Investments in Merchant Banking Funds

6 Months Ended

Jun. 30, 2016

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. In addition, the Company has invested in Barrow Street III, a real estate investment fund ("Barrow Street").

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



	As of June 30,		As of December 31,
	2016		2015
	(in thousands, unaudited)
Investment in GCP I	$	1,105	$	1,105
Investment in GCP II	789		785
Investment in Barrow Street	1,646		1,685
Total investments in merchant banking funds	$	3,540	$	3,575

As of June 30, 2016, the Company continues to retain control 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, 2016 and December 31, 2015, 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, 2016 and December 31, 2015, respectively, related to the noncontrolling interests in the general partner of GCP II.

At June 30, 2016, 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,
	2016			2015		2016		2015
	(in thousands, unaudited)
Net realized and unrealized gains (losses) on investments in merchant banking funds	$	(36	)	$	118	$	13	$	(122	)
Interest income	256			262		519		493
Total investment revenues	$	220		$	380	$	532	$	371