of Valuation Assumptions	Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of the Performance Awards granted September 16, 2022: Grant Date Fair Value $ 29.79 Closing share price as of valuation date $ 69.64 Risk Free Rate 3.6% Volatility 37.0% Dividend Yield 2.3%

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	6 Months Ended
	Sep. 30, 2022
Compensation Related Costs [Abstract]
Schedule of Compensation and Benefits	The Company has recorded the following amounts related to compensation and benefits: Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Base compensation and benefits $ 43,168 $ 26,537 $ 81,075 $ 49,674 Incentive fee compensation 15,111 5,101 27,501 6,355 Equity-based compensation 2,085 1,654 3,982 3,995 Total compensation and benefits $ 60,364 $ 33,292 $ 112,558 $ 60,024

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Sep. 30, 2022
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 $ 34,881 $ 52,145 Impact of changes in carrying amount of redeemable NCI 1,333 (951) Basic EPS of Class A common stock $ 36,214 37,009,309 $ 0.98 51,194 36,217,511 $ 1.41 Adjustment to net income: Assumed vesting of employee awards 17 66 Assumed conversion of Class B and Class C Units 15,825 — Effect of dilutive securities: Assumed vesting of employee awards 60,790 125,104 Assumed conversion of Class B and Class C Units 16,675,834 — Diluted EPS of Class A common stock $ 52,056 53,745,933 $ 0.97 $ 51,260 36,342,615 $ 1.41 Six Months Ended Six 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 $ 68,365 $ 80,313 Impact of changes in carrying amount of redeemable NCI 1,713 (951) Basic EPS of Class A common stock $ 70,078 37,000,150 $ 1.89 $ 79,362 36,110,885 $ 2.20 Adjustment to net income: Assumed vesting of employee awards 9 52 Assumed conversion of Class B and Class C Units 31,007 — Effect of dilutive securities: Assumed vesting of employee awards 48,816 118,872 Assumed conversion of Class B and Class C Units 16,675,834 — Diluted EPS of Class A common stock $ 101,094 53,724,800 $ 1.88 $ 79,414 36,229,757 $ 2.19

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Six Months Ended September 30, 2022 2021 Establishment of lease liability in exchange for right of use asset $ 1,123 $ 7,950 Non-cash financing activities: Dividends declared but not paid $ 14,803 $ 12,913 Member distributions declared but not paid $ 10,754 $ 12,211 Establishment of net deferred tax assets related to offerings $ — $ 19,783

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Sep. 30, 2022
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 September 30, Six Months Ended September 30, 2022 2021 2022 2021 Operating lease costs $ 2,046 $ 2,216 $ 4,104 $ 5,598 Variable lease costs $ 434 $ 360 $ 671 $ 564 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,921 $ 1,637 $ 3,860 $ 3,137 Weighted average remaining lease term (in years) 14.3 14.8 Weighted average discount rate 3.2 % 3.2 %
Maturity of Operating Lease Liabilities	As of September 30, 2022, the maturities of operating lease liabilities were as follows: Remainder of FY2023 $ 3,957 FY2024 7,295 FY2025 6,901 FY2026 6,401 FY2027 6,550 Thereafter 70,177 Total lease payments 101,281 Less: imputed interest (21,302) Total operating lease liabilities $ 79,979

