0001796022-24-000008 | 10-Q | XBRL Viewer

Intangibles and Goodwill - Narrative (Details)		3 Months Ended		9 Months Ended
Intangibles and Goodwill - Narrative (Details)	Dec. 31, 2023 USD ($) employee	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 10,700,000	$ 10,900,000	$ 32,000,000	$ 32,600,000
Issuance of note related to sale of subsidiary				8,436,000	0
Net charge related to the sale of GBOS				812,000	$ 0
Goodwill	$ 580,542,000	580,542,000		580,542,000		$ 580,542,000
Goodwill, impairment loss	$ 0	$ 0		$ 0		$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Greenspring Bank Office Solutions, LLC (GBOS)
Finite-Lived Intangible Assets [Line Items]
Percentage of equity interests sold	1	1		1
Issuance of note related to sale of subsidiary	$ 8,400,000
Promissory note, term	6 years
Number of employees compromised \| employee	42
Net charge related to the sale of GBOS		$ 800,000
Service agreement intangibles		$ 7,400,000

Commitment and Contingencies - Components of Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 3,865	$ 3,481	$ 11,693	$ 6,893
Variable lease cost	76	236	395	733
Sublease income	(364)	(414)	(1,200)	(1,203)
Total lease cost	3,577	$ 3,303	10,888	6,423
Gain on remeasurement of lease liabilities	$ 100		106	2,709
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases			$ 9,851	$ 7,448
Weighted-average remaining lease term for operating leases	11 years 7 months 6 days	12 years 2 months 12 days	11 years 7 months 6 days	12 years 2 months 12 days
Weighted-average discount rate for operating leases	4.60%	4.50%	4.60%	4.50%

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	$ 64,021	$ 54,322
Due to affiliates	202,225	205,424
Amounts receivable from StepStone Funds
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	36,840	33,813
Amounts receivable from employees
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	13,801	7,016
Amounts receivable from loans
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	13,380	13,493
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due to affiliates	195,912	199,307
Amounts payable to StepStone Funds
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due to affiliates	5,869	4,796
Distributions payable to certain employee equity holders of consolidated subsidiaries
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due to affiliates	$ 444	$ 1,321

Stockholders' Equity and Redeemable Non-Controlling Interests (Tables)

9 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Rollforward of the Company's Shares of Common Stock Outstanding Since IPO

The following table shows a rollforward of the Company’s shares of common stock outstanding since March 31, 2023:


	Class A Common Stock	Class B Common Stock
March 31, 2023	62,834,791	46,420,141

Class A common stock issued in exchange for Class B partnership units	105,598	(105,598)
Class A common stock issued in exchange for Class C partnership units	551,954	—
Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes	576,609	—
December 31, 2023	64,068,952	46,314,543

Noncontrolling Interests In Consolidated Funds

The following table summarizes the activities associated with the redeemable non-controlling interests in Consolidated Funds:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Beginning balance	$	59,272	$	—	$	24,530	$	—

Contributions	11,216		4,575		39,956		4,575

Net income	5,588		391		11,590		391
Ending balance	$	76,076	$	4,966	$	76,076	$	4,966

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company made payments of $2.6 million and $1.1 million during the three months ended December 31, 2023 and 2022, respectively, and $10.3 million and $6.0 million during the nine months ended December 31, 2023 and 2022, respectively, under the Tax Receivable Agreements. As of December 31, 2023, the Company’s total Tax Receivable Agreements liability was $195.9 million. See note 12 for more information. The Company’s effective tax rate was 3.0% and 5.1% for the three months ended December 31, 2023 and 2022, respectively, and 15.5% and 6.3% for the nine months ended December 31, 2023 and 2022, respectively. The Company’s overall effective tax rate in each of the periods described above is less than the statutory rate as a portion of income was allocated to non-controlling interests and the tax liability on such income is borne by the holders of non-controlling interests. For the three months ended December 31, 2023 as compared to the three months ended December 31, 2022, the primary rate difference was due to a decrease in tax expense associated with income allocated to non-controlling interests, partially offset by an increase in tax expense related to return to provision adjustments. For the nine months ended December 31, 2023 and 2022, the primary rate difference was due to the Company recognizing pre-tax net income for the nine months ended December 31, 2023 as compared to the Company recognizing pre-tax net loss for the nine months ended December 31, 2022. Additionally, there was an increase in foreign tax expense for the nine months ended December 31, 2023. The Company evaluates the realizability of its deferred tax assets on a quarterly basis and adjusts the valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax assets may not be realized. As of December 31, 2023, the Company has not recorded any unrecognized tax benefits and does not expect there to be any material changes to uncertain tax positions within the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Intangibles and Goodwill - Schedule of Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (133,356)	$ (103,544)
Intangibles, net	315,296	354,645
Management contracts
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	352,002	352,002
Client relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	96,650	96,650
Service agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 0	$ 9,537

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Distributions payable to certain employee equity holders of consolidated subsidiaries
Payments to related parties under Tax Receivable Agreements	$ 2,600	$ 1,100	$ 10,280	$ 5,973
Management and advisory fees, net
Distributions payable to certain employee equity holders of consolidated subsidiaries
Revenue from contracts with customer	151,492	128,753	431,730	364,606
Carried interest allocations
Distributions payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	(114,295)	(47,047)	6,498	(241,699)
Legacy Greenspring carried interest allocations
Distributions payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	(69,700)	(88,921)	(106,250)	(371,200)
Equity Method Investee \| Management and advisory fees, net
Distributions payable to certain employee equity holders of consolidated subsidiaries
Revenue from contracts with customer	100,800	88,400	289,800	245,900
Equity Method Investee \| Carried interest allocations
Distributions payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	(114,300)	(47,000)	6,500	(241,700)
Equity Method Investee \| Legacy Greenspring carried interest allocations
Distributions payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	$ (69,700)	$ (88,900)	$ (106,300)	$ (371,200)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Incentive fees as percentage of profits			15.00%
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of finite-lived intangible assets \| $	$ 0	$ 0	$ 0	$ 0
Number of operating segments			1
Number of reportable segments			1
Percentage of total net cash savings due to exchanging limited partners			0.85
Percentage of total net cash savings retained			0.15
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible assets, estimated useful lives	8 years		8 years
Carried interest allocation as percentage of cumulative fund or account performance			5.00%
Revenue, carried interest allocation, minimum return levels required			5.00%
Legacy carried interest allocation as percentage of cumulative fund or account performance			5.00%
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible assets, estimated useful lives	10 years		10 years
Carried interest allocation as percentage of cumulative fund or account performance			15.00%
Revenue, carried interest allocation, minimum return levels required			10.00%
Legacy carried interest allocation as percentage of cumulative fund or account performance			20.00%

Earnings Per Share

9 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share of Class A common stock are presented for the three and nine months ended December 31, 2023 and 2022. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
(in thousands, except share and per share amounts)
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$	(20,226)	$	(6,938)	$	27,268	$	(47,199)
Incremental income from assumed vesting of RSUs	—		—		217		—
Incremental income from assumed vesting and exchange of Class B2 units	—		—		1,055		—
Net income (loss) attributable to StepStone Group Inc. – Diluted	$	(20,226)	$	(6,938)	$	28,540	$	(47,199)

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	64,068,952		62,192,899		63,255,604		61,583,215
Assumed vesting of RSUs	—		—		511,889		—
Assumed vesting and exchange of Class B2 units	—		—		2,532,489		—
Weighted-average shares of Class A common stock outstanding – Diluted	64,068,952		62,192,899		66,299,982		61,583,215

Net income (loss) per share of Class A common stock:
Basic	$	(0.32)	$	(0.11)	$	0.43	$	(0.77)
Diluted	$	(0.32)	$	(0.11)	$	0.43	$	(0.77)

Diluted earnings per share of Class A common stock is computed by dividing net income (loss) attributable to SSG, giving consideration to the reallocation of net income between holders of Class A common stock and non-controlling interests, by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities, if any.

Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to SSG and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included.

The calculation of diluted earnings per share excludes 46,314,543 Class B units and 1,962,131 Class C units of the Partnership outstanding as of December 31, 2023, and 46,420,141 Class B units and 2,514,085 Class C units of the Partnership outstanding as of December 31, 2022, which are exchangeable into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive.

As the Company was in a net loss position for the three months ended December 31, 2023, the calculation of diluted earnings per share excludes potential shares of Class A common stock for 1,153,640 outstanding RSUs, 2,566,566 Class B2 units and 23,417 Class B units issuable pursuant to anti-dilution rights in connection with the vesting of Class B2 units that are convertible into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive.

