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Investments (Tables) | 12 Months Ended
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Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments | Investments consist of the following:
| March 31, |  |
| 2020 |  | 2019
Equity method investments in Partnerships | $ | 166,106 |  |  | $ | 122,505 |
Equity method investments in Partnerships held by consolidated VIEs (See Note 5) | 9,988 |  |  | 11,648 |
Other equity method investments | 1,168 |  |  | 1,086 |
Other investments | 13,394 |  |  | 12,488 |
Investments valued under the measurement alternative | 17,091 |  |  | 6,764 |
Total Investments | $ | 207,747 |  |  | $ | 154,491 |
Equity Method Investments | The Company’s equity method investments in Partnerships consist of the following types:
| March 31, |  |
| 2020 |  | 2019
Primary funds | $ | 37,317 |  |  | $ | 22,791 |
Secondary funds | 19,872 |  |  | 15,762 |
Direct/co-investment funds | 50,288 |  |  | 35,902 |
Customized separate accounts | 58,629 |  |  | 48,050 |
Total equity method investments in Partnerships | $ | 166,106 |  |  | $ | 122,505 |
The summarized financial information of the Company’s equity method investments in Partnerships is as follows:
| March 31, |  |  |  |
| 2020 |  | 2019 |  |
Assets |  |  |  |  |
Investments | $ | 17,577,766 |  |  | $ | 13,473,255 |  |  |
Other assets | 415,221 |  |  | 349,425 |  |  |
Total assets | $ | 17,992,987 |  |  | $ | 13,822,680 |  |  |
Liabilities and Partners’ Capital |  |  |  |  |
Debt | $ | 61,114 |  |  | $ | 84,530 |  |  |
Other liabilities | 107,600 |  |  | 57,772 |  |  |
Total liabilities | 168,714 |  |  | 142,302 |  |  |
Partners’ capital | 17,824,273 |  |  | 13,680,378 |  |  |
Total liabilities and partners’ capital | $ | 17,992,987 |  |  | $ | 13,822,680 |  |  |
| Year Ended March 31, |  |  |  |
| 2020 |  | 2019 |  | 2018
Investment income | $ | 300,121 |  |  | $ | 211,797 |  |  | $ | 233,255 |
Expenses | 185,769 |  |  | 149,598 |  |  | 130,771 |
Net investment income (loss) | 114,352 |  |  | 62,199 |  |  | 102,484 |
Net realized and unrealized gain | 1,830,599 |  |  | 618,047 |  |  | 1,647,977 |
Net income | $ | 1,944,951 |  |  | $ | 680,246 |  |  | $ | 1,750,461 |
Reconciliation of Other Investments | The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining value:
| Private equity funds |  | Direct credit co-investments |  | Direct equity co-investments |  | Total other investments
Balance as of March 31, 2018 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Contributions | 3,105 |  |  | 3,864 |  |  | 4,814 |  |  | 11,783 |
Distributions | — |  |  | — |  |  | — |  |  | — |
Net gain | 629 |  |  | 76 |  |  | — |  |  | 705 |
Balance as of March 31, 2019 | $ | 3,734 |  |  | $ | 3,940 |  |  | $ | 4,814 |  |  | $ | 12,488 |
Contributions | 2,526 |  |  | — |  |  | 1,875 |  |  | 4,401 |
Distributions | (777) |  |  | (1,970) |  |  | — |  |  | (2,747) |
Net gain (loss) | 303 |  |  | (214) |  |  | (837) |  |  | (748) |
Balance as of March 31, 2020 | $ | 5,786 |  |  | $ | 1,756 |  |  | $ | 5,852 |  |  | $ | 13,394 |
Schedule of Assumptions Used | The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of assets were as follows, as of March 31, 2020:
|  |  |  |  | Significant |  |  |  |  |  |
| Fair |  | Valuation |  | Unobservable |  |  |  |  |  | Weighted
| Value |  | Methodology |  | Inputs |  | Range |  |  |  | Average
Private equity funds | $ | 5,786 |  |  | Adjusted net asset value |  |  | Selected market return |  |  | (7.4)% | - | (3)% |  | (6.2)%
Direct credit co-investments | $ | 1,756 |  |  | Discounted cash flow |  |  | Market yield |  |  | 11.5% | - | 12.6% |  | 12.5%
Direct equity co-investments | $ | 5,852 |  |  | Market approach |  |  | EBITDA multiple |  | 7.25x | - | 12x |  | 9.93x
|  |  | Market approach |  |  | Equity multiple |  | 1.05x |  |  |  | 1.05x

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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