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Investments | 9 Months Ended
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Sep. 30, 2013
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Investments | 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 the private equity investments are included within Investment Management Revenue. The Company’s share of earnings (losses) on the investments in G5 ǀ Evercore, ABS Investment Management, LLC (“ABS”) and Pan (prior to its consolidation on March 15, 2013) are included within Income 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”), Evercore Mexico Capital Partners III (“EMCP III”), CSI Capital, L.P. (“CSI Capital”), Trilantic Capital Partners Associates IV L.P. (“Trilantic IV”) and Trilantic Capital Partners V L.P. ("Trilantic V"). 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. On June 4, 2013, the general partner of EMCP III, Evercore Mexico Partners III ("EMP III"), amended and restated its Limited Partnership Agreement and admitted certain limited partners, which are related parties of the Company. The Company viewed this modification as a reconsideration event under ASC 810-10, Consolidation, and concluded that EMP III is a VIE and that the Company is the primary beneficiary of this VIE. Specifically, the Company's general partner interests in EMP III provide the Company the ability to make decisions that significantly impact the economic performance of EMP III, while the limited partners do not possess substantive participating rights over EMP III. The Company's assessment of the primary beneficiary of EMP III included assessing which parties have the power to significantly impact the economic performance of EMP III and the obligation to absorb losses, which could be potentially significant to EMP III, or the right to receive benefits from EMP III that could be potentially significant. The Company had previously consolidated EMP III as a voting interest entity; accordingly, this event had no impact on the assets and liabilities of the Company. EMP III had assets of $3,882 and liabilities of $35, included in the Company's Unaudited Condensed Consolidated Statement of Financial Condition at September 30, 2013. The assets retained by EMP III are for the benefit of the interest holders of EMP III. In June 2013, the Company held a fourth and final closing on EMCP III, a private equity fund focused on middle market investments in Mexico. The total subscribed capital commitments of $201,000 included a capital commitment of $10,750 by EMP III, of which $1,000 relates to the Company and $9,750 relates to noncontrolling interest holders. At September 30, 2013, unfunded commitments of EMP III were $3,642, including $639 due from the Company. During the third quarter of 2013, the Company made an investment of $1,038 in Trilantic V. See Note 15 for further information. A summary of the Company’s investment in the private equity funds as of September 30, 2013 and December 31, 2012 was as follows:
| September 30, 2013 |  | December 31, 2012
ECP II | $ | 3,384 |  |  | $ | 3,793 |
Discovery Fund | 5,098 |  |  | 3,060 |
EMCP II | 10,425 |  |  | 10,400 |
EMCP III | 3,815 |  |  | 1,696 |
CSI Capital | 2,918 |  |  | 3,056 |
Trilantic IV | 6,727 |  |  | 4,573 |
Trilantic V | 1,011 |  |  | — |
Total Private Equity Funds | $ | 33,378 |  |  | $ | 26,578 |
Net realized and unrealized gains (losses) on private equity fund investments, including performance fees, were $2,663 and $5,213 for the three and nine months ended September 30, 2013, respectively, and $423 and ($185) for the three and nine months ended September 30, 2012, respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of September 30, 2013, the Company had $2,701 of previously received carried interest that may be subject to repayment. Trilantic Capital Partners In 2010, the Company made an investment in Trilantic Capital Partners (“Trilantic”). See Note 12 for further information. This investment had a balance of $14,479 and $14,999 as of September 30, 2013 and December 31, 2012, respectively. Equity Method Investments A summary of the Company’s other equity investments as of September 30, 2013 and December 31, 2012 was as follows:
| September 30, 2013 |  | December 31, 2012
G5 ǀ Evercore | $ | 17,991 |  |  | $ | 19,720 |
ABS | 44,232 |  |  | 46,851 |
Pan | — |  |  | 2,749 |
Total | $ | 62,223 |  |  | $ | 69,320 |
G5 ǀ Evercore In 2010, the Company made an equity method investment in G5 ǀ Evercore. At September 30, 2013, the Company’s economic ownership interest in G5 ǀ Evercore was 49%. This investment resulted in earnings (losses) of ($226) and ($42) for the three and nine months ended September 30, 2013, respectively, and ($300) and $970 for the three and nine months ended September 30, 2012, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. ABS In 2011, the Company made an equity method investment in ABS. At September 30, 2013, the Company’s economic ownership interest in ABS was 45%. This investment resulted in earnings of $788 and $2,430 for the three and nine months ended September 30, 2013, respectively, and $796 and $2,418 for the three and nine months ended September 30, 2012, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. Pan and Discontinued Operations In 2008, the Company made an equity method investment of $4,158 in Pan. This investment resulted in earnings (losses) of ($55) for the nine months ended September 30, 2013, and ($81) and $131 for the three and nine months ended September 30, 2012, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. In 2011 and 2012, the Company concluded that Pan was a VIE, and that the Company was not the primary beneficiary of the VIE. On March 15, 2013, the Company exchanged its notes receivable from Pan for additional common equity, increasing its common equity ownership interest to 68%, from 50%. The Company viewed this transaction as a reconsideration event and concluded that it had become the primary beneficiary of Pan, and therefore consolidated Pan in the Company's unaudited condensed consolidated financial statements as of that date. The Company determined that it was the primary beneficiary of Pan because it possessed the power to significantly impact the economic performance of Pan and maintained the obligation to absorb losses of Pan, which could be potentially significant, or the right to receive benefits from Pan, that could be potentially significant. The assets retained by Pan are not generally available to the Company and the liabilities are generally non-recourse to the Company. The consolidation also resulted in goodwill of $3,020 and intangible assets relating to client relationships of $1,440, recognized in the Investment Management Segment. The intangible assets are being amortized over an estimated useful life of seven years. In September 2013, as part of an ongoing strategic initiative, the Company determined that Pan met the initial criteria to be classified as Held for Sale, which resulted in the Company reporting separately the assets and liabilities of Pan on the Unaudited Condensed Consolidated Statement of Financial Condition. In November, the Company further determined that Pan met the criteria to be classified within Discontinued Operations. The Company anticipates that a sale will occur within one year. Based on the estimated fair value of Pan, the Company recorded a pretax loss of ($2,718) within Income (Loss) from Discontinued Operations on the Company’s Unaudited Condensed Consolidated Statement of Operations for the three months ended September 30, 2013. Further, discontinued operations includes revenues and pretax gains (losses) from Pan of $651 and ($93), respectively, for the three months ended September 30, 2013 and $91 and ($1,518), respectively, for the nine months ended September 30, 2013. The Company recorded assets of Pan of $3,339 in Assets Held for Sale on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2013, which primarily included Goodwill and Intangible Assets of $1,185 and $1,414, respectively. The Company recorded liabilities of $584 in Liabilities Held for Sale on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2013, which primarily included Accrued Compensation and Benefits and Accounts Payable and Accrued Expenses of $126 and $412, respectively. Pan is expected to have continuing cash flows related to its normal operations until the time that a sale transaction closes. Other The Company allocates the purchase price of its equity method investments, in part, to the inherent finite-lived identifiable intangible assets of the investees. The Company’s share of the earnings of the investees has been reduced by the amortization of these identifiable intangible assets inherent in the investments of $647 and $1,941 for the three and nine months ended September 30, 2013, respectively, and $649 and $2,045 for the three and nine months ended September 30, 2012, respectively.

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