As the Company was in a net loss position for the three and nine months ended December 31, 2022, the calculation of diluted earnings per share excludes potential shares of Class A common stock for 1,471,982 outstanding RSUs, 2,566,566 Class B2 units and 23,417 Class B units issuable pursuant to anti-dilution rights in connection with the vesting of Class B2 units that are convertible into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its annual report on Form 10-K for the fiscal year ended March 31, 2023 filed with the Securities and Exchange Commission (“SEC”). Certain of the StepStone Funds are investment companies that follow specialized accounting under GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current period presentation. Amounts relating to unpaid realized carried interest-related compensation that were previously reported within accrued carried interest-related compensation have been presented within accrued compensation and benefits in the condensed consolidated balance sheets.
Consolidation	Consolidation The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). Under the VIE model, management first assesses whether the Company has a variable interest in an entity. In evaluating whether the Company holds a variable interest, fees received as a decision maker or in exchange for services (including management fees, incentive fees and carried interest allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. If the Company has a variable interest in an entity, management further assesses whether that entity is a VIE, and if so, whether the Company is the primary beneficiary under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The consolidation analysis can generally be performed qualitatively; however, in certain situations a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective StepStone Funds that are VIEs could affect the entity’s status as a VIE or the determination of the primary beneficiary. Under the VIE model, an entity is deemed to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. When assessing whether the Company is the primary beneficiary of a VIE, management evaluates whether the Company’s involvement, through holding interests directly or indirectly in an entity or contractually through other variable interests, would give the Company a controlling financial interest. This analysis includes an evaluation of the Company’s control rights, as well as the economic interests that the Company holds in the VIE, including indirectly through related parties. The Company provides investment advisory services to the StepStone Funds, which have third-party clients. These funds are investment companies and are typically organized as limited partnerships or limited liability companies for which the Company, through its operating subsidiaries, acts as the general partner or managing member. A limited partnership or similar entity is a VIE if the unaffiliated limited partners or members do not have substantive rights to terminate or liquidate the fund or remove the general partner or substantive rights to participate. Certain StepStone Funds are VIEs because they have not granted unaffiliated limited partners or members substantive rights to terminate the fund or remove the general partner or substantive rights to participate. The Company does not consolidate these StepStone Funds because it is not the primary beneficiary of those funds, primarily because it does not hold an interest in those funds that is considered more than insignificant and its fee arrangements are considered customary and commensurate. The Company has determined that certain of its operating subsidiaries, StepStone Group Real Assets LP (“SRA”), StepStone Group Real Estate LP (“SRE”), Swiss Capital Alternative Investments AG (“SPD”), and StepStone Group Private Wealth LLC (“SPW”) and certain StepStone Funds are VIEs, and that the Company is the primary beneficiary of each entity because it has a controlling financial interest in each entity; accordingly, the Company consolidates these entities. The assets and liabilities of the consolidated VIEs are presented gross in the condensed consolidated balance sheets. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs. See note 4 for more information on both consolidated and unconsolidated VIEs. In connection with the acquisition of Greenspring Associates, Inc. and certain of its affiliates (“Greenspring”) that was completed on September 20, 2021, the Company, indirectly through its subsidiaries, became the sole and/or managing member of certain entities, each of which is the general partner of an investment fund (“legacy Greenspring general partner entities”). The Company did not acquire any direct economic interests attributable to the legacy Greenspring general partner entities, including legacy Greenspring investments in funds and carried interest allocations. However, certain arrangements negotiated as part of the acquisition represent variable interests that could be significant. The Company determined that the legacy Greenspring general partner entities are VIEs and it is the primary beneficiary of each such entity because it has a controlling financial interest in each entity. As a result, the Company consolidates these entities. The Company and its subsidiaries manages or controls certain entities that constitute client investment funds that have been consolidated in the accompanying condensed consolidated financial statements (“Consolidated Funds”). Including the results of the Consolidated Funds increases the reported amounts of the assets, liabilities, expenses and cash flows in the accompanying condensed consolidated financial statements, and amounts related to economic interests held by third-party investors are reflected as redeemable non-controlling interests in Consolidated Funds. The revenues earned by the Company as investment manager of the Consolidated Funds are eliminated in consolidation and generally have no direct effect on the net income attributable to SSG or to Stockholders' Equity.
Non-Controlling Interests	Non-Controlling Interests Non-controlling interests (“NCI”) reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Non-controlling interests are presented as separate components of stockholders’ equity on the Company’s condensed consolidated balance sheets to clearly distinguish between the Company’s interests and the economic interests of third parties and employees in those entities. Net income (loss) attributable to SSG, as reported in the condensed consolidated statements of income, is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 13 for more information on ownership interests in the Company. Non-controlling interests in subsidiaries represent the economic interests in SRA, SRE, and SPD (the variable interest entities included in the Company’s condensed consolidated financial statements) held by third parties and employees in those entities. Non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Non-controlling interests in legacy Greenspring entities represent the economic interests in the legacy Greenspring general partner entities. The Company did not acquire any direct economic interests in the legacy Greenspring general partner entities. As a result, all of the net income (loss) attributable to the legacy Greenspring general partner entities is allocated to non-controlling interests in legacy Greenspring entities. Non-controlling interests in the Partnership represent the economic interests related to the Class B and Class C units of the Partnership which are not owned by SSG. Non-controlling interests in the Partnership are allocated a share of income or loss in the Partnership in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Redeemable non-controlling interests in Consolidated Funds represent the economic interests in the Consolidated Funds which are not held by SSG, but are held by the client investors in the funds. These interests are presented as redeemable non-controlling interests in Consolidated Funds within the condensed consolidated balance sheets, outside of permanent capital as the investors in these funds generally have the right to withdraw their capital, subject to the terms of the respective contractual agreements. Redeemable non-controlling interests in Consolidated Funds are allocated a share of income or loss in the respective fund in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.
Accounting for Differing Fiscal Periods	Accounting for Differing Fiscal Periods The StepStone Funds primarily have a fiscal year end as of December 31. The Company accounts for its investments in the StepStone Funds on a three-month lag due to the timing of receipt of financial information from the investments held by the StepStone Funds. The StepStone Funds primarily invest in private markets funds that generally require at least 90 days following the calendar year end to provide audited financial statements. As a result, the Company uses the December 31 audited financial statements of the StepStone Funds, which reflect the underlying private markets funds as of December 31, to record its investments (including any carried interest allocated by those investments) for its fiscal year-end consolidated financial statements as of March 31. The Company further adjusts the reported carrying values of its investments in the StepStone Funds for its share of capital contributions to and distributions from the StepStone Funds during the three-month lag period. For this interim period ended December 31, 2023, the Company used the September 30, 2023 unaudited financial statements of the StepStone Funds, which reflect the underlying private market funds as of September 30, 2023, to record its investments (including any carried interest allocated by those investments), as adjusted for capital contributions and distributions during the three-month lag period ended December 31, 2023. The Company does not account for management and advisory fees or incentive fees on a three-month lag. To the extent that management becomes aware of any material events that affect the StepStone Funds during the three-month lag period, the effect of the events would be disclosed in the notes to the condensed consolidated financial statements.
Current Events	Current Events In 2023, signs of slowing inflation coupled with a strong labor market contributed to a rebound in financial markets despite banking system volatility as recession fears receded in anticipation that interest rates may not rise as much as previously expected. For calendar 2023, most financial markets posted positive returns, despite ongoing concerns of a sustained period of higher interest rates, slowing economic growth and moderated job gains. The Company is continuing to closely monitor developments related to inflation, rising interest rates, the ongoing Russia-Ukraine conflict, banking system volatility, the Israel-Hamas conflict and the geopolitical responses thereto, and assess the impact on financial markets and the Company’s business. The Company’s results and the overall industry results have been and may continue to be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which have resulted in, and may continue to result in, delayed or decreased management fees. Further, fund managers have been unable or less able to exit existing investments profitably. Such conditions have resulted in, and may continue to result in, delayed or decreased performance fee revenues. It is currently not possible to predict the ultimate effects of these events on the financial markets, overall economy and the Company’s condensed consolidated financial statements.
Fair Value Measurements	Fair Value Measurements GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace – including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and therefore a lesser degree of judgment is used in measuring their fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows: •Level I – Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. •Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments classified in this category include less liquid securities traded in active markets and securities traded in other than active markets. •Level III – Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for financial instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may result in transfers between Levels I, II, and III. The Company considers its cash, cash equivalents, restricted cash, fees and accounts receivable, accounts payable, investments, revolving credit facility, and contingent consideration obligation balance to be financial instruments. The carrying amounts of cash, cash equivalents, restricted cash, fees and accounts receivable and accounts payable equal or approximate their fair values due to their nature and/or the relatively short period over which they are held. See note 6 for additional details regarding the fair value of the Company’s contingent consideration obligation balance and see note 8 for additional details regarding the fair value of the Company’s revolving credit facility balance.
Restricted Cash	Restricted Cash Restricted cash consists of cash that the Company is contractually obligated to maintain to secure its letters of credit used primarily related to its office facilities and other obligations.
Investments	Investments Investments primarily include the Company’s ownership interests in the StepStone Funds, as general partner or managing member of such funds. The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, but not control, including the StepStone Funds, using the equity method of accounting. The carrying value of these equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss (including carried interest allocations), less distributions received. Investments include the Company’s cumulative accrued carried interest allocations from the StepStone Funds, which primarily represent performance-based capital allocations, assuming the StepStone Funds were liquidated as of each reporting date in accordance with the funds’ governing documents. Legacy Greenspring investments in funds and accrued carried interest allocations represent the economic interests held by the legacy Greenspring general partner entities in certain funds for which the Company does not have any direct economic interests. All of the economics in respect of such interests are payable to employees and are therefore reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring performance fee-related compensation. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Management's determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates. Investments of Consolidated Funds The Company’s Consolidated Funds are investment companies under GAAP and reflect their investments at estimated fair value. The Company has retained the specialized investment company accounting for the Consolidated Funds under GAAP. Investments of the Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in fair value is recognized in the condensed consolidated statements of income. In addition, the Consolidated Funds do not consolidate their majority-owned and controlled investments in underlying portfolio companies.
Leases	Leases The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company’s identified leases primarily consist of operating lease agreements for office space and certain equipment, as the lessee. Operating leases are included in lease right-of-use-assets, net and lease liabilities in the condensed consolidated balance sheets. Certain leases include lease and non-lease components, which the Company accounts for as a single lease component. Lease right-of-use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Lease ROU assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate in determining the present value of future minimum lease payments. The Company’s lease terms may include options to extend or terminate the lease, which are included in the measurement of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise those options. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheets.
Intangibles and Goodwill	Intangibles and Goodwill The Company’s finite-lived intangible assets consist of acquired contractual rights to earn future management and advisory fee income and client relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which range from 8 to 10 years. The Company did not have any intangible assets that were deemed to have an indefinite life as of December 31, 2023. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets during the three and nine months ended December 31, 2023 and 2022. Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of January 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill.
Revenues	Revenues The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company has elected to apply the variable consideration allocation exception for its fee arrangements with its customers. Management and Advisory Fees, Net The Company earns management fees for services provided to its SMAs and focused commingled funds. The Company earns advisory fees for services provided to advisory clients where the Company does not have discretion over investment decisions. The Company considers its performance obligations in its customer contracts from which it earns management and advisory fees to be one or more of the following, based on the services promised: asset management services, advisory services and/or the arrangement of administrative services. Management fees include income-based incentive fees, which are predictable and recurring in nature and paid quarterly based on net investment income of certain funds that are regulated as a business development company (“BDC”). Capital gains-based incentive fees from BDC funds are recognized as performance fees. There have been no capital-gains based incentive fees recognized to date. The Company recognizes revenues from asset management services and advisory services when control of the promised services is transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. SMAs are generally contractual arrangements involving an investment management agreement between the Company and a single client, and are typically structured as a partnership or limited liability company for which a subsidiary of SSG serves as the general partner or managing member. Focused commingled funds are structured as limited partnerships or limited liability companies with multiple clients, for which a subsidiary of the Company serves as the general partner or managing member. The Company determined that the individual client or single limited partner or member is the customer with respect to SMAs and advisory clients. Based on certain facts and circumstances specific to each individual fund structure, the Company has determined that for accounting purposes, either the StepStone Fund or the individual investors in the fund may be considered to be the customer for arrangements with focused commingled funds. When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the Company satisfies these performance obligations over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees earned from these contracts where the Company has discretion over investment decisions are generally calculated based on a percentage of unaffiliated committed capital or net invested capital, and these amounts are typically billed quarterly. For certain investment funds, management fees are initially based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. In addition, the management fee rate charged may also be reduced for certain investment funds depending on the contractual arrangement. The management fee basis is subject to factors outside of the Company’s control. Therefore, estimates of future period management fees are not included in the transaction price because those estimates would be considered constrained. Advisory fees from contracts where the Company does not have discretion over investment decisions are generally based on fixed amounts and typically billed quarterly. Management fees generally exclude reimbursements for expenses paid by the Company on behalf of its customers, including amounts related to certain professional fees and other fund administrative expenses pursuant to the fund’s governing documents. For professional and administrative services that the Company arranges to be performed by third parties on behalf of investment funds, management has concluded that the nature of its promise is to arrange for the services to be provided and, accordingly, the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the reimbursements for these professional fees paid on behalf of the investment funds are generally presented on a net basis. The Company and certain investment funds that it manages have distribution and service agreements with third-party financial institutions, whereby the Company pays a portion of the fees it receives to such institutions for ongoing distribution and servicing of customer accounts. Management has concluded that the Company does not act as principal for the third-party services, as the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the management fees are recorded net of these service fees. The Company may incur certain costs in connection with satisfying its performance obligations for investment management services – primarily employee travel costs – for which it receives reimbursements from its customers. For reimbursable employee travel costs, the Company concluded it controls the services provided by its employees and, therefore, is acting as principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis – that is, as revenue in management and advisory fees, net and expense in general, administrative and other expenses in the condensed consolidated statements of income. For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control the services provided by its employees and other parties and, therefore, is acting as agent. Accordingly, the Company records the reimbursement for these costs incurred on a net basis. Performance Fees The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below. Incentive fees are generally calculated as a percentage of the profits (up to 15%) earned in respect of certain accounts, including certain permanent capital vehicles, for which the Company is the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in the Company’s contracts with its customers. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant risk of reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax-related portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. Carried interest allocations include the allocation of performance-based fees, commonly referred to as carried interest, to the Company from unaffiliated limited partners in the StepStone Funds in which the Company holds an equity interest. The Company is entitled to a carried interest allocation (typically 5% to 15%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These carried interest allocations are subject to the achievement of minimum return levels (typically 5% to 10%) in accordance with the terms set forth in each respective fund’s governing documents. The Company accounts for its investment balances in the StepStone Funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, carried interest allocations are not deemed to be within the scope of ASC 606. Legacy Greenspring carried interest allocations reflect the allocation of carried interest to legacy Greenspring general partner entities from limited partners in certain legacy Greenspring funds in which the legacy Greenspring general partner entities hold an equity interest. The legacy Greenspring general partner entities are entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. The Company accounts for the investment balances in the legacy Greenspring funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, legacy Greenspring carried interest allocations are not deemed to be within the scope of ASC 606. The Company does not hold any direct economic interests in the legacy Greenspring general partner entities and thus is not entitled to any carried interest allocation from the legacy funds. All of the carried interest allocations in respect of the legacy Greenspring funds are payable to employees who are considered affiliates of the Company and are therefore reflected as legacy Greenspring performance fee-related compensation in the condensed consolidated statements of income. The Company recognizes revenue attributable to carried interest allocations from a fund based on the amount that would be due to the Company pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as carried interest allocation revenue reflects the Company’s share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. The Company records the amount of carried interest allocated to the Company as of each period end as accrued carried interest allocations receivable, which is included as a component of investments in the condensed consolidated balance sheets. Management's determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates. Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Carried interest is subject to reversal to the extent that the amount received to date exceeds the amount due to the Company based on cumulative results. As such, a liability is accrued for potential clawback obligations if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of December 31, 2023 and March 31, 2023, no material amounts for potential clawback obligations had been accrued.
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation represents grants of equity-based awards or arrangements to certain employees and directors. The Company accounts for grants of equity-based awards, including restricted stock units (“RSUs”), to certain employees and directors at fair value as of the grant date. The Company recognizes non-cash compensation expense attributable to these grants on a straight-line basis over the requisite service period, which is generally the vesting period. Expense related to grants of equity-based awards is recognized as equity-based compensation expense in the condensed consolidated statements of income. The fair value of RSUs is determined by the closing stock price on the grant date. Forfeitures of equity-based awards are recognized as they occur. Awards classified as liabilities are remeasured at the end of each reporting period until settlement.
Income Taxes	Income Taxes SSG is a corporation for U.S. federal income tax purposes and therefore is subject to U.S. federal and state income taxes on its share of taxable income generated by the Partnership. The Partnership is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Partnership flows through to its limited partners, including SSG, and is generally not subject to U.S. federal or state income tax at the Partnership level. The Partnership’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, which are reflected within income tax expense in the condensed consolidated statements of income. As a result, the Partnership does not record U.S. federal and state income taxes on income in the Partnership or its subsidiaries, except for certain local and foreign income taxes discussed above. Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. Deferred tax liabilities are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of Partnership units. See Tax Receivable Agreements below. Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies. The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more-likely-than-not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and general, administrative and other expenses, respectively, in the condensed consolidated statements of income. See note 10 for more information. The Company has elected to account for global intangible low-taxed income (“GILTI”) earned by foreign subsidiaries in the period the tax is incurred. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available.
Tax Receivable Agreements	Tax Receivable Agreements The Tax Receivable Agreements provide for payment by SSG to the Class B limited partners, Class C limited partners and pre-IPO institutional investors of the Partnership of 85% of the amount of the net cash tax savings, if any, that SSG realizes (or, under certain circumstances, is deemed to realize) as a result of increases in tax basis (and utilization of certain other tax benefits) resulting from (i) SSG’s acquisition of such partners’ and institutional investors’ Partnership units and (ii) in the case of the Exchanges Tax Receivable Agreement, any payments SSG makes under the Exchanges Tax Receivable Agreement (including tax benefits related to imputed interest). SSG will retain the benefit of the remaining 15% of these net cash tax savings under both Tax Receivable Agreements.
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The Company’s accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains and losses on the defined benefit plan sponsored by one of its subsidiaries.
Segments	Segments The Company operates as one business, a fully-integrated private markets solution provider. The Company’s chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes a consolidated approach to assess the performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment and single reportable segment for accounting and financial reporting purposes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs issued during the current period not listed below were assessed and determined to either be not applicable to the Company, or not expected to have a material impact on the condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends current guidance to provide optional practical expedients and exceptions, if certain criteria are met, for applying GAAP to contracts, hedging relationships and other transactions that are affected by the reference rate reform. The expedients and exceptions in this update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”). Initially the update did not apply to contract modifications or hedging relationships entered into after December 31, 2022, but in December 2022, the FASB issued ASU 2022-06, which defers the sunset date for applying reference rate reform relief in ASC 848 to December 31, 2024. This guidance is effective for adoption anytime after March 12, 2020, but must be adopted prior to December 31, 2024. The Company is currently evaluating the impact on the condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which amends current guidance for reportable segment disclosure requirements. The updated disclosure requirements include: (1) reporting of segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) reporting of an amount for other segment items by reportable segment and a description of its composition, (3) reporting in interim periods of all annual disclosures about a reportable segment’s profit or loss and assets as currently required by Topic 280, (4) reporting of one or more additional measures of segment profit or loss if used by the CODM in assessing segment performance and determining allocation of resources, (5) reporting of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss, and (6) the requirement for single reportable segment entities to provide all required disclosures in Topic 280 for annual and interim periods. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact to its financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends current guidance to provide expanded disclosure for the rate reconciliation with information about specific categories and reconciling items that meet a specific threshold, and to provide additional information about income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact to its financial statements and related disclosures.

Investments - Equity Method Investments (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in funds

$ 126,813

$ 115,187

Accrued carried interest allocations

1,203,847

1,227,173

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

632,414

770,652

Total equity method investments

1,963,074

2,113,012

Investment in fund, before eliminations

187,900

147,500

Legacy Greenspring investments in funds

145,700

152,700

Legacy Greenspring accrued carried interest allocations

$ 486,700

$ 618,000

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See note 5 for more information.

Commitment and Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Dec. 31, 2023 USD ($) city	Nov. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Other Commitments [Line Items]
Number of cities for leased offices \| city	27
Unfunded capital commitments	$ 96.1		$ 88.7
Carried interest, contingent repayment obligations	278.7
Expected future lease payments		$ 3.2
Expected lease term		7 years
Legacy Funds
Other Commitments [Line Items]
Unfunded capital commitments	$ 46.2		$ 50.6

Revenues - Schedule of Disaggregation of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ (14,612)	$ (4,235)	$ 354,821	$ (239,948)
United States
Disaggregation of Revenue [Line Items]
Total revenues	(8,336)	(24,883)	83,777	(223,480)
Non-U.S. countries
Disaggregation of Revenue [Line Items]
Total revenues	$ (6,276)	$ 20,648	$ 271,044	$ (16,468)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Stockholders' Equity and Redeemable Non-Controlling Interests - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended		9 Months Ended
	Nov. 01, 2023 USD ($)	Oct. 31, 2023 USD ($)	Sep. 30, 2023 shares	Dec. 31, 2023 classOfStock $ / shares shares	Nov. 06, 2023 $ / shares
Subsidiary, Sale of Stock [Line Items]
Number of classes of common stock outstanding \| classOfStock				2
Preferred stock, shares authorized (in shares)				25,000,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.001
Preferred stock, shares issued (in shares)				0
Preferred stock, shares outstanding (in shares)				0
Payments to repurchased SRA interests \| $		$ 11.1
Proceeds from SRA investments \| $	$ 11.1
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Dividends payable (in dollars per share) \| $ / shares					$ 0.21
Class A Common Stock \| Exchange One
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)			105,598
Class A Common Stock \| Exchange Two
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)			551,954
Class C Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion basis				1
Class C Common Stock \| Exchange Two
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)			551,954
Class B Common Stock \| Exchange One
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)			105,598

Investments - Narrative (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Mar. 31, 2023

Product Information [Line Items]

Accrued carried interest-related compensation

$ 635,200

$ 644,517

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

632,414

770,652

Non-Controlling Interests in Legacy Greenspring Entities

Product Information [Line Items]

Non-controlling interests

^[1]

145,738

152,658

Equity Method Investments

Product Information [Line Items]

Accrued carried interest-related compensation

635,200

644,500

Legacy Greenspring investments in funds and accrued carried interest allocations

$ 486,700

$ 618,000

Revenue Benchmark | Separately Managed Account Concentration Risk | Two Investments

Product Information [Line Items]

Equity method investment, total accrued carried interest allocation percentage

24.00%

Revenue Benchmark | Comingled Funds Concentration Risk | Two Investments

Product Information [Line Items]

Equity method investment, total accrued carried interest allocation percentage

26.00%

24.00%

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See note 5 for more information.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income (loss)	$ 85,278	$ (102,091)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	36,138	35,308
Unrealized performance fee-related compensation	(9,320)	(172,554)
Amortization of deferred financing costs	354	354
Equity-based compensation	28,596	15,605
Change in deferred income taxes	2,238	(18,624)
Fair value adjustment for acquisition-related contingent consideration	4,639	9,949
Gain on remeasurement of lease liabilities	(106)	(2,709)
Loss on sale of subsidiary	812	0
Other non-cash activities	563	26
Adjustments to reconcile net income (loss) to net cash used in operating activities of Consolidated Funds:
Unrealized investment income of Consolidated Funds	(21,024)	(4,895)
Purchases of investments of Consolidated Funds	(58,476)	(9,417)
Changes in operating assets and liabilities:
Fees and accounts receivable	(13,706)	(8,628)
Due from affiliates	(12,129)	(16,380)
Accounts payable, accrued expenses and other liabilities	2,547	(6,642)
Accrued compensation and benefits	52,275	35,059
Due to affiliates	1,206	(539)
Lease right-of-use assets, net and lease liabilities	1,051	1,069
Changes in operating assets and liabilities of Consolidated Funds:
Proceeds from sale of investments of Consolidated Funds	273	0
Net cash provided by operating activities	153,893	151,699
Cash flows from investing activities
Purchases of property and equipment	(18,692)	(3,149)
Net cash used in investing activities	(38,264)	(23,412)
Cash flows from financing activities
Proceeds from revolving credit facility	25,000	20,000
Dividends paid to common stockholders	(54,986)	(37,360)
Payments for employee taxes related to net settlement of RSUs	(613)	(2,707)
Payments to related parties under Tax Receivable Agreements	(10,280)	(5,973)
Other financing activities	0	(1)
Cash flows from financing activities of Consolidated Funds:
Net cash used in financing activities	(67,237)	(104,652)
Effect of foreign currency exchange rate changes	(3,599)	(53)
Net increase in cash, cash equivalents and restricted cash	44,793	23,582
Cash, cash equivalents and restricted cash at beginning of period	129,517	117,449
Cash, cash equivalents and restricted cash at end of period	174,310	141,031
Non-cash operating, investing, and financing activities:
Accrued dividends	1,374	556
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements	(2,936)	(4,447)
Establishment of lease liabilities in exchange for lease right-of-use assets	2,878	77,731
Remeasurement of lease liabilities	0	(18,166)
Issuance of note related to sale of subsidiary	8,436	0
Reconciliation of cash, cash equivalents and restricted cash:
Restricted cash	751	971
Total cash, cash equivalents and restricted cash	174,310	141,031
Excluding Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	139,970	120,093
Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	33,589	19,967
Non-Controlling Interests in Subsidiaries
Cash flows from financing activities
Proceeds from capital contributions from non-controlling interests	37	179
Distributions to non-controlling interests	(71,530)	(87,157)
Non-Controlling Interests in Legacy Greenspring Entities
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized carried interest allocations and investment loss	145,828	453,582
Unrealized performance fee-related compensation	(132,228)	(416,574)
Cash flows from investing activities
Contributions to investments	(8,833)	(10,634)
Distributions received from investments	2,153	2,762
Cash flows from financing activities
Proceeds from capital contributions from non-controlling interests	8,833	10,634
Distributions to non-controlling interests	(6,699)	(6,842)
Consolidated Entity, Excluding Consolidated VIE
Changes in operating assets and liabilities:
Other assets and receivables	12,591	(4,322)
Changes in operating assets and liabilities of Consolidated Funds:
Other assets and receivables	12,591	(4,322)
Cash flows from financing activities
Proceeds from sale of non-controlling interests	3,045	0
Cash flows from financing activities of Consolidated Funds:
Contributions from redeemable non-controlling interests in Consolidated Funds	3,045	0
Consolidated funds
Changes in operating assets and liabilities:
Other assets and receivables	(726)	(839)
Changes in operating assets and liabilities of Consolidated Funds:
Other assets and receivables	(726)	(839)
Other liabilities and payables	997	647
Cash flows from financing activities
Proceeds from sale of non-controlling interests	39,956	4,575
Cash flows from financing activities of Consolidated Funds:
Contributions from redeemable non-controlling interests in Consolidated Funds	39,956	4,575
Reconciliation of cash, cash equivalents and restricted cash:
Restricted cash	751
Consolidated funds \| Excluding Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	46,613
Consolidated funds \| Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	33,589
Consolidated Entities, Excluding Legacy Entities
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized carried interest allocations and investment loss	26,222	364,314
Unrealized performance fee-related compensation	(9,320)	(172,554)
Cash flows from investing activities
Contributions to investments	(15,956)	(17,163)
Distributions received from investments	$ 3,064	$ 4,772

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Variable Interest Entity [Line Items]
Investments in funds	$ 126,813	$ 115,187
Legacy Greenspring investments in funds	145,700	152,700
Due from affiliates	64,021	54,322
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in funds	126,813	115,187
Legacy Greenspring investments in funds	145,738	152,658
Due from affiliates	30,971	29,017
Maximum exposure to loss	134,294	124,772
Variable Interest Entity, Not Primary Beneficiary, Subsidiaries
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests	23,490	19,432
Variable Interest Entity, Not Primary Beneficiary, Legacy Entities
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests	$ 145,738	$ 152,658

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt Obligations

9 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt Obligations

The Company is party to a credit agreement, as amended in April 2023, with various lenders (the “Credit Agreement”) that was arranged by JPMorgan Chase Bank, N.A., as the administrative agent, and provides for a $225.0 million multicurrency revolving credit facility (the “Revolver”) with a five-year maturity. As of December 31, 2023, the Company had $123.7 million outstanding on the Revolver, net of debt issuance costs.

The Company’s debt obligations consist of the following:


	As of
	December 31, 2023		March 31, 2023
Revolver	$	125,000	$	100,000
Less: Debt issuance costs	(1,296)		(1,649)
Total debt obligations	$	123,704	$	98,351

Borrowings under the Revolver bear interest at a variable rate per annum. The Company may designate each borrowing as (i) in the case of any borrowing in U.S. dollars, a base rate loan or a Term SOFR rate loan, (ii) in the case of any borrowing denominated in Euros, a EURIBOR rate loan, (iii) in the case of any borrowing denominated in British Pounds Sterling, a Sterling Overnight Index Average (“SONIA”) loan, (iv) in the case of any borrowing denominated in Swiss Francs, a Swiss Average Rate Overnight (“SARON”) loan, and (v) in the case of any borrowing denominated in Australian dollars, an AUD rate loan. Borrowings bear interest equal to (i) in the case of base rate loans, 1.00% plus the greatest of (a) the Prime Rate, (b) the New York Federal Reserve Bank Rate plus 0.50% and (c) the 1 month Term SOFR, plus 1.10%, (ii) in the case of a Term SOFR rate loan, the Term SOFR rate plus 2.10%, (iii) in the case of a EURIBOR rate loan, the EURIBOR rate multiplied by the Statutory Reserve Rate (as defined in the Credit Agreement) plus 2.00%, (iv) in the case of a SONIA loan, the Sterling Overnight Index Average plus 2.03%, (v) in the case of a SARON loan, the Swiss Average Rate Overnight plus 2.00%, and (vi) in the case of an AUD rate loan, the AUD Screen Rate (as defined in the Credit Agreement) multiplied by the Statutory Reserve Rate plus 2.20%, in certain cases subject to applicable interest rate floors. The weighted-average interest rate in effect for the Revolver as of December 31, 2023 was 7.48%.

Borrowings under the Revolver may be repaid at any time during the term of the Credit Agreement and, subject to certain terms and conditions, may be reborrowed prior to the maturity date. Any outstanding principal amounts, together with any accrued interest thereon, shall be due and payable on the maturity date. The maturity date for the Revolver is September 20, 2026.

The Revolver bears a fee on undrawn commitments equal to 0.25% per annum if total utilization of revolving commitments is equal to or greater than 50% and 0.35% per annum if total utilization of revolving commitments is less than 50%.

The carrying value of the Revolver approximates fair value, as the loan is subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

Under the terms of the Credit Agreement, certain of the Company’s assets serve as pledged collateral. In addition, the Credit Agreement contains covenants that, among other things: limit the Company’s ability to incur indebtedness; create, incur or allow liens; transfer or dispose of assets; merge with other companies; make certain investments; pay dividends or make distributions; engage in new or different lines of business; and engage in transactions with affiliates. The Credit Agreement also contains financial covenants requiring the Company to maintain a total net leverage ratio and a minimum total of fee-earning assets under management. As of December 31, 2023, the Company was in compliance with the total net leverage ratio and minimum fee-earning assets under management covenants.

The Company can use available funding capacity under the Revolver to satisfy letters of credit in amounts up to $10.0 million. Amounts used to satisfy the letters of credit reduce the available capacity under the Revolver. As of December 31, 2023, the Company had outstanding letters of credit totaling $8.0 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Revenues - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 24.5	$ 21.6
Deferred revenue, revenue recognized	$ 3.6

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments - Equity Method Income (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Schedule of Equity Method Investments [Line Items]

Investment income (loss)

$ (2,051)

$ (681)

$ 4,115

$ (5,473)

Legacy Greenspring investment loss

^[1]

(2,222)

(8,966)

(9,054)

(32,927)

Total equity method loss

(188,268)

(145,615)

(104,691)

(651,299)

Carried interest allocations

Schedule of Equity Method Investments [Line Items]

Total carried interest allocations

(114,295)

(47,047)

6,498

(241,699)

Legacy Greenspring carried interest allocations

Schedule of Equity Method Investments [Line Items]

Total carried interest allocations

$ (69,700)

$ (88,921)

$ (106,250)

$ (371,200)

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 3 and 5 for more information.

Fair Value Measurements

9 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures certain assets and liabilities at fair value on a recurring basis. The following tables provide details regarding the classification of these assets and liabilities within the fair value hierarchy as of the dates presented:

Financial Instruments of the Company


	As of December 31, 2023
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligations	$	—	$	—	$	41,279	$	41,279

Total liabilities	$	—	$	—	$	41,279	$	41,279


	As of March 31, 2023
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligations	$	—	$	—	$	36,745	$	36,745
Total liabilities	$	—	$	—	$	36,745	$	36,745

For the financial instruments presented in the tables above, there were no changes in fair value hierarchy levels during the three and nine months ended December 31, 2023 and 2022.

A reconciliation from the beginning balance to the closing balance of Level III financial instruments of the Company are set forth below:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Contingent consideration obligations
Balance, beginning of period:	$	32,352	$	35,656	$	36,745	$	28,025
Additions	—		—		41		—
Change in fair value	8,927		1,989		4,639		9,949
Settlements	—		(172)		(146)		(501)
Balance, end of period:	$	41,279	$	37,473	$	41,279	$	37,473

Changes in unrealized losses included in earnings related to financial instruments still held at the reporting date	$	8,927	$	1,989	$	4,639	$	9,949

Contingent Consideration

The fair value of the contingent consideration obligation liabilities is based on a discounted cash flow analysis using a probability-weighted average estimate of certain performance targets, including revenue levels. The assumptions used in the analysis are inherently subjective; therefore, the ultimate amount of the contingent consideration liability may differ materially from the current estimate. The significant unobservable inputs required to value the contingent consideration obligation liabilities primarily relate to the future expected revenues and the discount rate applied to the expected future revenues and payments of obligations which was 7% as of December 31, 2023. The contingent consideration obligation liabilities are included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. Changes in the fair value of the liabilities are included in general, administrative and other expenses in the condensed consolidated statements of income.

Financial Instruments of Consolidated Funds


	As of December 31, 2023
	Level I		Level II		Level III		Total
Assets
Equity securities	$	—	$	—	$	5,096	$	5,096
Partnership and LLC interests	—		—		14,848		14,848
Total assets	$	—	$	—	$	19,944	$	19,944


	As of March 31, 2023
	Level I		Level II		Level III		Total
Assets
Partnership and LLC interests	$	—	$	—	$	6,901	$	6,901
Total assets	$	—	$	—	$	6,901	$	6,901

For the financial instruments presented in the tables above, there were no changes in fair value hierarchy levels during the three and nine months ended December 31, 2023 and 2022.

The Company generally values its investment funds, which are organized as partnership and LLC interests, using the NAV per share equivalent calculated by the investment manager as a practical expedient in determining an independent fair value. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. As of December 31, 2023 and March 31, 2023, investments with a combined fair value of $89.9 million and $23.7 million, respectively, are excluded from presentation in the fair value hierarchy as the fair value of these investments were measured at net asset value. As of December 31, 2023 and March 31, 2023, investments with a combined fair value of $19.9 million and $6.9 million, respectively, were classified as Level III investments. The significant unobservable input used to value these investments classified as Level III are the discounts to recent transaction prices.

A reconciliation from the beginning balance to the closing balance of Level III financial instruments of Consolidated Funds are set forth below:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Partnership and LLC interests
Balance, beginning of period:	$	12,329	$	—	$	6,901	$	—
Transfers into Level III	—		—		1,076		—
Transfers out of Level III	—		—		(6,134)		—
Purchases	7,615		14,312		18,101		14,312


Balance, end of period:	$	19,944	$	14,312	$	19,944	$	14,312

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Equity-Based Compensation

9 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

The change in unvested RSUs is as follows:


	Number of RSUs	Weighted-Average Grant-Date Fair Value Per RSU
Balance as of March 31, 2023	1,775,732	$	22.46
Granted	17,371	$	31.66
Vested	(595,993)	$	(18.39)
Forfeited	(43,470)	$	(23.55)
Balance as of December 31, 2023	1,153,640	$	24.66

Unvested Partnership Units

All Class B2 units will automatically convert into Class B units upon final vesting in 2024 and unitholders will be entitled to purchase from the Company one share of Class B common stock for each Class B unit at its par value. Prior to vesting, holders of Class B2 units do not have the right to receive any distributions from the Partnership, other than tax-related distributions.

As of December 31, 2023, there were 2,566,566 Class B2 units outstanding. During the nine months ended December 31, 2023, none of the outstanding Class B2 units were forfeited. As of December 31, 2023, 299,433 Class B2 units were unvested and 2,267,133 Class B2 units were vested.

As of December 31, 2023, $27.3 million of unrecognized non-cash compensation expense in respect of equity-based awards remained to be recognized over a weighted-average period of approximately 3.7 years.

Liability Classified Awards

The Company recognized $5.8 million and $3.8 million during the three months ended December 31, 2023 and 2022, respectively, and $10.8 million and $3.8 million during the nine months ended December 31, 2023 and 2022, respectively, of expense related to the fair value of liability classified awards within equity-based compensation expense in the condensed consolidated statements of income. For the three and nine months ended December 31, 2023 and 2022, no amounts were paid related to the settlement of liability classified awards.

