v3.26.1
Investments
 12 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments
4. Investments
Investments consist of the following:
March 31,
20262025
Equity method investments in Funds$567,888 $453,636 
Other equity method investments— 386 
Fair value investments— 12,190 
Measurement alternative investments206,555 198,142 
Total Investments$774,443 $664,354 
Investments of Consolidated Funds and Partnerships consist of the following:
March 31,
20262025
Equity method investments in Funds$20,841 $19,292 
Fair value investments505,237 77,408 
Total Investments of Consolidated Funds and Partnerships$526,078 $96,700 
Equity method investments
The Company’s equity method investments in Funds represent its ownership in certain specialized funds and customized separate accounts. The strategies and geographic location of investments vary by Fund. The Company has a 1% interest in substantially all of the Funds. The Company’s other equity method investments represent its ownership in a technology company to develop an AI-powered investment assistant for private markets.
The Company’s equity method investments in Funds consist of the following types:
March 31,
20262025
Primary funds$39,972 $35,251 
Secondary funds70,601 60,545 
Direct investment funds100,116 94,257 
Customized separate accounts163,090 141,088 
Evergreen funds194,109 122,495 
Total equity method investments in Funds$567,888 $453,636 
The Company evaluates each of its equity method investments to determine if any were significant pursuant to the requirements of Regulation S-X. As of and for each of the years ended March 31, 2026 and 2025, no individual equity method investment held by the Company met the significance criteria, and, as a result, the Company is not required to present separate financial statements for any of its equity method investments.
The summarized financial information of the Company’s equity method investments in Funds is as follows:
March 31,
20262025
Assets
Investments$59,976,551 $50,486,273 
Other assets2,231,251 1,242,238 
Total assets$62,207,802 $51,728,511 
Liabilities and Partners’ Capital
Debt$369,438 $494,430 
Other liabilities851,571 741,822 
Total liabilities1,221,009 1,236,252 
Partners’ capital60,986,792 50,492,259 
Total liabilities and partners’ capital$62,207,801 $51,728,511 
Year Ended March 31,
202620252024
Investment income$916,410 $870,828 $625,176 
Expenses531,670 487,339 403,517 
Net investment income384,740 383,489 221,659 
Net realized and unrealized gain4,470,303 1,690,743 2,672,499 
Net income$4,855,043 $2,074,232 $2,894,158 
Measurement Alternative Investments
The following table summarizes the activity related to the Company’s measurement alternative investments:
Year Ended March 31,
202620252024
Carrying amount, beginning of the year$198,142 $175,522 $168,732 
Adjustments related to equity investments
Purchases8,000 13,853 6,311 
Sales / return of capital — — (176)
Net change in unrealized gain (loss)1
413 8,767 1,177 
Net realized loss— — (522)
Carrying amount, end of year$206,555 $198,142 $175,522 
(1) Net change in unrealized gain (loss) consists of fair value adjustments for observable price changes of identical or similar investments.
The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses related to the Company’s measurement alternative investments:
As of March 31,
202620252024
Cumulative gross unrealized gains$79,414 $79,002 $70,235 
Cumulative gross unrealized losses $(43,289)$(43,289)$(43,289)