Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV

The following tables present, as of March 31, 2016 and December 31, 2015, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:



	March 31, 2016
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Investments:
Equities	$	38,180	$	–	$	1,301	$	–	$	39,481
Funds:
Alternative investments		29,625				–		25,282		54,907
Debt		59,009		–		–		6		59,015
Equity		137,094		–		–		38		137,132
Private equity		–		–		–		104,224		104,224
Derivatives		–		544		–		–		544

Total	$	263,908	$	544	$	1,301	$	129,550	$	395,303

Liabilities:
Securities sold, not yet purchased	$	2,876	$	–	$	–	$	–	$	2,876
Derivatives		–		189,457		–		–		189,457

Total	$	2,876	$	189,457	$	–	$	–	$	192,333



	December 31, 2015
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Investments:
Debt	$	535	$	–	$	–	$	–	$	535
Equities		43,558		–		1,276		–		44,834
Funds:
Alternative investments		45,135		–		–		22,465		67,600
Debt		67,128		–		–		6		67,134
Equity		197,745		–		–		42		197,787
Private equity		–		–		–		100,219		100,219
Derivatives		–		1,048		–		–		1,048

Total	$	354,101	$	1,048	$	1,276	$	122,732	$	479,157

Liabilities:
Securities sold, not yet purchased	$	3,239	$	–	$	–	$	–	$	3,239
Derivatives		–		195,689		–		–		195,689

Total	$	3,239	$	195,689	$	–	$	–	$	198,928

(a)	Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy. See Note 2 for additional information.

Summary of Changes in Fair Value of Company's Level 3 Assets

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the three month periods ended March 31, 2016 and 2015:


	Three Months Ended March 31, 2016
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (b)		Purchases/ Acquisitions		Sales/ Dispositions		Foreign Currency Translation Adjustments		Ending Balance
	Beginning Balance				Purchases/ Acquisitions		Sales/ Dispositions		Foreign Currency Translation Adjustments		Ending Balance
Investments:
Equities	$	1,276	$	3	$	–	$	–	$	22	$	1,301

Total Level 3 Assets	$	1,276	$	3	$	–	$	–	$	22	$	1,301



	Three Months Ended March 31, 2015 (a)
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (b)		Purchases/ Acquisitions/ Transfers (c)		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance				Purchases/ Acquisitions/ Transfers (c)		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	1,315	$	2	$	–	$	–		$	(28	)	$	1,289
Private equity funds		–		2,629		19,887		(391	)		–			22,125

Total Level 3 Assets	$	1,315	$	2,631	$	19,887	$	(391	)	$	(28	)	$	23,414

(a)	The table for the three month period ended March 31, 2015 reflects the retrospective application of new disclosure guidance adopted by the Company for investments using NAV or its equivalent as a practical expedient when measuring fair value. See Note 2.

(b)	Earnings for the three month periods ended March 31, 2016 and 2015 include net unrealized gains of $3 and $2,631, respectively.

(c)	Certain investments that were valued at NAV as of December 31, 2014 of $19,255 were transferred to Level 3 from the NAV category in the three months ended March 31, 2015 as these investments were valued based on potential transaction value as of March 31, 2015.

Fair Value of Certain Investments Based on NAV

The following tables present, at March 31, 2016 and December 31, 2015, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

March 31, 2016

% of
Fair Value
Not
Redeemable

Estimated Liquidation Period of
Investments Not Redeemable

Investments Redeemable

Fair Value

Unfunded
Commitments

%
Next
5 Years

%
5-10
Years

%
Thereafter

Redemption
Frequency

Redemption
Notice Period

Alternative investment funds:

Hedge funds

23,763

–

(a)

<30-60 days

Funds of funds

448

–

(b)

<30-90 days

Other

1,071

–

(c)

<30-60 days

Debt funds

–

(d)

30 days

Equity funds

–

(e)

<30-90 days

Private equity funds:

Equity growth

70,382

9,183

(f)

100%

17%

38%

45%

Mezzanine debt

33,842

–

100%

–

100%

Total

129,550

9,183

(a)	weekly (34%), monthly (57%) and quarterly (9%)

(b)	monthly (98%) and quarterly (2%)

(c)	daily (30%) and monthly (70%)

(d)	daily (100%)

(e)	daily (18%), monthly (52%) and quarterly (30%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $5,013 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

December 31, 2015

% of
Fair Value
Not
Redeemable

Estimated Liquidation Period of
Investments Not Redeemable

Investments Redeemable

Fair Value

Unfunded
Commitments

%
Next
5 Years

%
5-10
Years

%
Thereafter

Redemption
Frequency

Redemption
Notice Period

Alternative investment funds:

Hedge funds

20,410

–

(a)

<30-60 days

Funds of funds

465

–

(b)

<30-90 days

Other

1,590

–

(c)

<30-60 days

Debt funds

–

(d)

30 days

Equity funds

–

(e)

<30-90 days

Private equity funds:

Equity growth

67,895

10,242

(f)

100%

18%

39%

43%

Mezzanine debt

32,324

–

100%

–

100%

Total

122,732

10,242

(a)	weekly (23%), monthly (69%) and quarterly (8%)

(b)	monthly (98%) and quarterly (2%)

(c)	daily (20%) and monthly (80%)

(d)	daily (100%)

(e)	daily (18%), monthly (54%) and quarterly (28%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $5,501 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.