Summary of Significant Accounting Policies - AOCI (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ 1,589,772	$ 1,638,411	$ 1,628,787	$ 1,605,217	$ 1,641,109	$ 1,824,330
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	(3)		280
Unrealized gain on defined benefit plan, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	189		181
Accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ 186	$ 338	$ 461	$ 610	$ 671	$ 658

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Earnings Per Share (Tables)

9 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliations of Basic and Diluted Earnings Per Share of Class A Common Stock

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
(in thousands, except share and per share amounts)
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$	(20,226)	$	(6,938)	$	27,268	$	(47,199)
Incremental income from assumed vesting of RSUs	—		—		217		—
Incremental income from assumed vesting and exchange of Class B2 units	—		—		1,055		—
Net income (loss) attributable to StepStone Group Inc. – Diluted	$	(20,226)	$	(6,938)	$	28,540	$	(47,199)

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	64,068,952		62,192,899		63,255,604		61,583,215
Assumed vesting of RSUs	—		—		511,889		—
Assumed vesting and exchange of Class B2 units	—		—		2,532,489		—
Weighted-average shares of Class A common stock outstanding – Diluted	64,068,952		62,192,899		66,299,982		61,583,215

Net income (loss) per share of Class A common stock:
Basic	$	(0.32)	$	(0.11)	$	0.43	$	(0.77)
Diluted	$	(0.32)	$	(0.11)	$	0.43	$	(0.77)

Related Party Transactions

9 Months Ended

Dec. 31, 2023

Related Party Transactions

The Company considers its senior executives, employees and equity method investments to be related parties. A substantial portion of the Company’s management and advisory fees and carried interest allocations is earned from various StepStone Funds that are considered equity method investments. The Company earned net management and advisory fees from the StepStone Funds of $100.8 million and $88.4 million for the three months ended December 31, 2023 and 2022, respectively, and $289.8 million and $245.9 million for the nine months ended December 31, 2023 and 2022, respectively. Carried interest allocation revenues earned from the StepStone Funds totaled $(114.3) million and $(47.0) million for the three months ended December 31, 2023 and 2022, respectively, and $6.5 million and $(241.7) million for the nine months ended December 31, 2023 and 2022, respectively. Legacy Greenspring carried interest allocation revenues earned from certain legacy Greenspring funds for which the Company has no direct economic interests totaled $(69.7) million and $(88.9) million for the three months ended December 31, 2023 and 2022, respectively, and $(106.3) million and $(371.2) million for the nine months ended December 31, 2023 and 2022, respectively.

Due from affiliates in the condensed consolidated balance sheets consists primarily of fees and accounts receivable from the StepStone Funds, advances made on behalf of the StepStone Funds for the payment of certain organization and operating costs and expenses for which the Company is subsequently reimbursed, amounts due from employees and loans due from affiliated entities, as set forth below.


	As of
	December 31, 2023		March 31, 2023
Amounts receivable from StepStone Funds	$	36,840	$	33,813
Amounts receivable from employees	13,801		7,016
Amounts receivable from loans	13,380		13,493
Total due from affiliates	$	64,021	$	54,322

Due to affiliates in the condensed consolidated balance sheets consists primarily of amounts payable to certain non-controlling interest holders in connection with the Tax Receivable Agreements, amounts payable to the StepStone Funds and distributions payable to certain employee equity holders of consolidated subsidiaries, as set forth below.


	As of
	December 31, 2023		March 31, 2023
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements	$	195,912	$	199,307
Amounts payable to StepStone Funds	5,869		4,796
Distributions payable to certain employee equity holders of consolidated subsidiaries	444		1,321
Total due to affiliates	$	202,225	$	205,424

The Company made payments of $2.6 million and $1.1 million during the three months ended December 31, 2023 and 2022, respectively, and $10.3 million and $6.0 million for the nine months ended December 31, 2023 and 2022, respectively, under the Tax Receivable Agreements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-Paragraph 1
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-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its annual report on Form 10-K for the fiscal year ended March 31, 2023 filed with the Securities and Exchange Commission (“SEC”).

Certain of the StepStone Funds are investment companies that follow specialized accounting under GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current period presentation. Amounts relating to unpaid realized carried interest-related compensation that were previously reported within accrued carried interest-related compensation have been presented within accrued compensation and benefits in the condensed consolidated balance sheets.

Consolidation

The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). Under the VIE model, management first assesses whether the Company has a variable interest in an entity. In evaluating whether the Company holds a variable interest, fees received as a decision maker or in exchange for services (including management fees, incentive fees and carried interest allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. If the Company has a variable interest in an entity, management further assesses whether that entity is a VIE, and if so, whether the Company is the primary beneficiary under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The consolidation analysis can generally be performed qualitatively; however, in certain situations a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective StepStone Funds that are VIEs could affect the entity’s status as a VIE or the determination of the primary beneficiary.

Under the VIE model, an entity is deemed to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. When assessing whether the Company is the primary beneficiary of a VIE, management evaluates whether the Company’s involvement, through holding interests directly or indirectly in an entity or contractually through other variable interests, would give the Company a controlling financial interest. This analysis includes an evaluation of the Company’s control rights, as well as the economic interests that the Company holds in the VIE, including indirectly through related parties.

The Company provides investment advisory services to the StepStone Funds, which have third-party clients. These funds are investment companies and are typically organized as limited partnerships or limited liability companies for which the Company, through its operating subsidiaries, acts as the general partner or managing member. A limited partnership or similar entity is a VIE if the unaffiliated limited partners or members do not have substantive rights to terminate or liquidate the fund or remove the general partner or substantive rights to participate. Certain StepStone Funds are VIEs because they have not granted unaffiliated limited partners or members substantive rights to terminate the fund or remove the general partner or substantive rights to participate. The Company does not consolidate these StepStone Funds because it is not the primary beneficiary of those funds, primarily because it does not hold an interest in those funds that is considered more than insignificant and its fee arrangements are considered customary and commensurate.

The Company has determined that certain of its operating subsidiaries, StepStone Group Real Assets LP (“SRA”), StepStone Group Real Estate LP (“SRE”), Swiss Capital Alternative Investments AG (“SPD”), and StepStone Group Private Wealth LLC (“SPW”) and certain StepStone Funds are VIEs, and that the Company is the primary beneficiary of each entity because it has a controlling financial interest in each entity; accordingly, the Company consolidates these entities. The assets and liabilities of the consolidated VIEs are presented gross in the condensed consolidated balance sheets. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs. See note 4 for more information on both consolidated and unconsolidated VIEs.

In connection with the acquisition of Greenspring Associates, Inc. and certain of its affiliates (“Greenspring”) that was completed on September 20, 2021, the Company, indirectly through its subsidiaries, became the sole and/or managing member of certain entities, each of which is the general partner of an investment fund (“legacy Greenspring general partner entities”). The Company did not acquire any direct economic interests attributable to the legacy Greenspring general partner entities, including legacy Greenspring investments in funds and carried interest allocations. However, certain arrangements negotiated as part of the acquisition represent variable interests that could be significant. The Company determined that the legacy Greenspring general partner entities are VIEs and it is the primary beneficiary of each such entity because it has a controlling financial interest in each entity. As a result, the Company consolidates these entities.

The Company and its subsidiaries manages or controls certain entities that constitute client investment funds that have been consolidated in the accompanying condensed consolidated financial statements (“Consolidated Funds”). Including the results of the Consolidated Funds increases the reported amounts of the assets, liabilities, expenses and cash flows in the accompanying condensed consolidated financial statements, and amounts related to economic interests held by third-party investors are reflected as redeemable non-controlling interests in Consolidated Funds. The revenues earned by the Company as investment manager of the Consolidated Funds are eliminated in consolidation and generally have no direct effect on the net income attributable to SSG or to Stockholders' Equity.

Non-Controlling Interests

Non-controlling interests (“NCI”) reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Non-controlling interests are presented as separate components of stockholders’ equity on the Company’s condensed consolidated balance sheets to clearly distinguish between the Company’s interests and the economic interests of third parties and employees in those entities. Net income (loss) attributable to SSG, as reported in the condensed consolidated statements of income, is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 13 for more information on ownership interests in the Company.

Non-controlling interests in subsidiaries represent the economic interests in SRA, SRE, and SPD (the variable interest entities included in the Company’s condensed consolidated financial statements) held by third parties and employees in those entities. Non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Non-controlling interests in legacy Greenspring entities represent the economic interests in the legacy Greenspring general partner entities. The Company did not acquire any direct economic interests in the legacy Greenspring general partner entities. As a result, all of the net income (loss) attributable to the legacy Greenspring general partner entities is allocated to non-controlling interests in legacy Greenspring entities.

Non-controlling interests in the Partnership represent the economic interests related to the Class B and Class C units of the Partnership which are not owned by SSG. Non-controlling interests in the Partnership are allocated a share of income or loss in the Partnership in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Redeemable non-controlling interests in Consolidated Funds represent the economic interests in the Consolidated Funds which are not held by SSG, but are held by the client investors in the funds. These interests are presented as redeemable non-controlling interests in Consolidated Funds within the condensed consolidated balance sheets, outside of permanent capital as the investors in these funds generally have the right to withdraw their capital, subject to the terms of the respective contractual agreements. Redeemable non-controlling interests in Consolidated Funds are allocated a share of income or loss in the respective fund in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Accounting for Differing Fiscal Periods

The StepStone Funds primarily have a fiscal year end as of December 31. The Company accounts for its investments in the StepStone Funds on a three-month lag due to the timing of receipt of financial information from the investments held by the StepStone Funds. The StepStone Funds primarily invest in private markets funds that generally require at least 90 days following the calendar year end to provide audited financial statements. As a result, the Company uses the December 31 audited financial statements of the StepStone Funds, which reflect the underlying private markets funds as of December 31, to record its investments (including any carried interest allocated by those investments) for its fiscal year-end consolidated financial statements as of March 31. The Company further adjusts the reported carrying values of its investments in the StepStone Funds for its share of capital contributions to and distributions from the StepStone Funds during the three-month lag period. For this interim period ended December 31, 2023, the Company used the September 30, 2023 unaudited financial statements of the StepStone Funds, which reflect the underlying private market funds as of September 30, 2023, to record its investments (including any carried interest allocated by those investments), as adjusted for capital contributions and distributions during the three-month lag period ended December 31, 2023.

The Company does not account for management and advisory fees or incentive fees on a three-month lag.

To the extent that management becomes aware of any material events that affect the StepStone Funds during the three-month lag period, the effect of the events would be disclosed in the notes to the condensed consolidated financial statements.

Current Events

In 2023, signs of slowing inflation coupled with a strong labor market contributed to a rebound in financial markets despite banking system volatility as recession fears receded in anticipation that interest rates may not rise as much as previously expected. For calendar 2023, most financial markets posted positive returns, despite ongoing concerns of a sustained period of higher interest rates, slowing economic growth and moderated job gains.

The Company is continuing to closely monitor developments related to inflation, rising interest rates, the ongoing Russia-Ukraine conflict, banking system volatility, the Israel-Hamas conflict and the geopolitical responses thereto, and assess the impact on financial markets and the Company’s business. The Company’s results and the overall industry results have been and may continue to be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which have resulted in, and may continue to result in, delayed or decreased management fees. Further, fund managers have been unable or less able to exit existing investments profitably. Such conditions have resulted in, and may continue to result in, delayed or decreased performance fee revenues. It is currently not possible to predict the ultimate effects of these events on the financial markets, overall economy and the Company’s condensed consolidated financial statements.

Fair Value Measurements

GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace – including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and therefore a lesser degree of judgment is used in measuring their fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows:

•Level I – Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

•Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments classified in this category include less liquid securities traded in active markets and securities traded in other than active markets.

•Level III – Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument.

The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for financial instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may result in transfers between Levels I, II, and III.

The Company considers its cash, cash equivalents, restricted cash, fees and accounts receivable, accounts payable, investments, revolving credit facility, and contingent consideration obligation balance to be financial instruments. The carrying amounts of cash, cash equivalents, restricted cash, fees and accounts receivable and accounts payable equal or approximate their fair values due to their nature and/or the relatively short period over which they are held. See note 6 for additional details regarding the fair value of the Company’s contingent consideration obligation balance and see note 8 for additional details regarding the fair value of the Company’s revolving credit facility balance.

Restricted Cash

Restricted cash consists of cash that the Company is contractually obligated to maintain to secure its letters of credit used primarily related to its office facilities and other obligations.

Investments

Investments primarily include the Company’s ownership interests in the StepStone Funds, as general partner or managing member of such funds. The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, but not control, including the StepStone Funds, using the equity method of accounting. The carrying value of these equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss (including carried interest allocations), less distributions received. Investments include the Company’s cumulative accrued carried interest allocations from the StepStone Funds, which primarily represent performance-based capital allocations, assuming the StepStone Funds were liquidated as of each reporting date in accordance with the funds’ governing documents. Legacy Greenspring investments in funds and accrued carried interest allocations represent the economic interests held by the legacy Greenspring general partner entities in certain funds for which the Company does not have any direct economic interests. All of the economics in respect of such interests are payable to employees and are therefore reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring performance fee-related compensation. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

Management's determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates.

Investments of Consolidated Funds

The Company’s Consolidated Funds are investment companies under GAAP and reflect their investments at estimated fair value. The Company has retained the specialized investment company accounting for the Consolidated Funds under GAAP. Investments of the Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in fair value is recognized in the condensed consolidated statements of income. In addition, the Consolidated Funds do not consolidate their majority-owned and controlled investments in underlying portfolio companies.

Leases

The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company’s identified leases primarily consist of operating lease agreements for office space and certain equipment, as the lessee. Operating leases are included in lease right-of-use-assets, net and lease liabilities in the condensed consolidated balance sheets. Certain leases include lease and non-lease components, which the Company accounts for as a single lease component. Lease right-of-use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Lease ROU assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate in determining the present value of future minimum lease payments. The Company’s lease terms may include options to extend or terminate the lease, which are included in the measurement of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise those options.

Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheets. See note 14 for more information.

Intangibles and Goodwill

The Company’s finite-lived intangible assets consist of acquired contractual rights to earn future management and advisory fee income and client relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which range from 8 to 10 years. The Company did not have any intangible assets that were deemed to have an indefinite life as of December 31, 2023.

Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets during the three and nine months ended December 31, 2023 and 2022.

Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of January 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill.

Revenues

The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company has elected to apply the variable consideration allocation exception for its fee arrangements with its customers.

Management and Advisory Fees, Net

The Company earns management fees for services provided to its SMAs and focused commingled funds. The Company earns advisory fees for services provided to advisory clients where the Company does not have discretion over investment decisions. The Company considers its performance obligations in its customer contracts from which it earns management and advisory fees to be one or more of the following, based on the services promised: asset management services, advisory services and/or the arrangement of administrative services. Management fees include income-based incentive fees, which are predictable and recurring in nature and paid quarterly based on net investment income of certain funds that are regulated as a business development company (“BDC”). Capital gains-based incentive fees from BDC funds are recognized as performance fees. There have been no capital-gains based incentive fees recognized to date.

The Company recognizes revenues from asset management services and advisory services when control of the promised services is transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. SMAs are generally contractual arrangements involving an investment management agreement between the Company and a single client, and are typically structured as a partnership or limited liability company for which a subsidiary of SSG serves as the general partner or managing member. Focused commingled funds are structured as limited partnerships or limited liability companies with multiple clients, for which a subsidiary of the Company serves as the general partner or managing member. The Company determined that the individual client or single limited partner or member is the customer with respect to SMAs and advisory clients. Based on certain facts and circumstances specific to each individual fund structure, the Company has determined that for accounting purposes, either the StepStone Fund or the individual investors in the fund may be considered to be the customer for arrangements with focused commingled funds.

When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the Company satisfies these performance obligations over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees earned from these contracts where the Company has discretion over investment decisions are generally calculated based on a percentage of unaffiliated committed capital or net invested capital, and these amounts are typically billed quarterly. For certain investment funds, management fees are initially based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. In addition, the management fee rate charged may also be reduced for certain investment funds depending on the contractual arrangement. The management fee basis is subject to factors outside of the Company’s control. Therefore, estimates of future period management fees are not included in the transaction price because those estimates would be considered constrained. Advisory fees from contracts where the Company does not have discretion over investment decisions are generally based on fixed amounts and typically billed quarterly.

Management fees generally exclude reimbursements for expenses paid by the Company on behalf of its customers, including amounts related to certain professional fees and other fund administrative expenses pursuant to the fund’s governing documents. For professional and administrative services that the Company arranges to be performed by third parties on behalf of investment funds, management has concluded that the nature of its promise is to arrange for the services to be provided and, accordingly, the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the reimbursements for these professional fees paid on behalf of the investment funds are generally presented on a net basis.

The Company and certain investment funds that it manages have distribution and service agreements with third-party financial institutions, whereby the Company pays a portion of the fees it receives to such institutions for ongoing distribution and servicing of customer accounts. Management has concluded that the Company does not act as principal for the third-party services, as the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the management fees are recorded net of these service fees.

