XML 25 R12.htm IDEA: XBRL DOCUMENT
v3.21.2

Investments | 3 Months Ended
--- | ---
Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Investments | Investments The Company’s investments consist of equity method investments primarily related to investments in the StepStone Funds for which it serves as general partner or managing member but does not have a controlling financial interest. The Company’s equity interest typically does not exceed 1% in each fund. The Company’s share of the underlying net income or loss attributable to its equity interest in the funds is recorded in investment income in the condensed consolidated statements of income. The Company’s equity method investments consist of the following:
| As of
| June 30, 2021 |  | March 31, 2021
Investments in funds | $ | 82,894 |  |  | $ | 74,379 |
Accrued carried interest allocations | 1,072,673 |  |  | 896,523 |
Total investments | $ | 1,155,567 |  |  | $ | 970,902 |
The Company recognized equity method income (loss) of $232.8 million and $(131.7) million for the three months ended June 30, 2021 and 2020, respectively, of which $226.4 million and $(128.5) million, respectively, related to carried interest allocations. The increase in carried interest allocation for the three months ended June 30, 2021 was primarily attributable to unrealized appreciation in the fair value of the underlying investments in the Company’s private equity funds. The decrease in carried interest allocation for the three months ended June 30, 2020 was primarily attributable to unrealized depreciation in the fair value of certain underlying fund investments driven by the impact of COVID-19. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag. As of June 30, 2021, the Company’s investments in three SMAs each individually represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate represented approximately 35% of the total accrued carried interest allocations balance as of that date. As of March 31, 2021, the Company’s investments in two SMAs each individually represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate represented approximately 26% of the total accrued carried interest allocations balance as of that date. Of the total accrued carried interest allocations balance as of June 30, 2021 and March 31, 2021, respectively, $562.5 million and $465.6 million were payable to affiliates and is included in accrued carried interest-related compensation in the condensed consolidated balance sheets. The Company evaluates each of its equity method investments to determine if any are considered significant as defined by the SEC. As of June 30, 2021 and March 31, 2021 and for the three months ended June 30, 2021 and 2020, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration