Intangibles and Goodwill

6 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consist of management contracts providing economic rights to management and advisory fees and client relationships related to future fundraising, as obtained through the Company’s acquisitions of other businesses.

Intangible assets, net consists of the following:


	As of
	September 30, 2021		March 31, 2021
Management contracts	$	352,002	$	41,058
Client relationships	96,650		—
Service agreements	9,537		—
Less: Accumulated amortization	(38,057)		(35,567)
Intangible assets, net	$	420,132	$	5,491

Amortization expense related to intangible assets was $1.9 million and $0.8 million for the three months ended September 30, 2021 and 2020, respectively, and $2.5 million and $1.7 million for the six months ended September 30, 2021 and 2020, respectively. These amounts are included in general, administrative and other expenses in the condensed consolidated statements of income.

In connection with the Greenspring acquisition, the Company added approximately $310.9 million of management contract intangible assets, $96.7 million of client relationship intangible assets and $9.5 million of service agreement intangible assets. See note 14 for more information.

At September 30, 2021, the expected future amortization of finite-lived intangible assets is as follows:


Remainder of FY2022	$	22,006
FY2023	43,481
FY2024	42,645
FY2025	41,955
FY2026	41,764
Thereafter	228,281
Total	$	420,132

The carrying value of goodwill was $583.0 million as of September 30, 2021 and $6.8 million as of March 31, 2021. The increase in the carrying value of goodwill is attributable to the Greenspring acquisition, which added approximately $576.2 million in goodwill. See note 14 for more information. The Company determined there was no indication of goodwill impairment as of September 30, 2021 and March 31, 2021.