Investments

Merchant Banking Funds

The Company has invested in certain previously sponsored merchant banking funds: Greenhill Capital Partners (“GCP I”) and Greenhill Capital Partners II (“GCP II”), which are families of merchant banking funds.

The carrying value of the Company’s investments in merchant banking funds are as follows:



	As of March 31,		As of December 31,
	2015		2014
	(in thousands, unaudited)
Investment in GCP I	$	1,210	$	1,600
Investment in GCP II	887		907
Investment in other merchant banking funds	1,578		1,666
Total investments in merchant banking funds	$	3,675	$	4,173

As of March 31, 2015, the Company continues to retain control only of the general partners of GCP I and GCP II and consolidates the results of each such general partner.

The investment in GCP I represents an interest in a previously sponsored merchant banking fund and includes $0.1 million at each of March 31, 2015 and December 31, 2014, respectively, related to the noncontrolling interests in the managing general partner of GCP I. The investment in GCP II represents an interest in a previously sponsored merchant banking fund and includes $0.6 million at each of March 31, 2015 and December 31, 2014, respectively, related to the noncontrolling interests in the general partner of GCP II. At March 31, 2015, the Company has no remaining unfunded commitments to the GCP I and GCP II.

Investment in other merchant banking funds includes the Company's investment in Barrow Street III, a real estate investment fund. At March 31, 2015, $0.3 million of the Company's commitment remains unfunded and may be drawn any time prior to the expiration of the fund in June 2015.

Investment revenues

The Company’s investment revenues, by source, are as follows:



	For the Three Months Ended March 31,
	2015			2014
	(in thousands, unaudited)
Net realized and unrealized gains (losses) on investments in merchant banking funds	$	(238	)	$	(5,205	)
Deferred gain on sale of certain merchant banking assets	—			49
Interest income	229			270
Total investment revenues (losses)	$	(9	)	$	(4,886	)