v3.26.1
Revenue
 12 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
3. Revenue
The following tables present revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:
Year Ended March 31,
Management and advisory fees202620252024
Specialized funds$374,405 $315,214 $261,012 
Customized separate accounts141,535 134,400 128,826 
Advisory20,473 22,806 24,229 
Reporting, monitoring, data and analytics35,766 29,244 24,711 
Distribution management2,170 2,619 5,054 
Fund reimbursement revenue9,867 9,581 8,104 
Total management and advisory fees$584,216 $513,864 $451,936 
Year Ended March 31,
Incentive fees202620252024
Specialized funds146,293 182,092 89,988 
Customized separate accounts24,282 16,204 11,918 
Consolidated Funds and Partnerships
Specialized funds4,202 803 — 
Total incentive fees$174,777 $199,099 $101,906 
Strategic Partnership
On November 2, 2025, the Company entered into a long-term strategic partnership (the “Guardian Transaction”) with The Guardian Life Insurance Company of America (“Guardian”). Through this partnership, the Company will oversee Guardian’s existing private equity portfolio and future commitments to private equity for the next 10 years. On December 31, 2025, the Company issued a warrant related to a maximum of 400,000 shares of its Class A common stock (the “Warrant”) to Guardian in a private placement transaction.
On December 31, 2025, the Company recognized an asset of $8,367 recorded in other assets in the Consolidated Balance Sheets, associated with the Warrant shares that were vested and exercisable upon issuance, subject to clawback provisions. The asset, along with the remaining grant date fair value of the Warrant, will be recognized as a reduction of management fee revenue over the contract performance period as the Company provides the related asset management services.