The Company may incur certain costs in connection with satisfying its performance obligations for investment management services – primarily employee travel costs – for which it receives reimbursements from its customers. For reimbursable employee travel costs, the Company concluded it controls the services provided by its employees and, therefore, is acting as principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis – that is, as revenue in management and advisory fees, net and expense in general, administrative and other expenses in the condensed consolidated statements of income. For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control the services provided by its employees and other parties and, therefore, is acting as agent. Accordingly, the Company records the reimbursement for these costs incurred on a net basis.

Performance Fees

The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below.

Incentive fees are generally calculated as a percentage of the profits (up to 15%) earned in respect of certain accounts, including certain permanent capital vehicles, for which the Company is the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in the Company’s contracts with its customers. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax.

The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant risk of reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax-related portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets.

Carried interest allocations include the allocation of performance-based fees, commonly referred to as carried interest, to the Company from unaffiliated limited partners in the StepStone Funds in which the Company holds an equity interest. The Company is entitled to a carried interest allocation (typically 5% to 15%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These carried interest allocations are subject to the achievement of minimum return levels (typically 5% to 10%) in accordance with the terms set forth in each respective fund’s governing documents. The Company accounts for its investment balances in the StepStone Funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, carried interest allocations are not deemed to be within the scope of ASC 606.

Legacy Greenspring carried interest allocations reflect the allocation of carried interest to legacy Greenspring general partner entities from limited partners in certain legacy Greenspring funds in which the legacy Greenspring general partner entities hold an equity interest. The legacy Greenspring general partner entities are entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. The Company accounts for the investment balances in the legacy Greenspring funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, legacy Greenspring carried interest allocations are not deemed to be within the scope of ASC 606. The Company does not hold any direct economic interests in the legacy Greenspring general partner entities and thus is not entitled to any carried interest allocation from the legacy funds. All of the carried interest allocations in respect of the legacy Greenspring funds are payable to employees who are considered affiliates of the Company and are therefore reflected as legacy Greenspring performance fee-related compensation in the condensed consolidated statements of income.

The Company recognizes revenue attributable to carried interest allocations from a fund based on the amount that would be due to the Company pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as carried interest allocation revenue reflects the Company’s share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. The Company records the amount of carried interest allocated to the Company as of each period end as accrued carried interest allocations receivable, which is included as a component of investments in the condensed consolidated balance sheets. Management's determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates.

Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Carried interest is subject to reversal to the extent that the amount received to date exceeds the amount due to the Company based on cumulative results. As such, a liability is accrued for potential clawback obligations if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of December 31, 2023 and March 31, 2023, no material amounts for potential clawback obligations had been accrued.

Equity-Based Compensation

Equity-based compensation represents grants of equity-based awards or arrangements to certain employees and directors. The Company accounts for grants of equity-based awards, including restricted stock units (“RSUs”), to certain employees and directors at fair value as of the grant date. The Company recognizes non-cash compensation expense attributable to these grants on a straight-line basis over the requisite service period, which is generally the vesting period. Expense related to grants of equity-based awards is recognized as equity-based compensation expense in the condensed consolidated statements of income. The fair value of RSUs is determined by the closing stock price on the grant date. Forfeitures of equity-based awards are recognized as they occur. Awards classified as liabilities are remeasured at the end of each reporting period until settlement. See note 9 for additional information regarding the Company’s accounting for equity-based awards.

Income Taxes

SSG is a corporation for U.S. federal income tax purposes and therefore is subject to U.S. federal and state income taxes on its share of taxable income generated by the Partnership. The Partnership is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Partnership flows through to its limited partners, including SSG, and is generally not subject to U.S. federal or state income tax at the Partnership level. The Partnership’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, which are reflected within income tax expense in the condensed consolidated statements of income. As a result, the Partnership does not record U.S. federal and state income taxes on income in the Partnership or its subsidiaries, except for certain local and foreign income taxes discussed above.

Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. Deferred tax liabilities are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of Partnership units. See Tax Receivable Agreements below.

Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies.

The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more-likely-than-not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and general, administrative and other expenses, respectively, in the condensed consolidated statements of income. See note 10 for more information.

The Company has elected to account for global intangible low-taxed income (“GILTI”) earned by foreign subsidiaries in the period the tax is incurred.

Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available.

Tax Receivable Agreements

The Tax Receivable Agreements provide for payment by SSG to the Class B limited partners, Class C limited partners and pre-IPO institutional investors of the Partnership of 85% of the amount of the net cash tax savings, if any, that SSG realizes (or, under certain circumstances, is deemed to realize) as a result of increases in tax basis (and utilization of certain other tax benefits) resulting from (i) SSG’s acquisition of such partners’ and institutional investors’ Partnership units and (ii) in the case of the Exchanges Tax Receivable Agreement, any payments SSG makes under the Exchanges Tax Receivable Agreement (including tax benefits related to imputed interest). SSG will retain the benefit of the remaining 15% of these net cash tax savings under both Tax Receivable Agreements. See note 13 for more information.

Accumulated Other Comprehensive Income

The Company’s accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains and losses on the defined benefit plan sponsored by one of its subsidiaries. The components of accumulated other comprehensive income were as follows:


	As of
	December 31, 2023		March 31, 2023
Foreign currency translation adjustments	$	(3)	$	280
Unrealized gain on defined benefit plan, net	189		181
Accumulated other comprehensive income	$	186	$	461

Segments

The Company operates as one business, a fully-integrated private markets solution provider. The Company’s chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes a consolidated approach to assess the performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment and single reportable segment for accounting and financial reporting purposes.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs issued during the current period not listed below were assessed and determined to either be not applicable to the Company, or not expected to have a material impact on the condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends current guidance to provide optional practical expedients and exceptions, if certain criteria are met, for applying GAAP to contracts, hedging relationships and other transactions that are affected by the reference rate reform. The expedients and exceptions in this update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”). Initially the update did not apply to contract modifications or hedging relationships entered into after December 31, 2022, but in December 2022, the FASB issued ASU 2022-06, which defers the sunset date for applying reference rate reform relief in ASC 848 to December 31, 2024. This guidance is effective for adoption anytime after March 12, 2020, but must be adopted prior to December 31, 2024. The Company is currently evaluating the impact on the condensed consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which amends current guidance for reportable segment disclosure requirements. The updated disclosure requirements include: (1) reporting of segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) reporting of an amount for other segment items by reportable segment and a description of its composition, (3) reporting in interim periods of all annual disclosures about a reportable segment’s profit or loss and assets as currently required by Topic 280, (4) reporting of one or more additional measures of segment profit or loss if used by the CODM in assessing segment performance and determining allocation of resources, (5) reporting of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss, and (6) the requirement for single reportable segment entities to provide all required disclosures in Topic 280 for annual and interim periods. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact to its financial statements and related disclosures.

In November 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends current guidance to provide expanded disclosure for the rate reconciliation with information about specific categories and reconciling items that meet a specific threshold, and to provide additional information about income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact to its financial statements and related disclosures.

Stockholders' Equity and Redeemable Non-Controlling Interests - Noncontrolling Interests In Consolidated Funds (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 59,272	$ 0	$ 24,530	$ 0
Contributions	11,216	4,575	39,956	4,575
Net income	5,588	391	11,590	391
Ending balance	$ 76,076	$ 4,966	$ 76,076	$ 4,966

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Mar. 31, 2023
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,153,640	1,471,982	1,471,982
Class B2 units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,566,566	2,566,566	2,566,566
Common Class B Member, Issuable In Connection With Vesting Of Class B2 Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	23,417	23,417	23,417
Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)	46,314,543	46,420,141	46,420,141	46,420,141
Class C Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)	1,962,131	2,514,085	2,514,085

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to StepStone Group Inc. – Basic	$ (20,226)	$ (6,938)	$ 27,268	$ (47,199)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Revenues

9 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

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 December 31,				Nine Months Ended December 31,
Management and Advisory Fees, Net	2023		2022		2023		2022
Focused commingled funds(1)	$	78,429	$	60,680	$	215,757	$	164,975
SMAs	55,838		53,515		168,012		156,154
Advisory and other services	16,069		13,926		43,911		40,698
Fund reimbursement revenues	1,156		632		4,050		2,779
Total management and advisory fees, net	$	151,492	$	128,753	$	431,730	$	364,606

_______________________________

(1)Includes BDC income-based incentive fees of $0.6 million for the three and nine months ended December 31, 2023.


	Three Months Ended December 31,				Nine Months Ended December 31,
Incentive Fees	2023		2022		2023		2022
SMAs	$	8,705	$	5	$	13,312	$	5,370
Focused commingled funds	9,186		2,975		9,531		2,975
Total incentive fees	$	17,891	$	2,980	$	22,843	$	8,345


	Three Months Ended December 31,				Nine Months Ended December 31,
Carried Interest Allocations	2023		2022		2023		2022
SMAs	$	(92,554)	$	(46,443)	$	(7,774)	$	(205,019)
Focused commingled funds	(21,741)		(604)		14,272		(36,680)
Total carried interest allocations	$	(114,295)	$	(47,047)	$	6,498	$	(241,699)


	Three Months Ended December 31,				Nine Months Ended December 31,
Legacy Greenspring Carried Interest Allocations	2023		2022		2023		2022
SMAs	$	(40)	$	—	$	58	$	—
Focused commingled funds	(69,660)		(88,921)		(106,308)		(371,200)
Total legacy Greenspring carried interest allocations(1)	$	(69,700)	$	(88,921)	$	(106,250)	$	(371,200)

_______________________________

(1)The three months ended December 31, 2023 and 2022 reflect the net effect of gross realized carried interest allocations of $0.1 million and $5.2 million, respectively, and the nine months ended December 31, 2023 and 2022 reflect the net effect of gross realized carried interest allocations of $26.0 million and $45.4 million, respectively, and the reversal of such amounts in unrealized carried interest allocations for such periods.

The decrease in carried interest allocations for the three months ended December 31, 2023 was primarily attributable to net unrealized depreciation in the fair value of certain underlying investments in the Company’s private equity funds. The increase in carried interest allocations for the nine months ended December 31, 2023 was primarily attributable to net unrealized appreciation in the fair value of certain underlying investments in the Company’s private equity funds. The decrease in legacy Greenspring carried interest allocations for the three months ended December 31, 2023 was primarily attributable to net unrealized depreciation in the fair value of certain underlying fund investments. The increase in legacy Greenspring carried interest allocations for the nine months ended December 31, 2023 was primarily attributable to lower net unrealized depreciation in the fair value of certain underlying fund investments as compared to the nine months ended December 31, 2022. 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 December 31,				Nine Months Ended December 31,
Revenues(1)	2023		2022		2023		2022
United States	$	(8,336)	$	(24,883)	$	83,777	$	(223,480)
Non-U.S. countries	(6,276)		20,648		271,044		(16,468)

_______________________________

(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 nine months ended December 31, 2023 and 2022, no individual client represented 10% or more of the Company’s net management and advisory fees.

As of December 31, 2023 and March 31, 2023, the Company had $24.5 million and $21.6 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. During the nine months ended December 31, 2023, the Company had recognized $3.6 million as revenue from amounts included in the deferred revenue balance as of March 31, 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 8, 2024, the Company announced a quarterly cash dividend of $0.21 per share of Class A common stock, payable on March 15, 2024 to holders of record as of the close of business on February 29, 2024. On February 7, 2024, SSG (or its subsidiary, in the case of the agreement with SPD) entered into agreements (the “Transaction Agreements”) with SRA, SRE and SPD (the “Asset Class Entities”), their respective asset class heads as seller representatives, and the seller parties signatory thereto. The Transaction Agreements provide a path to the Company owning all of the outstanding equity interests of the Asset Class Entities over a defined period of time. The Transaction Agreements provide for, among other things and subject to the terms and conditions therein, the exchange of the sellers’ equity interests in the Asset Class Entities, as applicable, for a combination of (i) newly created Class D equity interests in the Partnership with terms substantially similar to the Partnership’s existing Class C Units, in the case of SRE and SRA, or shares of the Company’s Class A common stock, in the case of SPD and (ii) cash, in up to ten annual exchanges (increased to up to fifteen annual exchanges in certain circumstances in case of the sellers of SRA equity interests).

Intangibles and Goodwill (Tables)

9 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consists of the following:


	As of
	December 31, 2023		March 31, 2023
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650
Service agreements	—		9,537
Less: Accumulated amortization	(133,356)		(103,544)
Intangible assets, net	$	315,296	$	354,645

Schedule of Future Amortization of Finite-lived Intangible Assets

At December 31, 2023, the expected future amortization of finite-lived intangible assets is as follows:


Remainder of FY2024	$	10,424
FY2025	41,001
FY2026	40,810
FY2027	40,776
FY2028	40,759
Thereafter	141,526
Total	$	315,296

Revenues (Tables)

9 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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 December 31,				Nine Months Ended December 31,
Management and Advisory Fees, Net	2023		2022		2023		2022
Focused commingled funds(1)	$	78,429	$	60,680	$	215,757	$	164,975
SMAs	55,838		53,515		168,012		156,154
Advisory and other services	16,069		13,926		43,911		40,698
Fund reimbursement revenues	1,156		632		4,050		2,779
Total management and advisory fees, net	$	151,492	$	128,753	$	431,730	$	364,606

_______________________________

(1)Includes BDC income-based incentive fees of $0.6 million for the three and nine months ended December 31, 2023.


	Three Months Ended December 31,				Nine Months Ended December 31,
Incentive Fees	2023		2022		2023		2022
SMAs	$	8,705	$	5	$	13,312	$	5,370
Focused commingled funds	9,186		2,975		9,531		2,975
Total incentive fees	$	17,891	$	2,980	$	22,843	$	8,345


	Three Months Ended December 31,				Nine Months Ended December 31,
Carried Interest Allocations	2023		2022		2023		2022
SMAs	$	(92,554)	$	(46,443)	$	(7,774)	$	(205,019)
Focused commingled funds	(21,741)		(604)		14,272		(36,680)
Total carried interest allocations	$	(114,295)	$	(47,047)	$	6,498	$	(241,699)


	Three Months Ended December 31,				Nine Months Ended December 31,
Legacy Greenspring Carried Interest Allocations	2023		2022		2023		2022
SMAs	$	(40)	$	—	$	58	$	—
Focused commingled funds	(69,660)		(88,921)		(106,308)		(371,200)
Total legacy Greenspring carried interest allocations(1)	$	(69,700)	$	(88,921)	$	(106,250)	$	(371,200)

_______________________________

Revenue from External Customers by Geographic Areas

The table below presents the Company’s revenues by geographic location:


	Three Months Ended December 31,				Nine Months Ended December 31,
Revenues(1)	2023		2022		2023		2022
United States	$	(8,336)	$	(24,883)	$	83,777	$	(223,480)
Non-U.S. countries	(6,276)		20,648		271,044		(16,468)

_______________________________

(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.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income were as follows:


	As of
	December 31, 2023		March 31, 2023
Foreign currency translation adjustments	$	(3)	$	280
Unrealized gain on defined benefit plan, net	189		181
Accumulated other comprehensive income	$	186	$	461

Fair Value Measurements - Narrative (Details)	3 Months Ended		9 Months Ended
Fair Value Measurements - Narrative (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in fair value hierarchy levels	$ 0	$ 0	$ 0	$ 0
Partnership and LLC interests	109,822,000		109,822,000		$ 30,595,000
Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Partnership and LLC interests	89,900,000		89,900,000		23,700,000
Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Partnership and LLC interests	$ 19,900,000		$ 19,900,000		$ 6,900,000
Measurement Input, Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input	7		7

Investments - Consolidated Funds Net Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Net realized gains on investments	$ 1,333	$ 0	$ 1,333	$ 0
Net unrealized gains on investments	$ 9,890	$ 4,895	$ 21,024	$ 4,895

Variable Interest Entities

9 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Consolidated VIEs

The Company consolidates certain VIEs for which it is the primary beneficiary. Such VIEs consist of certain operating entities not wholly-owned by the Company (e.g., SPD, SRA and SRE), SPW, legacy Greenspring general partner entities and certain StepStone Funds. See note 2 for more information on the Company’s accounting policies related to the consolidation of VIEs. The assets of the consolidated VIEs totaled $965.0 million and $964.2 million as of December 31, 2023 and March 31, 2023, respectively. The liabilities of the consolidated VIEs totaled $592.2 million and $682.7 million as of December 31, 2023 and March 31, 2023, respectively. The assets of the consolidated VIEs may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. As of December 31, 2023 and March 31, 2023, no material amounts previously distributed have been accrued for clawback liabilities.

