Investments

3 Months Ended

Mar. 31, 2022

Schedule Of Investments [Abstract]

Investments

4. INVESTMENTS

The Company’s investments and securities sold, not yet purchased, consist of the following at March 31, 2022 and December 31, 2021:

	March 31,		December 31,
	2022		2021
Debt	$	99,845	$	299,990
Equities		53,497		54,040
Funds:
Alternative investments (a)		55,390		49,757
Debt (a)		195,767		164,952
Equity (a)		400,586		375,761
Private equity		48,592		46,589
		700,335		637,059
Equity method		16,167		16,250
Total investments		869,844		1,007,339
Less:
Equity method		16,167		16,250
Investments, at fair value	$	853,677	$	991,089
Securities sold, not yet purchased, at fair value    (included in “other liabilities”)	$	5,726	$	6,828

(a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $24,201, $164,500 and $333,535, respectively, at March 31, 2022 and $18,326, $132,875 and $306,618, respectively, at December 31, 2021, 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 6 and 12).

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 three month periods ended March 31, 2022 and 2021, the Company reported in “revenue-other” on its condensed 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:

	Three Months Ended
	March 31,
	2022			2021
Net unrealized investment gains (losses)	$	(40,867	)	$	1,054