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Revenues
 6 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:
Three Months Ended September 30,Six Months Ended September 30,
Management and Advisory Fees, Net2021202020212020
Focused commingled funds$28,500 $30,821 $52,650 $50,674 
SMAs42,510 31,229 83,115 61,951 
Advisory and other services12,380 13,602 25,635 26,465 
Fund reimbursement revenues193 — 244 62 
Total management and advisory fees, net$83,583 $75,652 $161,644 $139,152 
Three Months Ended September 30,Six Months Ended September 30,
Incentive Fees2021202020212020
SMAs$1,793 $1,168 $5,905 $4,757 
Focused commingled funds3 28 73 28 
Total incentive fees$1,796 $1,196 $5,978 $4,785 
Three Months Ended September 30,Six Months Ended September 30,
Carried Interest Allocations2021202020212020
SMAs$129,829 $127,227 $302,622 $21,459 
Focused commingled funds66,557 38,838 120,126 16,104 
Total carried interest allocations$196,386 $166,065 $422,748 $37,563 
Three Months Ended September 30,Six Months Ended September 30,
Legacy Greenspring Carried Interest Allocations2021202020212020
SMAs$— $— $— $— 
Focused commingled funds(1)
— — — — 
Total legacy Greenspring carried interest allocations$— $— $— $— 
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(1)Reflects the net effect of gross realized carried interest allocations of $3.0 million and the reversal of such amounts in unrealized carried interest allocations for the period from September 20, 2021 to September 30, 2021.
The increase in carried interest allocations for the three and six months ended September 30, 2021 and 2020 was primarily attributable to net unrealized appreciation in the fair value of certain underlying fund investments. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag.
The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location:
Three Months Ended September 30,Six Months Ended September 30,
Revenues(1)
2021202020212020
United States$60,985 $46,551 $111,640 $51,961 
Non-U.S. countries220,780 196,362 478,730 129,539 
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(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.
For the three and six months ended September 30, 2021 and 2020, no individual client represented 10% or more of the Company’s management and advisory fees.
As of September 30, 2021 and March 31, 2021, the Company had $20.3 million and $13.9 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. During the six months ended September 30, 2021, the Company had recognized $0.3 million as revenue from amounts included in the deferred revenue balance as of March 31, 2021.