Unconsolidated VIEs

The Company holds variable interests in the form of direct equity interests in certain VIEs that are not consolidated because the Company is not the primary beneficiary. The Company’s maximum exposure to loss is limited to the potential loss of assets recognized by the Company relating to these unconsolidated entities. The carrying value of the assets and liabilities recognized in the condensed consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below:


	As of
	December 31, 2023		March 31, 2023
Investments in funds	$	126,813	$	115,187
Legacy Greenspring investments in funds	145,738		152,658
Due from affiliates, net	30,971		29,017
Less: Amounts attributable to non-controlling interests in subsidiaries	23,490		19,432
Less: Amounts attributable to non-controlling interests in legacy Greenspring entities	145,738		152,658
Maximum exposure to loss	$	134,294	$	124,772

Cover Page - shares	9 Months Ended
Cover Page - shares	Dec. 31, 2023	Feb. 06, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-39510
Entity Registrant Name	STEPSTONE GROUP INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3868757
Entity Address, Address Line One	277 Park Avenue
Entity Address, Address Line Two	45th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10172
City Area Code	212
Local Phone Number	351-6100
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	STEP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001796022
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		64,077,566
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		46,314,543

Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Debt Disclosure [Abstract]
Revolver	$ 125,000	$ 100,000
Less: Debt issuance costs	(1,296)	(1,649)
Total debt obligations	$ 123,704	$ 98,351

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands

Total

Common Stock

Class A Common Stock

Common Stock

Class B Common Stock

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Income

Noncontrolling Interest

Non-Controlling Interests in Subsidiaries

Noncontrolling Interest

Non-Controlling Interests in Legacy Greenspring Entities

Noncontrolling Interest

Non-Controlling Interests in the Partnership

Total stockholders' equity, beginning balance at Mar. 31, 2022

$ 1,824,330

$ 61

$ 48

$ 587,243

$ 229,615

$ 658

$ 32,063

$ 194,480

$ 780,162

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(102,482)

(47,199)

25,836

(32,927)

(48,192)

Other comprehensive loss

(179)

(51)

(88)

(40)

Contributed capital

10,813

142

10,634

Equity-based compensation

11,805

6,385

260

5,160

Distributions

(93,999)

(23,903)

(6,842)

(63,254)

Dividends declared

(37,916)

Vesting of RSUs, net of shares withheld for employee taxes

(2,707)

(1,504)

(1,203)

Exchange of Class B and Class C units for Class A common stock and redemption of corresponding Class B common shares

(1)

(2)

(1)

Equity reallocation between controlling and non-controlling interests

18,821

(18,825)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

^[1]

(4,447)

Total stockholders' equity, ending balance at Dec. 31, 2022

1,605,217

606,497

144,500

610

34,311

165,345

653,845

Total stockholders' equity, beginning balance at Sep. 30, 2022

1,641,109

596,355

164,044

671

28,922

173,443

677,565

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(13,946)

(6,938)

9,575

(8,966)

(7,617)

Other comprehensive loss

(240)

(68)

(118)

(54)

Contributed capital

2,011

142

1,849

Equity-based compensation

4,308

2,259

252

1,797

Distributions

(14,352)

(4,463)

(981)

(8,908)

Dividends declared

(12,606)

Exchange of Class B and Class C units for Class A common stock and redemption of corresponding Class B common shares

(1)

Equity reallocation between controlling and non-controlling interests

8,950

(8,958)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

^[1]

(1,066)

Total stockholders' equity, ending balance at Dec. 31, 2022

1,605,217

606,497

144,500

610

34,311

165,345

653,845

Total stockholders' equity, beginning balance at Mar. 31, 2023

1,628,787

610,567

160,430

461

36,380

152,658

668,182

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

73,688

27,268

32,797

(9,054)

22,677

Other comprehensive loss

(990)

(284)

(488)

(218)

Contributed capital

8,870

8,833

Equity-based compensation

14,510

7,949

444

6,117

Distributions

(78,229)

(30,961)

(6,699)

(40,569)

Dividends declared

(56,360)

Vesting of RSUs, net of shares withheld for employee taxes

(613)

(345)

(268)

Exchange of Class B and Class C units for Class A common stock and redemption of corresponding Class B common shares

(1)

Sale of non-controlling interests

3,045

851

1,553

641

Equity reallocation between controlling and non-controlling interests

14,123

(2,898)

(11,234)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

^[1]

(2,936)

Total stockholders' equity, ending balance at Dec. 31, 2023

1,589,772

630,208

131,338

186

36,827

145,738

645,365

Total stockholders' equity, beginning balance at Sep. 30, 2023

1,638,411

628,977

165,240

338

30,394

144,255

669,097

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(29,007)

(20,226)

13,552

(2,222)

(20,111)

Other comprehensive loss

(545)

(152)

(278)

(115)

Contributed capital

4,257

4,248

Equity-based compensation

5,188

2,874

148

2,166

Distributions

(13,213)

(6,989)

(543)

(5,681)

Dividends declared

(13,676)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

^[1]

(1,643)

Total stockholders' equity, ending balance at Dec. 31, 2023

$ 1,589,772

$ 64

$ 46

$ 630,208

$ 131,338

$ 186

$ 36,827

$ 145,738

$ 645,365

[1]	See notes 10 and 13 for more information.

Investments

9 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments

The Company’s investments consist of equity method investments primarily related to (i) investments in the StepStone Funds for which it serves as general partner or managing member but does not have a controlling financial interest and (ii) investments of Consolidated Funds. The Company’s equity interest in its equity method investments in the StepStone Funds typically does not exceed 1% in each fund. The Company’s share of the underlying net income or loss attributable to its equity interest in the funds is recorded in investment income in the condensed consolidated statements of income. Investment income attributable to the Consolidated Funds is recorded in investment income of Consolidated Funds. Investment income attributable to investments in certain legacy Greenspring funds for which the Company has no direct economic interests is recorded in legacy Greenspring investment income in the condensed consolidated statements of income.

Equity Method Investments

The Company’s equity method investments consist of the following:


	As of
	December 31, 2023		March 31, 2023
Investments in funds(1)	$	126,813	$	115,187
Accrued carried interest allocations	1,203,847		1,227,173
Legacy Greenspring investments in funds and accrued carried interest allocations(2)	632,414		770,652
Total equity method investments	$	1,963,074	$	2,113,012

_______________________________

(1)The Company’s investments in funds were $187.9 million and $147.5 million as of December 31, 2023 and March 31, 2023, respectively. The consolidation of the Consolidated Funds results in the elimination of the Company’s investments in such funds.

(2)Reflects investments in funds of $145.7 million and $152.7 million and carried interest allocations of $486.7 million and $618.0 million as of December 31, 2023 and March 31, 2023, respectively.

The Company recognized equity method income (loss) of the following:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Carried interest allocations	$	(114,295)	$	(47,047)	$	6,498	$	(241,699)
Investment income (loss)	(2,051)		(681)		4,115		(5,473)
Legacy Greenspring carried interest allocations	(69,700)		(88,921)		(106,250)		(371,200)
Legacy Greenspring investment loss	(2,222)		(8,966)		(9,054)		(32,927)
Total equity method loss	$	(188,268)	$	(145,615)	$	(104,691)	$	(651,299)

As of December 31, 2023 and March 31, 2023, the Company’s investments in two SMAs each individually represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate each represented approximately 24% of the total accrued carried interest allocations balance as of those dates. As of December 31, 2023 and March 31, 2023, the Company’s investments in two commingled funds each individually represented 10% or more of the total legacy Greenspring accrued carried interest allocations balance, and in the aggregate represented approximately 26% and 24%, respectively, of the total legacy Greenspring accrued carried interest allocations balances as of those dates.

Of the total accrued carried interest allocations balance as of December 31, 2023 and March 31, 2023, $635.2 million and $644.5 million, respectively, were payable to affiliates and are included in accrued carried interest-related compensation in the condensed consolidated balance sheets. Of the total legacy Greenspring investments in funds and accrued carried interest allocations balance as of December 31, 2023 and March 31, 2023, $486.7 million and $618.0 million, respectively, were payable to employees who are considered affiliates of the Company and are included in legacy Greenspring accrued carried interest-related compensation in the condensed consolidated balance sheets and $145.7 million and $152.7 million, respectively, are reflected as non-controlling interests in legacy Greenspring entities in the condensed consolidated balance sheets.

The Company evaluates each of its equity method investments to determine if any are considered significant as defined by the SEC. As of December 31, 2023 and March 31, 2023 and for the three and nine months ended December 31, 2023 and 2022, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments.

Investments of Consolidated Funds

The Company consolidates funds and entities when it is deemed to hold a controlling financial interest. The activity of the Consolidated Funds is reflected within the condensed consolidated financial statements.

Investments held by the Consolidated Funds are summarized below:


	Fair Value as of				Percentage of Total Investments as of
	December 31, 2023		March 31, 2023		December 31, 2023		March 31, 2023

Investments of Consolidated Funds:
Equity securities (cost of $5.6 million and $— million as of December 31, 2023 and March 31, 2023, respectively)	$	5,637	$	—	5	%	—	%
Partnership and LLC interests (cost of $73.2 million and $21.3 million as of December 31, 2023 and March 31, 2023, respectively)	104,185		30,595		95	%	100	%


Total investments of Consolidated Funds	$	109,822	$	30,595	100	%	100	%

As of December 31, 2023 and March 31, 2023, no individual investment had a fair value greater than 5% of the Company’s total assets.

The following table summarizes the net realized and unrealized gains (losses) from investment activities of the Consolidated Funds:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022

Investments of Consolidated Funds:

Net realized gains on investments	$	1,333	$	—	$	1,333	$	—
Net unrealized gains on investments	9,890		4,895		21,024		4,895

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$ (20,226)	$ (6,938)	$ 27,268	$ (47,199)
Net income (loss) attributable to StepStone Group Inc. – Diluted	$ (20,226)	$ (6,938)	$ 28,540	$ (47,199)
Denominator:
Weighted-average shares of Class A common stock outstanding – Basic (in shares)	64,068,952	62,192,899	63,255,604	61,583,215
Weighted-average shares of Class A common stock outstanding - Diluted (in shares)	64,068,952	62,192,899	66,299,982	61,583,215
Net income (loss) per share of Class A common stock:
Basic (in dollars per share)	$ (0.32)	$ (0.11)	$ 0.43	$ (0.77)
Diluted (in dollars per share)	$ (0.32)	$ (0.11)	$ 0.43	$ (0.77)
Restricted Stock Units (RSUs)
Numerator:
Incremental income from assumed vesting and exchange of restricted share units and Class B units	$ 0	$ 0	$ 217	$ 0
Denominator:
Assumed vesting of RSUs and exchange of Class B2 units (in shares)	0	0	511,889	0
Class B2 units
Numerator:
Incremental income from assumed vesting and exchange of restricted share units and Class B units	$ 0	$ 0	$ 1,055	$ 0
Denominator:
Assumed vesting of RSUs and exchange of Class B2 units (in shares)	0	0	2,532,489	0

Equity-Based Compensation - Unvested RSUs (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	1,775,732
Granted (in shares) \| shares	17,371
Vested (in shares) \| shares	(595,993)
Forfeited (in shares) \| shares	(43,470)
Ending balance (in shares) \| shares	1,153,640
Weighted-Average Grant-Date Fair Value Per RSU
Beginning balance (in dollars per share) \| $ / shares	$ 22.46
Granted (in dollars per share) \| $ / shares	31.66
Vested (in dollars per share) \| $ / shares	(18.39)
Forfeited (in dollars per share) \| $ / shares	(23.55)
Ending balance (in dollars per share) \| $ / shares	$ 24.66

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Payments to related parties under Tax Receivable Agreements	$ 2,600,000	$ 1,100,000	$ 10,280,000	$ 5,973,000
Due to related parties, tax receivable agreements	$ 195,900,000		$ 195,900,000
Effective tax rate	3.00%	5.10%	15.50%	6.30%
Unrecognized tax benefits	$ 0		$ 0
Changes to uncertain tax positions	$ 0		$ 0

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Revenues

Total revenues

$ (14,612)

$ (4,235)

$ 354,821

$ (239,948)

Compensation and benefits:

Cash-based compensation

73,619

62,628

218,551

182,190

Equity-based compensation

14,032

8,108

28,420

15,605

Performance fee-related compensation:

Realized

15,444

11,726

26,266

67,091

Unrealized

(62,243)

(31,875)

(9,320)

(172,554)

Total performance fee-related compensation

(46,799)

(20,149)

16,946

(105,463)

Legacy Greenspring performance fee-related compensation

^[1]

(69,700)

(88,921)

(106,250)

(371,200)

Total compensation and benefits

(28,848)

(38,334)

157,667

(278,868)

General, administrative and other

48,001

43,582

113,007

111,547

Total expenses

19,153

5,248

270,674

(167,321)

Other income (expense)

Investment income (loss)

(2,051)

(681)

4,115

(5,473)

Legacy Greenspring investment loss

^[1]

(2,222)

(8,966)

(9,054)

(32,927)

Investment income of Consolidated Funds

11,223

4,895

22,357

4,895

Interest income

827

701

2,235

1,068

Interest expense

(2,562)

(1,111)

(6,682)

(2,515)

Other income (loss)

4,408

358

3,763

(1,380)

Total other income (expense)

9,623

(4,804)

16,734

(36,332)

Income (loss) before income tax

(24,142)

(14,287)

100,881

(108,959)

Income tax expense (benefit)

(723)

(732)

15,603

(6,868)

Net income (loss)

(23,419)

(13,555)

85,278

(102,091)

Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds

5,588

391

11,590

391

Net income (loss) attributable to StepStone Group Inc.

$ (20,226)

$ (6,938)

$ 27,268

$ (47,199)

Net income (loss) per share of Class A common stock:

Basic (in dollars per share)

$ (0.32)

$ (0.11)

$ 0.43

$ (0.77)

Diluted (in dollars per share)

$ (0.32)

$ (0.11)

$ 0.43

$ (0.77)

Weighted-average shares of Class A common stock:

Basic (in shares)

64,068,952

62,192,899

63,255,604

61,583,215

Diluted (in shares)

64,068,952

62,192,899

66,299,982

61,583,215

Non-Controlling Interests in Subsidiaries

Other income (expense)

Less: Net income attributable to non-controlling interests

$ 13,552

$ 9,575

$ 32,797

$ 25,836

Non-Controlling Interests in Legacy Greenspring Entities

Performance fee-related compensation:

Unrealized

(132,228)

(416,574)

Other income (expense)

Less: Net income attributable to non-controlling interests

^[1]

(2,222)

(8,966)

(9,054)

(32,927)

Non-Controlling Interests in the Partnership

Other income (expense)

Less: Net income attributable to non-controlling interests

(20,111)

(7,617)

22,677

(48,192)

Management and advisory fees, net

Revenues

Total revenues

151,492

128,753

431,730

364,606

Performance fees

Revenues

Total revenues

(166,104)

(132,988)

(76,909)

(604,554)

Incentive fees

Revenues

Total revenues

17,891

2,980

22,843

8,345

Carried interest allocations

Revenues

Total revenues

(114,295)

(47,047)

6,498

(241,699)

Realized

Revenues

Total revenues

15,289

16,320

31,347

112,396

Unrealized

Revenues

Total revenues

(129,584)

(63,367)

(24,849)

(354,095)

Legacy Greenspring carried interest allocations

Revenues

Total revenues

^[1]

$ (69,700)

$ (88,921)

$ (106,250)

$ (371,200)

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 3 and 5 for more information.