Organization - Narrative (Detai

Organization - Narrative (Details)	Sep. 30, 2022	Mar. 31, 2022
HLA
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percent of economic interest held	69%	68.90%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 153,382	$ 96,320	$ 288,891	$ 175,315
Management and advisory fees
Disaggregation of Revenue [Line Items]
Revenues	92,880	75,934	178,826	149,818
Specialized funds
Disaggregation of Revenue [Line Items]
Revenues	47,150	36,314	90,799	69,702
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	29,383	24,934	57,758	49,434
Advisory
Disaggregation of Revenue [Line Items]
Revenues	6,211	6,297	12,460	12,663
Reporting and other
Disaggregation of Revenue [Line Items]
Revenues	6,133	5,709	12,450	10,991
Distribution management
Disaggregation of Revenue [Line Items]
Revenues	771	2,022	1,267	6,143
Fund reimbursement revenue
Disaggregation of Revenue [Line Items]
Revenues	3,232	658	4,092	885
Incentive fees
Disaggregation of Revenue [Line Items]
Revenues	60,502	20,386	110,065	25,497
Incentive fees | Consolidated Entity Excluding Variable Interest Entities (VIE)
Disaggregation of Revenue [Line Items]
Revenues	59,237	21,362	108,760	23,726
Incentive fees | Primary Beneficiary
Disaggregation of Revenue [Line Items]
Revenues	1,265	(976)	1,305	1,771
Specialized funds | Consolidated Entity Excluding Variable Interest Entities (VIE)
Disaggregation of Revenue [Line Items]
Revenues	51,929	15,478	94,137	17,137
Specialized funds | Primary Beneficiary
Disaggregation of Revenue [Line Items]
Revenues	1,265	(976)	1,305	1,771
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	$ 7,308	$ 5,884	$ 14,623	$ 6,589

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Other investments	$ 17,748	$ 19,820
Investments valued under the measurement alternative	190,023	156,100
Total Investments	533,889	503,789
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	326,118	326,296
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 0	$ 1,573

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Sep. 30, 2022 USD ($) investment	Jun. 30, 2022 USD ($) investment	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments	$ 10,000
Gain on sale of investment	9,783
Distributions from investments	1,406			$ 1,406	$ 12,739
Net gain (loss)				5,352	27,838
Unrealized loss on secured borrowings, fair value adjustment	817		$ 186	94	1,000
Investments valued under the measurement alternative	$ 190,023			190,023		$ 156,100
Private equity funds
Schedule of Equity Method Investments [Line Items]
Investments held | investment	2	2
Technology Drive Platform
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative		$ 3,000
Online Financial Services Platform
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative		12,000
Individual Investors And Wealth Management Platform
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative		5,236
Digital Platform
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative	$ 3,000			3,000
Cloud-based Treasury And Liquidity Solution For Investment Management Firms
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative	$ 4,000			$ 4,000
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Percent interest in partnerships	1%			1%
Investment, Held As Collateral
Schedule of Equity Method Investments [Line Items]
Net gain (loss)	$ 817		$ 186	$ 94	$ 1,000
Investment, Measurement Alternative
Schedule of Equity Method Investments [Line Items]
Net gain (loss)		$ 6,687

Fair Value Measurement - Assets

Fair Value Measurement - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Financial assets:
Other investments	$ 17,748	$ 19,820
Investments held in trust	276,592	276,016
Total financial assets	294,340	295,836
Financial liabilities:
Warrant liability	637	2,883
Secured financing	13,080	13,818
Total financial liabilities	13,717	16,701
Reported Value Measurement
Financial assets:
Other investments	10,673	10,853
Investments held in trust	276,000	276,000
Total financial assets	286,673	286,853
Level 1
Financial assets:
Other investments	4,668	6,002
Investments held in trust	276,592	276,016
Total financial assets	281,260	282,018
Financial liabilities:
Warrant liability	549	2,484
Secured financing	0	0
Total financial liabilities	549	2,484
Level 2
Financial assets:
Other investments	0	0
Investments held in trust	0	0
Total financial assets	0	0
Financial liabilities:
Warrant liability	88	399
Secured financing	0	0
Total financial liabilities	88	399
Level 3
Financial assets:
Other investments	13,080	13,818
Investments held in trust	0	0
Total financial assets	13,080	13,818
Financial liabilities:
Warrant liability	0	0
Secured financing	13,080	13,818
Total financial liabilities	$ 13,080	$ 13,818

