Note 9 – Investments

The Company's investments reported on the Unaudited Condensed Consolidated Statements of Financial Condition consist of investments in private equity partnerships and other investments in unconsolidated affiliated companies. The Company's investments are relatively high-risk and illiquid assets. Realized and unrealized gains and losses on our private equity investments are included within Investment Management Revenue. The Company's share of earnings (losses) on our investments in Evercore Pan-Asset Capital Management ("Pan") and G5 are included within Income (Loss) from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.

Investments in Private Equity

The Company's investments in private equity partnerships include investments in Evercore Capital Partners II L.P. and its affiliated entities ("ECP II"), Discovery Americas I, L.P. (the "Discovery Fund"), Evercore Mexico Capital Partners II ("EMCP II"), CSI Capital, L.P. ("CSI Capital") and Trilantic Capital Partners Associates IV L.P. ("Trilantic IV"). Portfolio holdings of the private equity funds are carried at fair value. Accordingly, the Company reflects its pro rata share of the unrealized gains and losses occurring from changes in fair value. Additionally, the Company reflects its pro rata share of realized gains, losses and carried interest associated with any investment realizations.

A summary of the Company's investment in the private equity funds as of June 30, 2011 and December 31, 2010 was as follows:


	June 30, 2011		December 31, 2010
ECP II	$	4,286	$	4,856
Discovery Fund		3,304		2,734
EMCP II		7,378		7,580
CSI Capital		2,955		3,361
Trilantic IV		5,631		559

Total Private Equity Funds	$	23,554	$	19,090

Net realized and unrealized gains (losses) on private equity fund investments, including performance fees, were $3,878 and $4,820 for the three and six months ended June 30, 2011, respectively, and $481 and ($105) for the three and six months ended June 30, 2010, respectively. In the event the fund performs poorly, the Company may be obligated to repay certain carried interest previously distributed. As of June 30, 2011, the Company had $2,701 of previously received carried interest that may be subject to repayment.

Trilantic Capital Partners

During the first quarter of 2010, the Company made an equity method investment in Trilantic Capital Partners ("Trilantic"). See Note 13 for further information. This investment had a balance of $15,816 and $15,840 as of June 30, 2011 and December 31, 2010, respectively.

Equity Method Investments

A summary of the Company's other equity investments as of June 30, 2011 and December 31, 2010 was as follows:


	June 30, 2011		December 31, 2010
Pan	$	2,745	$	2,939
G5		23,659		21,498

Total Other Equity Investments	$	26,404	$	24,437

Pan

In 2008, the Company made an equity method investment of $4,158 in Pan and maintains a 50% interest at June 30, 2011. This investment resulted in losses of $219 and $285 for the three and six months ended June 30, 2011, respectively, and $130 and $310 for the three and six months ended June 30, 2010, respectively.

During the fourth quarter of 2010, the Company made an equity method investment in G5. This investment resulted in a gain of $288 and $754 for the three and six months ended June 30, 2011, respectively.

Cost Basis Investments

In 2009, the Company invested $1,250 in CITIC Securities International ("CSIP") in exchange for a 5% noncontrolling interest in the entity. CSIP and the Company focus on providing merger and acquisition ("M&A") advisory and investment management service, focused on transactions between China and other international markets. This investment is accounted for on the cost basis.