Debt Obligations - Narrative (Details) - USD ($)	9 Months Ended
Debt Obligations - Narrative (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Line of Credit Facility [Line Items]
Debt obligations outstanding	$ 123,704,000	$ 98,351,000
Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit outstanding	8,000,000
Revolving credit facility \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 225,000,000
Term	5 years
Base interest rate	1.00%
Interest rate in effect	7.48%
Spread on base commitment fee percentage if utilization greater than 50%	0.25%
Spread on base commitment fee percentage if utilization less than 50%	0.35%
Revolving credit facility \| Credit Agreement \| New York Federal Reserve Bank Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.50%
Revolving credit facility \| Credit Agreement \| 1 Month Term Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	1.10%
Revolving credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.10%
Revolving credit facility \| Credit Agreement \| EURIBOR Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.00%
Revolving credit facility \| Credit Agreement \| Sterling Overnight Index Average
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.03%
Revolving credit facility \| Credit Agreement \| Swiss Average Rate Overnight
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.00%
Revolving credit facility \| Credit Agreement \| AUD Screen Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.20%
Letters of credit \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000

Commitment and Contingencies

9 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

In the ordinary course of business, and from time to time, the Company may be subject to various legal, regulatory and/or administrative proceedings. The Company accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such proceedings, based on information known by management, the Company does not expect a potential liability related to any current legal proceedings or claims that would individually or in the aggregate materially affect its condensed consolidated financial statements as of December 31, 2023.

Lease Commitments

The Company leases offices in 27 cities in North America, South America, Europe, Asia and Australia, and certain equipment subject to operating lease agreements expiring through 2039, some of which may include options to extend or terminate the lease. As of December 31, 2023, there were no finance leases outstanding.

In November 2023, the Company executed an agreement to lease office space in a new location for its San Francisco office. The office space is currently being built out and the Company expects to gain access to the office space in March 2024. At that time, the Company will establish a ROU asset and lease liability for the new lease. Upon lease commencement, total future lease payments are expected to be approximately $3.2 million over approximately 7 years.

The components of lease expense included in general, administrative and other expenses in the condensed consolidated statements of income were as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Operating lease cost(1)(2)	$	3,865	$	3,481	$	11,693	$	6,893
Variable lease cost	76		236		395		733
Sublease income	(364)		(414)		(1,200)		(1,203)
Total lease cost	$	3,577	$	3,303	$	10,888	$	6,423

_______________________________

(1)Operating lease cost includes an immaterial amount of short-term leases.

(2)Includes a gain of $0.1 million for the three months ended December 31, 2023, and $0.1 million and $2.7 million, respectively, for the nine months ended December 31, 2023 and 2022 related to lease remeasurement adjustments due to a reduction in lease terms.

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended December 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	9,851		$	7,448
Weighted-average remaining lease term for operating leases (in years)	11.6			12.2
Weighted-average discount rate for operating leases	4.6		%	4.5		%

As of December 31, 2023, maturities of operating lease liabilities were as follows:



Remainder of FY2024	$	2,691
FY2025	15,091
FY2026	16,210
FY2027	14,876
FY2028	12,768
Thereafter	98,744
Total lease liabilities	160,380
Less: Imputed interest	(41,937)
Total operating lease liabilities	$	118,443

Unfunded Capital Commitments

As of December 31, 2023 and March 31, 2023, the Company, generally in its capacity as general partner or managing member of the StepStone Funds, had unfunded commitments totaling $96.1 million and $88.7 million, respectively. The $96.1 million and $88.7 million of unfunded commitments as of December 31, 2023 and March 31, 2023, respectively, exclude $46.2 million and $50.6 million, respectively, related to commitments held by general partner entities for certain funds in which the Company does not hold any direct economic interests, including the legacy Greenspring funds.

Carried Interest Allocations

Carried interest allocations are subject to reversal in the event of future losses, to the extent of the cumulative revenues recognized by the Company in income to date. Additionally, if the Company has received net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company may be obligated to repay previously distributed carried interest that exceeds the amounts to which the Company is ultimately entitled. In these situations, a liability is accrued for the potential clawback obligation if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of December 31, 2023 and March 31, 2023, no material amounts for potential clawback obligations had been accrued. This contingent obligation is normally reduced by income taxes that the Company has paid related to the carried interest allocations. As of December 31, 2023, the maximum amount of carried interest allocations (excluding legacy Greenspring carried interest allocations) attributable to the Company subject to contingent repayment was an estimated $278.7 million, net of tax, assuming the fair value of all investments was zero, a possibility that the Company views as remote.

Indemnification Arrangements

In the normal course of business and consistent with standard business practices, the Company has provided general indemnifications to its limited partners, officers and directors when they act in good faith in the performance of their duties for the Company. The terms of these indemnities vary from contract to contract. The Company’s maximum exposure under these arrangements cannot be determined as these indemnities relate to future claims that may be made against the Company or related parties, but which have not yet occurred. No liability related to these indemnities has been recorded in the condensed consolidated balance sheets as of December 31, 2023 and March 31, 2023. Based on past experience, management believes that the risk of loss related to these indemnities is remote.

Commitment and Contingencies (Tables)

9 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense and Supplemental Cash Flow Information

The components of lease expense included in general, administrative and other expenses in the condensed consolidated statements of income were as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Operating lease cost(1)(2)	$	3,865	$	3,481	$	11,693	$	6,893
Variable lease cost	76		236		395		733
Sublease income	(364)		(414)		(1,200)		(1,203)
Total lease cost	$	3,577	$	3,303	$	10,888	$	6,423

_______________________________

(1)Operating lease cost includes an immaterial amount of short-term leases.

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended December 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	9,851		$	7,448
Weighted-average remaining lease term for operating leases (in years)	11.6			12.2
Weighted-average discount rate for operating leases	4.6		%	4.5		%

Schedule of Maturities of Operating Lease Liabilities

As of December 31, 2023, maturities of operating lease liabilities were as follows:



Remainder of FY2024	$	2,691
FY2025	15,091
FY2026	16,210
FY2027	14,876
FY2028	12,768
Thereafter	98,744
Total lease liabilities	160,380
Less: Imputed interest	(41,937)
Total operating lease liabilities	$	118,443

Subsequent Events (Details) - Subsequent Event	Feb. 08, 2024 $ / shares	Feb. 07, 2024 USD ($) exchange
Subsequent Event [Line Items]
Dividends payable (in dollars per share) \| $ / shares	$ 0.21
Annual exchanges \| exchange		10
Additional annual exchanges \| $		15

Investments (Tables)

9 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The Company’s equity method investments consist of the following:


	As of
	December 31, 2023		March 31, 2023
Investments in funds(1)	$	126,813	$	115,187
Accrued carried interest allocations	1,203,847		1,227,173
Legacy Greenspring investments in funds and accrued carried interest allocations(2)	632,414		770,652
Total equity method investments	$	1,963,074	$	2,113,012

_______________________________

(2)Reflects investments in funds of $145.7 million and $152.7 million and carried interest allocations of $486.7 million and $618.0 million as of December 31, 2023 and March 31, 2023, respectively.

The Company recognized equity method income (loss) of the following:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Carried interest allocations	$	(114,295)	$	(47,047)	$	6,498	$	(241,699)
Investment income (loss)	(2,051)		(681)		4,115		(5,473)
Legacy Greenspring carried interest allocations	(69,700)		(88,921)		(106,250)		(371,200)
Legacy Greenspring investment loss	(2,222)		(8,966)		(9,054)		(32,927)
Total equity method loss	$	(188,268)	$	(145,615)	$	(104,691)	$	(651,299)

Schedule of Investments of Consolidated Funds

Investments held by the Consolidated Funds are summarized below:


	Fair Value as of				Percentage of Total Investments as of
	December 31, 2023		March 31, 2023		December 31, 2023		March 31, 2023

Investments of Consolidated Funds:
Equity securities (cost of $5.6 million and $— million as of December 31, 2023 and March 31, 2023, respectively)	$	5,637	$	—	5	%	—	%
Partnership and LLC interests (cost of $73.2 million and $21.3 million as of December 31, 2023 and March 31, 2023, respectively)	104,185		30,595		95	%	100	%


Total investments of Consolidated Funds	$	109,822	$	30,595	100	%	100	%

The following table summarizes the net realized and unrealized gains (losses) from investment activities of the Consolidated Funds:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022

Investments of Consolidated Funds:

Net realized gains on investments	$	1,333	$	—	$	1,333	$	—
Net unrealized gains on investments	9,890		4,895		21,024		4,895

Investments - Consolidated Funds Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds	$ 109,822	$ 30,595
Percentage of Total Investments as of	100.00%	100.00%
Equity Securities
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds	$ 5,637	$ 0
Percentage of Total Investments as of	5.00%	0.00%
Purchases of investments of Consolidated Funds	$ 5,600	$ 0
Partnership And LLC Interests
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds	$ 104,185	$ 30,595
Percentage of Total Investments as of	95.00%	100.00%
Purchases of investments of Consolidated Funds	$ 73,200	$ 21,300

Equity-Based Compensation - Narrative (Details)	3 Months Ended		9 Months Ended
Equity-Based Compensation - Narrative (Details)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Mar. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	2,267,133		2,267,133
Unrecognized non-cash compensation, period of recognition			3 years 8 months 12 days
Liability based awards, expense \| $	$ 14,032,000	$ 8,108,000	$ 28,420,000	$ 15,605,000
Class B2 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares)	2,566,566		2,566,566
Unvested awards (in shares)	299,433		299,433
Class B2 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion basis			1
Forfeited (in shares)			0
Unrecognized non-cash compensation \| $	$ 27,300,000		$ 27,300,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)			43,470
Unvested awards (in shares)	1,153,640		1,153,640		1,775,732
Liability Classified Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability based awards, expense \| $	$ 5,800,000	3,800,000	$ 10,800,000	3,800,000
Liability classified awards, settlement \| $	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Net income (loss)	$ (23,419)	$ (13,555)	$ 85,278	$ (102,091)
Other comprehensive loss:
Foreign currency translation adjustment	(545)	(240)	(990)	(179)
Total other comprehensive loss	(545)	(240)	(990)	(179)
Comprehensive income (loss) before non-controlling interests	(23,964)	(13,795)	84,288	(102,270)
Less: Comprehensive income attributable to redeemable non-controlling interests in Consolidated Funds	5,588	391	11,590	391
Comprehensive income (loss) attributable to StepStone Group Inc.	(20,378)	(7,006)	26,984	(47,250)
Non-Controlling Interests in Subsidiaries
Other comprehensive loss:
Less: Comprehensive income attributable to non-controlling interests	13,274	9,457	32,309	25,748
Non-Controlling Interests in Legacy Greenspring Entities
Other comprehensive loss:
Less: Comprehensive income attributable to non-controlling interests	(2,222)	(8,966)	(9,054)	(32,927)
Non-Controlling Interests in the Partnership
Other comprehensive loss:
Less: Comprehensive income attributable to non-controlling interests	$ (20,226)	$ (7,671)	$ 22,459	$ (48,232)

Fair Value Measurements - Schedule of Changes in the Fair Value of Level III Financial Instruments (Details) - Contingent consideration obligations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period:	$ 32,352	$ 35,656	$ 36,745	$ 28,025
Additions	0	0	41	0
Change in fair value	8,927	1,989	4,639	9,949
Settlements	0	(172)	(146)	(501)
Balance, end of period:	41,279	37,473	41,279	37,473
Changes in unrealized losses included in earnings related to financial instruments still held at the reporting date	$ 8,927	$ 1,989	$ 4,639	$ 9,949

Fair Value Measurements - Schedule of Changes in the Fair Value of Level III Financial Instruments - Partnerships and LLC Interests (Details) - Partnership and LLC interests - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period:	$ 12,329	$ 0	$ 6,901	$ 0
Transfers into Level III	0	0	1,076	0
Transfers out of Level III	0	0	(6,134)	0
Purchases	7,615	14,312	18,101	14,312
Balance, end of period:	$ 19,944	$ 14,312	$ 19,944	$ 14,312

Variable Interest Entities (Tables)

9 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Carrying Value of the Assets and Liabilities of the Company's Variable Interest Entities

The carrying value of the assets and liabilities recognized in the condensed consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below:


	As of
	December 31, 2023		March 31, 2023
Investments in funds	$	126,813	$	115,187
Legacy Greenspring investments in funds	145,738		152,658
Due from affiliates, net	30,971		29,017
Less: Amounts attributable to non-controlling interests in subsidiaries	23,490		19,432
Less: Amounts attributable to non-controlling interests in legacy Greenspring entities	145,738		152,658
Maximum exposure to loss	$	134,294	$	124,772

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Intangibles and Goodwill - Schedule of Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of FY2024	$ 10,424
FY2025	41,001
FY2026	40,810
FY2027	40,776
FY2028	40,759
Thereafter	141,526
Intangibles, net	$ 315,296	$ 354,645

Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Liabilities and Assets

The following tables provide details regarding the classification of these assets and liabilities within the fair value hierarchy as of the dates presented:

Financial Instruments of the Company


	As of December 31, 2023
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligations	$	—	$	—	$	41,279	$	41,279

Total liabilities	$	—	$	—	$	41,279	$	41,279


	As of March 31, 2023
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligations	$	—	$	—	$	36,745	$	36,745
Total liabilities	$	—	$	—	$	36,745	$	36,745


	As of December 31, 2023
	Level I		Level II		Level III		Total
Assets
Equity securities	$	—	$	—	$	5,096	$	5,096
Partnership and LLC interests	—		—		14,848		14,848
Total assets	$	—	$	—	$	19,944	$	19,944


	As of March 31, 2023
	Level I		Level II		Level III		Total
Assets
Partnership and LLC interests	$	—	$	—	$	6,901	$	6,901
Total assets	$	—	$	—	$	6,901	$	6,901

Schedule of Changes in the Fair Value of Level III Financial Instruments

A reconciliation from the beginning balance to the closing balance of Level III financial instruments of the Company are set forth below:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Contingent consideration obligations
Balance, beginning of period:	$	32,352	$	35,656	$	36,745	$	28,025
Additions	—		—		41		—
Change in fair value	8,927		1,989		4,639		9,949
Settlements	—		(172)		(146)		(501)
Balance, end of period:	$	41,279	$	37,473	$	41,279	$	37,473

Changes in unrealized losses included in earnings related to financial instruments still held at the reporting date	$	8,927	$	1,989	$	4,639	$	9,949

A reconciliation from the beginning balance to the closing balance of Level III financial instruments of Consolidated Funds are set forth below:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Partnership and LLC interests
Balance, beginning of period:	$	12,329	$	—	$	6,901	$	—
Transfers into Level III	—		—		1,076		—
Transfers out of Level III	—		—		(6,134)		—
Purchases	7,615		14,312		18,101		14,312


Balance, end of period:	$	19,944	$	14,312	$	19,944	$	14,312

Related Party Transactions (Tables)

9 Months Ended

Dec. 31, 2023

Schedule of Related Party Transactions


	As of
	December 31, 2023		March 31, 2023
Amounts receivable from StepStone Funds	$	36,840	$	33,813
Amounts receivable from employees	13,801		7,016
Amounts receivable from loans	13,380		13,493
Total due from affiliates	$	64,021	$	54,322


	As of
	December 31, 2023		March 31, 2023
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements	$	195,912	$	199,307
Amounts payable to StepStone Funds	5,869		4,796
Distributions payable to certain employee equity holders of consolidated subsidiaries	444		1,321
Total due to affiliates	$	202,225	$	205,424

