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Variable Interest Entities
 12 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities 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 $995.2 million and $964.2 million as of March 31, 2024 and 2023, respectively. The liabilities of the consolidated VIEs totaled $593.7 million and $682.7 million as of March 31, 2024 and 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 March 31, 2024 and 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 consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below:
As of March 31,
20242023
Investments in funds$135,043 $115,187 
Legacy Greenspring investments in funds147,042 152,658 
Due from affiliates, net34,744 29,017 
Less: Amounts attributable to non-controlling interests in subsidiaries25,362 19,432 
Less: Amounts attributable to non-controlling interests in legacy Greenspring entities147,042 152,658 
Maximum exposure to loss$144,425 $124,772