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Intangibles and Goodwill | 12 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangibles and Goodwill | Intangibles and Goodwill 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 March 31,
| 2024 |  | 2023
Management contracts | $ | 352,002 |  |  | $ | 352,002 |
Client relationships | 96,650 |  |  | 96,650 |
Service agreements | — |  |  | 9,537 |
Less: Accumulated amortization | (143,779) |  |  | (103,544) |
Intangible assets, net | $ | 304,873 |  |  | $ | 354,645 |
Amortization expense related to intangible assets was $42.4 million, $43.5 million and $24.5 million for the years ended March 31, 2024, 2023 and 2022, respectively. These amounts are included in general, administrative and other expenses in the consolidated statements of income. On December 31, 2023, the Company completed the sale of 100% of the equity interests in Greenspring Back Office Solutions, LLC (“GBOS”) in exchange for a secured promissory note in the amount of $8.4 million to be received by the Company over approximately six years. GBOS was acquired by the Company as part of the Greenspring Acquisition and was primarily engaged in the business of providing fund administration services for a select number of third-party managed venture capital funds as well as the Company’s venture capital focused commingled funds and separately managed accounts (together, the “venture funds”). The GBOS team comprised 42 employees as of December 31, 2023. GBOS was sold to a newly formed, independent entity owned by a number of former employees of GBOS, and renamed Viridis Fund Solutions, LLC (“Viridis”). Viridis is expected to continue to perform fund administration services for the Company’s venture funds as well as for its own current and future third-party clients. The results of GBOS’s operations have been included in the consolidated financial statements through December 31, 2023. In the year ended March 31, 2024, the Company recorded a net charge in the amount of $0.8 million related to the sale of GBOS, including service agreements intangibles related to GBOS of $7.4 million, which is included in other income (loss) in the consolidated statements of income. At March 31, 2024, the expected future amortization of finite-lived intangible assets is as follows:
Fiscal year ending March 31, |
2025 | $ | 41,001 |
2026 | 40,810 |
2027 | 40,776 |
2028 | 40,759 |
2029 | 40,759 |
Thereafter | 100,768 |
Total | $ | 304,873 |
The carrying value of goodwill was $580.5 million as of March 31, 2024 and 2023. The Company determined there was no indication of goodwill impairment as of March 31, 2024 and 2023.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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