Equity-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Unvested Restricted Stock Units Activity

The change in unvested RSUs is as follows:


	Number of RSUs	Weighted-Average Grant-Date Fair Value Per RSU
Balance as of March 31, 2023	1,775,732	$	22.46
Granted	17,371	$	31.66
Vested	(595,993)	$	(18.39)
Forfeited	(43,470)	$	(23.55)
Balance as of December 31, 2023	1,153,640	$	24.66

Revenues - Schedule of Disaggregation of Revenue by Product Offering (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Management and advisory fees, net
Disaggregation of Revenue [Line Items]
Revenues	$ 151,492	$ 128,753	$ 431,730	$ 364,606
Focused commingled funds(1)
Disaggregation of Revenue [Line Items]
Revenues	78,429	60,680	215,757	164,975
SMAs
Disaggregation of Revenue [Line Items]
Revenues	55,838	53,515	168,012	156,154
Advisory and other services
Disaggregation of Revenue [Line Items]
Revenues	16,069	13,926	43,911	40,698
Fund reimbursement revenues
Disaggregation of Revenue [Line Items]
Revenues	1,156	632	4,050	2,779
BDC Income Based Incentive Fees
Disaggregation of Revenue [Line Items]
Revenues	600		600
Total incentive fees
Disaggregation of Revenue [Line Items]
Revenues	17,891	2,980	22,843	8,345
SMAs
Disaggregation of Revenue [Line Items]
Revenues	8,705	5	13,312	5,370
Focused commingled funds
Disaggregation of Revenue [Line Items]
Revenues	9,186	2,975	9,531	2,975
Carried interest allocations
Disaggregation of Revenue [Line Items]
Total carried interest allocations	(114,295)	(47,047)	6,498	(241,699)
Carried interest allocations, SMAs
Disaggregation of Revenue [Line Items]
Total carried interest allocations	(92,554)	(46,443)	(7,774)	(205,019)
Carried interest allocation, focused commingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations	(21,741)	(604)	14,272	(36,680)
Legacy Greenspring carried interest allocations
Disaggregation of Revenue [Line Items]
Total carried interest allocations	(69,700)	(88,921)	(106,250)	(371,200)
Legacy carried interest allocation, SMAs
Disaggregation of Revenue [Line Items]
Total carried interest allocations	(40)	0	58	0
Legacy carried interest allocation, focused comingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations	(69,660)	(88,921)	(106,308)	(371,200)
Legacy gross carried interest allocation, focused comingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations	$ 100	$ 5,200	$ 26,000	$ 45,400

Stockholders' Equity and Redeemable Non-Controlling Interests

9 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity and Redeemable Non-Controlling Interests

Stockholders’ Equity and Redeemable Non-Controlling Interests

Stockholders’ Equity

The Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock.

The Class C limited partnership interests of the Partnership have substantially the same rights and obligations as are applicable to the existing holders of Class B units of the Partnership. The Company has no ownership interest in the Class C units, which are held by certain employees of the Company. The Company has entered into an agreement with the Class C limited partners of the Partnership (the “Class C Exchange Agreement”) to allow for the exchange of Class C units to shares of Class A common stock of the Company on a one-for-one basis, subject to certain restrictions.

The following table shows a rollforward of the Company’s shares of common stock outstanding since March 31, 2023:


	Class A Common Stock	Class B Common Stock
March 31, 2023	62,834,791	46,420,141

Class A common stock issued in exchange for Class B partnership units	105,598	(105,598)
Class A common stock issued in exchange for Class C partnership units	551,954	—
Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes	576,609	—
December 31, 2023	64,068,952	46,314,543

The Company has 25,000,000 authorized shares of preferred stock, par value of $0.001 per share, and as of December 31, 2023, no shares of preferred stock were issued or outstanding.

In September 2023, the Company issued 105,598 shares of Class A common stock to certain limited partners of the Partnership in exchange for 105,598 Class B units in accordance with the elective exchange notices submitted pursuant to an agreement with the Class B limited partners (the “Class B Exchange Agreement”) to allow for exchange of Class B units of the Partnership to shares of Class A common stock of the Company on a one-for-one basis, subject to certain restrictions. A corresponding number of shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange and a corresponding number of Class A units of the Partnership were issued to the Company. The Company also issued 551,954 shares of Class A common stock to certain limited partners of the Partnership in exchange for 551,954 Class C units in accordance with the elective exchange notices submitted pursuant to the Class C Exchange Agreement and a corresponding number of Class A units of the Partnership were issued to the Company.

In October 2023, SRA completed a transaction to repurchase limited partnership interests in SRA from a certain limited partner for approximately $11.1 million, and subsequently sold such interests to certain employees of SRA for approximately $11.1 million, resulting in no net proceeds to SRA. The transaction did not result in a change in the economic ownership percentage held in SRA by the Company.

The reallocation adjustment between SSG stockholders’ equity, non-controlling interests in the Partnership and non-controlling interests in subsidiaries relates to the impact of changes in economic ownership percentages during the period and adjusting previously recorded equity transactions to the economic ownership percentage as of the end of each reporting period.

Dividends and distributions are reflected in the condensed consolidated statements of stockholders’ equity when declared by the board of directors. Dividends are made to Class A common stockholders and distributions are made to limited partners of the Partnership and holders of non-controlling interests in subsidiaries.

On November 6, 2023, the Company announced a quarterly cash dividend of $0.21 per share of Class A common stock, which was paid on December 15, 2023 to holders of record at the close of business on November 30, 2023.

Redeemable Non-Controlling Interests

The following table summarizes the activities associated with the redeemable non-controlling interests in Consolidated Funds:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Beginning balance	$	59,272	$	—	$	24,530	$	—

Contributions	11,216		4,575		39,956		4,575

Net income	5,588		391		11,590		391
Ending balance	$	76,076	$	4,966	$	76,076	$	4,966

- Definition

The entire disclosure for equity.

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+ Details

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2023	Mar. 31, 2023
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	64,068,952	62,834,791
Common stock, shares outstanding (in shares)	64,068,952	62,834,791
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	46,314,543	46,420,141
Common stock, shares outstanding (in shares)	46,314,543	46,420,141

Commitment and Contingencies - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2024	$ 2,691
FY2025	15,091
FY2026	16,210
FY2027	14,876
FY2028	12,768
Thereafter	98,744
Total lease liabilities	160,380
Less: Imputed interest	(41,937)
Total operating lease liabilities	$ 118,443	$ 121,224

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Variable Interest Entity [Line Items]
Total assets	$ 3,468,181	$ 3,497,403
Total liabilities	1,802,333	1,844,086
Consolidated funds
Variable Interest Entity [Line Items]
Total assets	965,000	964,192
Total liabilities	$ 592,178	$ 682,718

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Organization	9 Months Ended
Organization	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization StepStone Group Inc. (“SSG”) was incorporated in the state of Delaware on November 20, 2019. The company was formed for the purpose of completing an initial public offering (“IPO”) in order to conduct the business of StepStone Group LP (the “Partnership”) as a publicly-traded entity. SSG is the sole managing member of StepStone Group Holdings LLC (the “General Partner”), the general partner of the Partnership. Unless otherwise specified, “StepStone” or the “Company” refers to SSG and its consolidated subsidiaries, including the Partnership, throughout the remainder of these notes to the condensed consolidated financial statements. The Company is a global private markets investment firm focused on providing customized investment solutions and advisory, data and administrative services to its clients. The Company’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, including high-net-worth and mass affluent individuals. The Company partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. These portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds (“primaries”), acquiring stakes in existing funds on the secondary market (“secondaries”) and investing directly into companies (“co-investments”). The Company, through its subsidiaries, acts as the investment advisor and general partner or managing member to separately managed accounts (“SMAs”) and focused commingled funds, including acquired Greenspring funds (collectively, the “StepStone Funds”). SSG is a holding company whose principal asset is a controlling financial interest in the Partnership through its ownership of all of the Partnership’s Class A units and 100% of the membership interests in the General Partner of the Partnership. SSG acts as the sole managing member of the General Partner of the Partnership and, as a result, indirectly operates and controls all of the Partnership’s business and affairs. As a result, SSG consolidates the financial results of the Partnership and reports non-controlling interests related to the Class B and Class C units of the Partnership which are not owned by SSG. The assets and liabilities of the Partnership represent substantially all of SSG’s consolidated assets and liabilities, with the exception of certain deferred income taxes and payables due to affiliates pursuant to tax receivable agreements (see note 10). Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to five votes. As of December 31, 2023, SSG held approximately 57.0% of the economic interest in the Partnership. As the Partnership’s limited partners exchange their Class B and Class C units into SSG’s Class A common stock in the future, SSG’s economic interest in the Partnership will increase relative to that of the Class B and Class C unitholders.

Organization (Details)	9 Months Ended
Organization (Details)	Dec. 31, 2023 vote
StepStone Group LP
Subsidiary, Sale of Stock [Line Items]
Economic interest	57.00%
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes	1
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes	5
General Partner \| StepStone Group LP
Subsidiary, Sale of Stock [Line Items]
Membership ownership percentage	100.00%

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Dec. 31, 2023

Mar. 31, 2023

Assets

Restricted cash

$ 751

$ 955

Fees and accounts receivable

58,126

44,450

Due from affiliates

64,021

54,322

Investments:

Investments in funds

126,813

115,187

Accrued carried interest allocations

1,203,847

1,227,173

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

632,414

770,652

Deferred income tax assets

45,330

44,358

Lease right-of-use assets, net

97,404

101,130

Intangibles, net

315,296

354,645

Goodwill

580,542

Total assets

3,468,181

3,497,403

Liabilities and stockholders’ equity

Accounts payable, accrued expenses and other liabilities

102,786

89,396

Accrued compensation and benefits

131,735

66,614

Accrued carried interest-related compensation

635,200

644,517

Legacy Greenspring accrued carried interest-related compensation

^[1]

486,677

617,994

Due to affiliates

202,225

205,424

Lease liabilities

118,443

121,224

Debt obligations

123,704

98,351

Total liabilities

1,802,333

1,844,086

Commitments and contingencies (Note 14)

Redeemable non-controlling interests in Consolidated Funds

76,076

24,530

Stockholders’ equity:

Additional paid-in capital

630,208

610,567

Retained earnings

131,338

160,430

Accumulated other comprehensive income

186

461

Total StepStone Group Inc. stockholders’ equity

761,842

771,567

Total stockholders’ equity

1,589,772

1,628,787

Total liabilities and stockholders’ equity

3,468,181

3,497,403

Consolidated Funds

Assets

Cash and cash equivalents

33,589

25,997

Investments:

Other assets and receivables

1,498

772

Investments, at fair value

109,822

30,595

Liabilities and stockholders’ equity

Other liabilities

1,563

566

Excluding Consolidated Funds

Assets

Cash and cash equivalents

139,970

102,565

Investments:

Other assets and receivables

58,758

44,060

Non-Controlling Interests in Subsidiaries

Stockholders’ equity:

Non-controlling interests

36,827

36,380

Non-Controlling Interests in Legacy Greenspring Entities

Stockholders’ equity:

Non-controlling interests

^[1]

145,738

152,658

Non-Controlling Interests in the Partnership

Stockholders’ equity:

Non-controlling interests

645,365

668,182

Consolidated funds

Assets

Restricted cash

751

955

Fees and accounts receivable

53,990

39,996

Due from affiliates

22,871

14,061

Investments:

Investments in funds

37,836

31,569

Legacy Greenspring investments in funds and accrued carried interest allocations

632,414

770,652

Deferred income tax assets

586

451

Lease right-of-use assets, net

15,150

15,084

Total assets

965,000

964,192

Liabilities and stockholders’ equity

Accounts payable, accrued expenses and other liabilities

19,769

13,444

Accrued compensation and benefits

62,485

29,869

Legacy Greenspring accrued carried interest-related compensation

486,677

617,994

Due to affiliates

5,689

4,962

Lease liabilities

15,995

15,883

Total liabilities

592,178

682,718

Consolidated funds | Consolidated Funds

Assets

Cash and cash equivalents

33,589

25,997

Investments:

Other assets and receivables

1,498

772

Investments, at fair value

109,822

30,595

Liabilities and stockholders’ equity

Other liabilities

1,563

566

Consolidated funds | Excluding Consolidated Funds

Assets

Cash and cash equivalents

46,613

25,959

Investments:

Other assets and receivables

9,880

8,101

Class A Common Stock

Stockholders’ equity:

Common stock

Class B Common Stock

Stockholders’ equity:

Common stock

$ 46

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See note 5 for more information.

Debt Obligations (Tables)

9 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:


	As of
	December 31, 2023		March 31, 2023
Revolver	$	125,000	$	100,000
Less: Debt issuance costs	(1,296)		(1,649)
Total debt obligations	$	123,704	$	98,351

Intangibles and Goodwill

9 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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
	December 31, 2023		March 31, 2023
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650
Service agreements	—		9,537
Less: Accumulated amortization	(133,356)		(103,544)
Intangible assets, net	$	315,296	$	354,645

Amortization expense related to intangible assets was $10.7 million and $10.9 million for the three months ended December 31, 2023 and 2022, respectively, and $32.0 million and $32.6 million for the nine months ended December 31, 2023 and 2022, respectively. These amounts are included in general, administrative and other expenses in the condensed 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 condensed consolidated financial statements through December 31, 2023. In the three months ended December 31, 2023, 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 condensed consolidated statements of income.

At December 31, 2023, the expected future amortization of finite-lived intangible assets is as follows:


Remainder of FY2024	$	10,424
FY2025	41,001
FY2026	40,810
FY2027	40,776
FY2028	40,759
Thereafter	141,526
Total	$	315,296

The carrying value of goodwill was $580.5 million as of December 31, 2023 and March 31, 2023. The Company determined there was no indication of goodwill impairment as of December 31, 2023 and March 31, 2023.

Stockholders' Equity and Redeemable Non-Controlling Interests - Shares of Stock Outstanding (Details)	9 Months Ended
	Dec. 31, 2023 shares
Class A Common Stock
Schedule of Common Stock Outstanding [Roll Forward]
Common stock, shares outstanding, beginning balance (in shares)	62,834,791
Class A common stock issued for vesting of RSUs (in shares)	576,609
Common stock, shares outstanding, ending balance (in shares)	64,068,952
Class A Common Stock \| Class B Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B and Class C partnership units (in shares)	105,598
Class A Common Stock \| Class C Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B and Class C partnership units (in shares)	551,954
Class B Common Stock
Schedule of Common Stock Outstanding [Roll Forward]
Common stock, shares outstanding, beginning balance (in shares)	46,420,141
Class A common stock issued for vesting of RSUs (in shares)	0
Common stock, shares outstanding, ending balance (in shares)	46,314,543
Class B Common Stock \| Class B Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B and Class C partnership units (in shares)	(105,598)
Class B Common Stock \| Class C Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B and Class C partnership units (in shares)	0

Fair Value Measurements - Schedule of Fair Value of Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	$ 109,822	$ 30,595
Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	5,637	0
Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	104,185	30,595
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	19,900	6,900
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	41,279	36,745
Total liabilities	41,279	36,745
Total assets	19,944	6,901
Fair Value, Recurring \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	5,096
Fair Value, Recurring \| Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	14,848	6,901
Fair Value, Recurring \| Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	0	0
Total liabilities	0	0
Total assets	0	0
Fair Value, Recurring \| Level I \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	0
Fair Value, Recurring \| Level I \| Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	0	0
Fair Value, Recurring \| Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	0	0
Total liabilities	0	0
Total assets	0	0
Fair Value, Recurring \| Level II \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	0
Fair Value, Recurring \| Level II \| Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	0	0
Fair Value, Recurring \| Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	41,279	36,745
Total liabilities	41,279	36,745
Total assets	19,944	6,901
Fair Value, Recurring \| Level III \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	5,096
Fair Value, Recurring \| Level III \| Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	$ 14,848	$ 6,901