Investments (Tables)

12 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

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