Fair Value Measurement - Reconc

Fair Value Measurement - Reconciliation of Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance		$ 19,820		$ 19,820
Net gain (loss)				5,352	$ 27,838
Other investments, ending balance	$ 17,748			17,748
Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	12,931	13,818	$ 20,328	13,818	13,298
Contributions	22		10	22	68
Distributions	(690)		(59)	(854)	(356)
Net gain (loss)	817		(147)	94	667
Transfer in					(6,455)
Other investments, ending balance	13,080	12,931	20,132	13,080	20,132
Private equity funds
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	6,252			6,252
Private equity funds | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	6,404	7,024	6,766	7,024	6,254
Contributions	22		10	22	40
Distributions	(690)		(59)	(854)	(154)
Net gain (loss)	516		442	60	1,019
Transfer in					0
Other investments, ending balance	6,252	6,404	7,159	6,252	7,159
Direct credit investments
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	768			768
Direct credit investments | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	773	774	795	774	985
Contributions	0		0	0	0
Distributions	0		0	0	(202)
Net gain (loss)	(5)		(12)	(6)	0
Transfer in					0
Other investments, ending balance	768	773	783	768	783
Direct equity investments
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	6,060			6,060
Direct equity investments | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	5,754	6,020	6,312	6,020	6,059
Contributions	0		0	0	28
Distributions	0		0	0	0
Net gain (loss)	306		(244)	40	(19)
Transfer in					0
Other investments, ending balance	$ 6,060	$ 5,754	6,068	$ 6,060	6,068
Publicly traded equity security | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance			6,455		0
Contributions			0		0
Distributions			0		0
Net gain (loss)			(333)		(333)
Transfer in					(6,455)
Other investments, ending balance			$ 6,122		$ 6,122

Fair Value Measurement - Valuat

Fair Value Measurement - Valuation Methodologies (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 17,748	$ 19,820
Private equity funds
Schedule of Equity Method Investments [Line Items]
Fair Value	6,252
Direct credit investments
Schedule of Equity Method Investments [Line Items]
Fair Value	768
Direct equity investments
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 6,060
Selected market return | Adjusted net asset value | Minimum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	(0.006)
Selected market return | Adjusted net asset value | Maximum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.015
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	0.011
Market yield | Discounted cash flow | Minimum | Direct credit investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.138
Market yield | Discounted cash flow | Maximum | Direct credit investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.138
Market yield | Discounted cash flow | Weighted Average | Direct credit investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.138
EBITDA multiple | Market approach | Minimum | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	8
EBITDA multiple | Market approach | Maximum | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	13.75
EBITDA multiple | Market approach | Weighted Average | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	11.06
Equity multiple | Market approach | Weighted Average | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	1.52

Acquisitions (Details)

Acquisitions (Details) - 361 Capital, LLC $ in Thousands		12 Months Ended
	Apr. 01, 2021 USD ($) installment	Apr. 01, 2023 USD ($)
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	Sep. 30, 2022	Mar. 31, 2022
Variable Interest Entity [Line Items]
Total VIE Assets		$ 1,387,742,000	$ 1,294,946,000
Total liabilities of consolidated VIEs		586,764,000	557,460,000
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		10,391,000	12,675,000
Primary Beneficiary | Investments
Variable Interest Entity [Line Items]
Total VIE Assets		34,582,000	10,036,000
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		277,517,000	276,675,000
Other liabilities		$ 10,391,000	$ 12,675,000

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Variable Interest Entity [Line Items]
Remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIE	$ 128,646
Statement of Financial Position [Abstract]
Investments	533,889	$ 503,789
Fees receivable	47,496	51,869
Due from related parties	7,481	1,872
Total assets	1,387,742	1,294,946
Not Primary Beneficiary
Statement of Financial Position [Abstract]
Investments	185,593	191,378
Fees receivable	14,860	9,754
Due from related parties	975	778
Total assets	201,428	201,910
Less: Non-controlling interests	(1,946)	(1,873)
Maximum exposure to loss	$ 199,482	$ 200,037

