Investments in 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 June 30,		As of December 31,
	2015		2014
	(in thousands, unaudited)
Investment in GCP I	$	920	$	1,600
Investment in GCP II	800		907
Investment in other merchant banking funds	1,585		1,666
Total investments in merchant banking funds	$	3,305	$	4,173

As of June 30, 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 June 30, 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 June 30, 2015 and December 31, 2014, respectively, related to the noncontrolling interests in the general partner of GCP II.

Investment in other merchant banking funds includes the Company's investment in Barrow Street III, a real estate investment fund.

At June 30, 2015, the Company had no remaining unfunded commitments.

Investment revenues

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



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2015		2014			2015			2014
	(in thousands, unaudited)
Net realized and unrealized gains (losses) on investments in merchant banking funds	$	118	$	(1,299	)	$	(122	)	$	(6,503	)
Deferred gain on sale of certain merchant banking assets	—		49			—			97
Interest income	262		286			493			556
Total investment revenues (losses)	$	380	$	(964	)	$	371		$	(5,850	)