
	March 31,
	2023		2022
Equity method investments in Partnerships	$	340,603	$	326,296
Other equity method investments	—		1,573
Other investments	21,586		19,820
Investments valued under the measurement alternative	168,732		156,100
Total Investments	$	530,921	$	503,789


	March 31,
	2023		2022
Equity method investments in Partnerships	$	12,292	$	10,036
Fair value investments	44,752		—
Total Investments of Consolidated VIEs	$	57,044	$	10,036

The Company’s equity method investments in Partnerships represent its ownership in certain specialized funds and customized separate accounts. The strategies and geographic location of investments within the Partnerships vary by fund. The Company has a 1% interest in substantially all of the Partnerships.

During the year ended March 31, 2023, the Company sold its ownership interests in its joint venture, Private Markets Connect, for $10,000 and recognized a gain of $9,783, which is recorded in non-operating (loss) income in the Consolidated Statements of Income. Immediately preceding the sale, the Company received a distribution from the joint venture of $1,406, which was treated as a return of capital.


	March 31,
	2023		2022
Primary funds	$	95,477	$	88,089
Secondary funds	50,022		50,070
Direct investment funds	83,963		80,601
Customized separate accounts	111,141		107,536
Total equity method investments in Partnerships	$	340,603	$	326,296

The Company evaluates each of its equity method investments to determine if any were significant pursuant to the requirements of Regulation S-X. As of and for the years ended March 31, 2023 and 2022, no individual equity method investment held by the Company met the significance criteria, and, as a result, the Company is not required to present separate financial statements for any of its equity method investments.


	March 31,
	2023		2022
Assets
Investments	$	33,672,215	$	31,256,185
Other assets	842,994		1,135,980
Total assets	$	34,515,209	$	32,392,165
Liabilities and Partners’ Capital
Debt	$	87,451	$	43,328
Other liabilities	235,080		117,907
Total liabilities	322,531		161,235
Partners’ capital	34,192,678		32,230,930
Total liabilities and partners’ capital	$	34,515,209	$	32,392,165

	Year Ended March 31,
	2023		2022		2021
Investment income	$	362,176	$	654,285	$	389,571
Expenses	281,011		237,633		201,791
Net investment income	81,165		416,652		187,780
Net realized and unrealized gain	(509,389)		7,022,084		3,232,126
Net income	$	(428,224)	$	7,438,736	$	3,419,906

The Company’s other investments represent a publicly traded security and investments in private equity funds and direct credit and direct equity investments that are held as collateral for the Company’s secured financing. The private equity fund investments can only be redeemed through distributions received from the liquidation of underlying investments of the fund, and the timing of distributions is currently indeterminable. The amortized cost of the assets held as collateral was $7,429 and $7,853 as of March 31, 2023 and 2022, respectively. The direct credit investments are debt securities classified as trading securities. The direct equity investments and private equity funds are measured at fair value with unrealized holding gains and losses included in earnings.

In May 2019, the Company transferred investments held as collateral to a Partnership that is a VIE of which the Company is the general partner but does not consolidate as the Company is not the primary beneficiary. Due to continuing involvement with these assets at the Partnership, the Company accounted for this transfer as a secured financing as it has not met the criteria in ASC 860, “Transfers and Servicing”, to qualify as a sale and, therefore, has recorded a financial liability for the secured financing which is included in other liabilities in the Consolidated Balance Sheets.

The Company accounts for this financial liability at fair value under the fair value option. The primary reason for electing the fair value option is to mitigate volatility in earnings from using different measurement attributes. The significant input to the fair value of the secured financing is the fair value of the other investments delivered as collateral which are estimated using Level 3 inputs.

The Company recognized a gain of $1,434, $1,130, and $7,281 on other investments during the years ended March 31, 2023, 2022, and 2021, respectively, and recognized a loss of $1,434, $1,130, and $7,281 on the secured financing liability during the years ended March 31, 2023, 2022 and 2021, respectively. Gains and losses related to other investments and the secured financing liability are recorded in non-operating income (loss) in the Consolidated Statements of Income.

The Company’s investments valued under the measurement alternative include equity securities in other proprietary investments for which the Company does not have significant influence and fair value is not readily determinable. ASC 321 requires equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer.


	Year Ended March 31,
	2023		2022		2021
Carrying amount beginning of the year	$	156,100	$	109,822	$	17,091
Adjustments related to equity investments
Purchases	37,576		18,995		90,500
Sales / return of capital	—		(13,903)		(3,072)
Net unrealized (loss) gain1	(24,944)		47,189		5,303
Reclassifications2	—		(6,003)		—
Carrying amount, end of year	$	168,732	$	156,100	$	109,822

(2) Reclassifications relate to investments that no longer qualify for the measurement alternative or for which the Company elects to no longer apply the measurement alternative.

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses related to our investments under the measurement alternative:

The Company performs qualitative impairment assessments at each quarter end on its investments recorded under the measurement alternative. As a result of this assessment as of December 31, 2022, the Company determined that a quantitative assessment was required to be performed for one of its investments given a significant decrease in earnings performance and overall economic and market conditions. The assessment indicated that the fair value was less than the carrying value at December 31, 2022. Prior to the impairment recorded, the carrying value of the investment was $74,189. The impairment amount was $43,289