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Principal Outstanding	$ 194,590	$ 171,754
Carrying Value	194,115	171,326
Line of Credit | Term Loan
Debt Instrument [Line Items]
Principal Outstanding	94,590	71,754
Carrying Value	$ 94,348	$ 71,574
Interest Rate	4.75%	2.25%
Line of Credit | Multi-Draw Facility
Debt Instrument [Line Items]
Principal Outstanding	$ 100,000	$ 100,000
Carrying Value	$ 99,767	$ 99,752
Interest Rate	3.50%	3.50%
Debt, fair value	$ 84,612

Equity - Shares of Common Stock

Equity - Shares of Common Stock Outstanding (Details)	6 Months Ended
	Sep. 30, 2022 shares
Class A Common Stock
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	37,280,697
Forfeitures (in shares)	(1,402)
Shares repurchased for employee tax withholdings (in shares)	(1,320)
Restricted stock granted (in shares)	569,442
Employee Share Purchase Plan share issuance (in shares)	18,668
Outstanding, end of period (in shares)	37,866,085
Class B Common Stock
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	16,033,359
Forfeitures (in shares)	(79,677)
Shares repurchased for employee tax withholdings (in shares)	0
Restricted stock granted (in shares)	0
Employee Share Purchase Plan share issuance (in shares)	0
Outstanding, end of period (in shares)	15,953,682

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Sep. 16, 2022	Sep. 30, 2022
Restricted Stock
Total Unvested
Unvested at beginning of period (in shares)		281,307
Granted (in shares)		41,160
Vested (in shares)		(8,094)
Forfeited (in shares)		(1,402)
Unvested at end of period (in shares)		312,971
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share)		$ 67.50
Granted (in dollars per share)		66.97
Vested (in dollars per share)		82.76
Forfeited (in dollars per share)		80.73
Unvested at end of period (in dollars per share)		$ 66.97
Total unrecognized compensation expense		$ 17,252
Performance Shares
Total Unvested
Unvested at beginning of period (in shares)		0
Granted (in shares)		528,282
Vested (in shares)		0
Forfeited (in shares)		0
Unvested at end of period (in shares)		528,282
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share)		$ 0
Granted (in dollars per share)	$ 29.79	29.79
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Unvested at end of period (in dollars per share)		$ 29.79
Total unrecognized compensation expense		$ 15,606

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 16, 2022
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 17,252
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 15,606
Share price (in USD per share)		$ 69.64
Performance Shares | Senior Leadership
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service period (in years)	5 years
Performance Shares | Senior Leadership | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in USD per share)	$ 150
Performance Shares | Senior Leadership | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in USD per share)	$ 230

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of the Grant Date Fair Value Based on the Monte Carlo simulation Valuation Model (Details) - Performance Shares - $ / shares		6 Months Ended
	Sep. 16, 2022	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in dollars per share)	$ 29.79	$ 29.79
Closing share price as of valuation date (in USD per share)	$ 69.64
Risk Free Rate	3.60%
Volatility	37%
Dividend Yield	2.30%

Compensation and Benefits - Sch

Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Compensation Related Costs [Abstract]
Base compensation and benefits	$ 43,168	$ 26,537	$ 81,075	$ 49,674
Incentive fee compensation	15,111	5,101	27,501	6,355
Equity-based compensation	2,085	1,654	3,982	3,995
Total compensation and benefits	$ 60,364	$ 33,292	$ 112,558	$ 60,024

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	21.20%	14.20%	19.20%	16.70%
Unrecognized tax positions	$ 0		$ 0

Earnings per Share - Narrative

Earnings per Share - Narrative (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2022 shares	Sep. 30, 2021 shares	Sep. 30, 2022 shares	Sep. 30, 2021 shares
Performance Shares
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	528,282		528,282
Class B Common Stock
Class of Stock [Line Items]
Common stock, conversion ratio	1		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)		16,675,834		16,675,834

