Investments

12 Months Ended

Dec. 31, 2021

Schedule Of Investments [Abstract]

Investments

6. INVESTMENTS

The Company’s investments and securities sold, not yet purchased, consist of the following at December 31, 2021 and 2020:

	December 31,
	2021		2020
Debt	$	299,990	$	99,987
Equities		54,040		37,365
Funds:
Alternative investments (a)		49,757		34,264
Debt (a)		164,952		123,554
Equity (a)		375,761		325,795
Private equity		46,589		37,567
		637,059		521,180
Equity method		16,250		-
Total investments		1,007,339		658,532
Less:
Equity method		16,250		-
Investments, at fair value	$	991,089	$	658,532
Securities sold, not yet purchased, at fair value    (included in “other liabilities”)	$	6,828	$	1,176

(a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $18,326, $132,875 and $306,618, respectively, at December 31, 2021 and $11,128, $90,758 and $277,725, respectively, at December 31, 2020, held in order to satisfy the Company’s liability upon vesting of previously granted 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 8 and 16).

Debt primarily consists of U.S. Treasury securities with original maturities of greater than three months and less than one year.

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. Such amounts primarily consist of seed investments in funds related to our Asset Management business and amounts related to LFI discussed above.

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 and (ii) a fund targeting significant noncontrolling-stake investments in established private companies.

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”).

Equity method investments represent partnership interests accounted for under the equity method of accounting.

During the years ended December 31, 2021, 2020 and 2019, the Company reported in “revenue-other” on its consolidated statements of operations net unrealized investment gains and losses pertaining to “equity securities and trading debt securities” still held as of the reporting date as follows:

	Year Ended December 31,
	2021		2020		2019
Net unrealized investment gains	$	14,154	$	49,719	$	36,610