5.	INVESTMENTS

The Company’s investments and securities sold, not yet purchased, consist of the following at March 31, 2018 and December 31, 2017:

	March 31,		December 31,
	2018		2017
Interest-bearing deposits	$	549	$	556
Debt		7		6
Equities		40,778		45,257
Funds:
Alternative investments (a)		17,547		20,993
Debt (a)		62,808		84,077
Equity (a)		157,693		199,618
Private equity		75,570		76,679
		313,618		381,367
Total investments		354,952		427,186
Less:
Interest-bearing deposits		549		556
Investments, at fair value	$	354,403	$	426,630
Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	4,274	$	7,338

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $8,294, $32,190 and $89,491, respectively, at March 31, 2018 and $11,213, $48,391 and $131,893, respectively, at December 31, 2017, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 13).

Interest-bearing deposits have original maturities of greater than three months but equal to or less than one year and are carried at cost that approximates fair value due to their short-term maturities.

Equities primarily consist of seed investments invested in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts related to our Asset Management business.

Alternative investment funds primarily consist of interests in various Lazard-managed hedge funds, funds of funds and mutual funds.

Debt funds primarily consist of seed investments in funds related to our Asset Management business that invest in debt securities, amounts related to LFI discussed above and an investment in a Lazard-managed debt fund.

Equity funds primarily consist of seed investments in funds related to our Asset Management business that invest in equity securities, and amounts related to LFI discussed above.

Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies, (ii) a fund targeting significant noncontrolling-stake investments in established private companies and (iii) until the second quarter of 2017, a mezzanine fund (the “Mezzanine Fund”), which invests in mezzanine debt of a diversified selection of small- to mid-cap European companies. Lazard sold its interest in the Mezzanine Fund in May 2017.

Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”).

During the three month periods ended March 31, 2018 and 2017, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to “trading” securities still held as of the reporting date as follows:

	Three Months Ended
	March 31,
	2018			2017
Net unrealized investment gains (losses)	$	(9,291	)	$	13,180