Investments

12 Months Ended

Dec. 31, 2022

Schedule Of Investments [Abstract]

Investments

5. INVESTMENTS

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

	December 31,
	2022		2021
Debt	$	-	$	299,990
Equities		43,889		54,040
Funds:
Alternative investments (a)		56,947		49,757
Debt (a)		178,556		164,952
Equity (a)		350,282		375,761
Private equity		53,822		46,589
		639,607		637,059
Investments, at fair value		683,496		991,089
Equity method investments		15,481		16,250
Total investments	$	698,977	$	1,007,339
Securities sold, not yet purchased, at fair value    (included in “other liabilities”)	$	4,651	$	6,828

(a) Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 22), with fair values of $24,137, $142,632 and $266,528, respectively, at December 31, 2022 and $18,326, $132,875 and $306,618, respectively, at December 31, 2021, held in order to satisfy the Company’s obligation 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 7 and 15).

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, (ii) a fund targeting significant noncontrolling-stake investments in established private companies and (iii) a seed investment in a fund related to our Asset Management business that invests in sustainable private infrastructure opportunities.

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 certain partnership interests accounted for under the equity method of accounting.

During the years ended December 31, 2022, 2021 and 2020, 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,
	2022			2021		2020
Net unrealized investment gains (losses)	$	(92,793	)	$	14,154	$	49,719