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		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income attributable to Class A Stockholders
Net income attributable to HLI	$ 34,881	$ 52,145	$ 68,365	$ 80,313
Class A Common Stock
Net income attributable to Class A Stockholders
Net income attributable to HLI	34,881	52,145	68,365	80,313
Impact of changes in carrying amount of redeemable NCI	1,333	(951)	1,713	(951)
Basic EPS of Class A common stock	36,214	51,194	70,078	79,362
Assumed vesting of employee awards	17	66	9	52
Assumed conversion of Class B and Class C Units	15,825		31,007
Diluted EPS of Class A common stock	$ 52,056	$ 51,260	$ 101,094	$ 79,414
Weighted-Average Shares
Weighted-average basic EPS of Class A common stock (in shares)	37,009,309	36,217,511	37,000,150	36,110,885
Weighted-average assumed vesting of employee awards (in shares)	60,790	125,104	48,816	118,872
Weighted-average assumed conversion of Class B and Class C units (in shares)	16,675,834		16,675,834	0
Weighted-average diluted EPS of Class A common stock (in shares)	53,745,933	36,342,615	53,724,800	36,229,757
Per share amount
Basic EPS of Class A common stock (in dollars per share)	$ 0.98	$ 1.41	$ 1.89	$ 2.20
Diluted EPS of Class A common stock (in dollars per share)	$ 0.97	$ 1.41	$ 1.88	$ 2.19

Related-Party Transactions - Na

Related-Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Related Party Transaction [Line Items]
Revenues	$ 153,382	$ 96,320	$ 288,891	$ 175,315
Fees receivable	47,496		47,496		$ 51,869
General Partnerships
Related Party Transaction [Line Items]
Fees receivable	28,425		28,425		$ 27,728
Management and advisory fees
Related Party Transaction [Line Items]
Revenues	92,880	75,934	178,826	149,818
Management and advisory fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	67,334	50,829	128,044	97,254
Incentive fees
Related Party Transaction [Line Items]
Revenues	60,502	20,386	110,065	25,497
Incentive fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	$ 59,714	$ 19,759	$ 108,893	$ 24,334

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Establishment of lease liability in exchange for right of use asset	$ 1,123	$ 7,950
Non-cash financing activities:
Dividends declared but not paid	14,803	12,913	$ 12,947
Member distributions declared but not paid	10,754	12,211
Establishment of net deferred tax assets related to offerings	$ 0	$ 19,783

Commitments and Contingencies -

Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Carried interest still subject to contingencies	$ 984,530	$ 1,191,066
Incentive fees, unrecorded estimate	$ 246,133	$ 297,766

Commitments and Contingencies_2

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Other commitment	$ 205,039		$ 186,164
Loss Contingencies [Line Items]
Other commitment	205,039		$ 186,164
Net gain (loss)	5,352	$ 27,838
Valued Under Measurement Alternative
Loss Contingencies [Line Items]
Net gain (loss)	$ 59,067
Maximum
Loss Contingencies [Line Items]
Accrued discretionary bonus	15%

Commitments and Contingencies_3

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 2,046	$ 2,216	$ 4,104	$ 5,598
Variable lease costs	434	360	671	564
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,921	$ 1,637	$ 3,860	$ 3,137
Weighted average remaining lease term (in years)	14 years 3 months 18 days	14 years 9 months 18 days	14 years 3 months 18 days	14 years 9 months 18 days
Weighted average discount rate	3.20%	3.20%	3.20%	3.20%

Commitments and Contingencies_4

Commitments and Contingencies - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2023	$ 3,957
FY2024	7,295
FY2025	6,901
FY2026	6,401
FY2027	6,550
Thereafter	70,177
Total lease payments	101,281
Less: imputed interest	(21,302)
Total operating lease liabilities	$ 79,979	$ 82,244

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Nov. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Oct. 20, 2022
Subsequent Event
Subsequent Event [Line Items]
Credit facility, borrowing capacity						$ 325
Class A Common Stock
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)		$ 0.40	$ 0.35	$ 0.80	$ 0.70
Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.40