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Investments | 6 Months Ended
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Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract] |
Investments | Investments The Company’s investments reported on the Unaudited Condensed Consolidated Statements of Financial Condition consist of investments in private equity partnerships, Trilantic Capital Partners ("Trilantic") and other investments in unconsolidated affiliated companies. The Company’s investments are relatively high-risk and illiquid assets. The Company’s investments in private equity partnerships consist of investment interests in private equity funds which are voting interest entities. Realized and unrealized gains and losses on the private equity investments are included within Investment Management Revenue, as the Company considers this activity integral to its Private Equity business. The Company also has investments in G5 Holdings S.A. ("G5 ǀ Evercore"), ABS Investment Management, LLC ("ABS") and Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), which are voting interest entities. The Company’s share of earnings (losses) on its investments in G5 ǀ Evercore, ABS and Atalanta Sosnoff (after its deconsolidation on December 31, 2015) are included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. Investments in Private Equity Private Equity Funds The Company’s investments related to private equity partnerships and associated entities include investments in Evercore Capital Partners II, L.P. ("ECP II"), Discovery Americas I, L.P. (the "Discovery Fund"), Evercore Mexico Capital Partners II, L.P. ("EMCP II"), Evercore Mexico Capital Partners III, L.P. ("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 December 31, 2014, ECP II was terminated. The Company's investment at June 30, 2016 of $959 is comprised of its remaining interest in the general partner, including $818 in cash, $61 in a seller note and $80 in securities. In 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 the general partner of EMCP III, Evercore Mexico Partners III ("EMP III"), of which $1,000 relates to the Company and $9,750 relates to noncontrolling interest holders. At June 30, 2016, unfunded commitments of EMP III were $3,675, including $300 due from the Company. A summary of the Company’s investment in the private equity funds as of June 30, 2016 and December 31, 2015 was as follows:
| June 30, 2016 |  | December 31, 2015
ECP II | $ | 959 |  |  | $ | 983 |
Discovery Fund | 7,394 |  |  | 6,632 |
EMCP II | 6,086 |  |  | 6,091 |
EMCP III | 544 |  |  | 5,786 |
CSI Capital | — |  |  | 35 |
Trilantic IV | 3,505 |  |  | 2,829 |
Trilantic V | 5,039 |  |  | 4,117 |
Total Private Equity Funds | $ | 23,527 |  |  | $ | 26,473 |
Net realized and unrealized gains on private equity fund investments were $4,764 and $6,131 for the three and six months ended June 30, 2016, respectively, and $1,815 and $1,326 for the three and six months ended June 30, 2015, respectively. During the six months ended June 30, 2015, ECP II, EMCP II, CSI Capital and Trilantic IV made distributions of $3,000, $3,194, $2,750 and $1,650, respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of June 30, 2016, there was no previously distributed carried interest that was subject to repayment. General Partners of Private Equity Funds which are VIEs The Company has concluded that Evercore Partners II, L.L.C. ("EP II L.L.C."), the general partner of ECP II, is a VIE pursuant to ASC 810. The Company owned 8%-9% of the carried interest earned by the general partner of ECP II. The Company's assessment of the design of EP II L.L.C. resulted in the determination that the Company is not acting as an agent for other members of the general partner and is a passive holder of interests in the fund, evidenced by the fact that the Company is a non-voting, non-managing member of the general partner and, therefore, has no authority in directing the management operations of the general partner. Furthermore, the Company does not have the obligation to absorb significant losses or the right to receive benefits that could potentially have a significant impact to EP II L.L.C. Accordingly, the Company has concluded that it is not the primary beneficiary of EP II L.L.C. and has not consolidated EP II L.L.C. in the Company's unaudited condensed consolidated financial statements. In 2013, 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, "Noncontrolling Interest in Consolidated Financial Statements - an amendment of ARB No. 51," 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 provides the Company with 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, consolidating as a VIE had no impact on the assets and liabilities of the Company. The Company consolidated EMP III assets of $6,572 and liabilities of $83 at June 30, 2016 and assets of $6,030 and liabilities of $164 at December 31, 2015, in the Company's Unaudited Condensed Consolidated Statements of Financial Condition. The assets retained by EMP III are for the benefit of the interest holders of EMP III and the liabilities are generally non-recourse to the Company. Glisco Transaction On July 19, 2016, the Company and the principals of its Mexican Private Equity business entered into an agreement to transfer ownership of its Mexican Private Equity business and related entities to Glisco Partners Inc. ("Glisco"), which will assume all responsibility for the management of the existing funds EMCP II and EMCP III. These principals will cease to be employed by the Company following this transaction. An SMD of the Company will continue to serve on the Investment Committee for the funds. As consideration for this transaction, the Company will receive a fixed percentage of the management fees earned by Glisco for a period of up to ten years, as well as a portion of the carried interest in the next two successor funds. The Company will commit to invest capital in those successor funds consistent with the level of carried interest it owns and will retain its carried interest and its capital interests in the existing funds. In conjunction with this transaction, the Company entered into a transition services agreement to provide operational support to Glisco for a period of up to 18 months. Completion of this transaction, which is subject to consent by the Limited Partner Advisory Committee of the funds and regulatory approval in Mexico, is expected to occur before the end of 2016. Following this transaction, the Company will cease to have a general partner’s interest in and will deconsolidate Evercore Mexico Partners II and III (the General Partners of EMCP II and EMCP III) and related subsidiaries. Going forward the Company will maintain a limited partner’s interest in the general partners of the funds. In addition, the Company will maintain a limited partner’s interest and record an investment in Glisco Manager Holdings LP, from which the Company will receive its portion of the management fees earned by Glisco. The Company’s investment in Glisco Manager Holdings LP will be accounted for as a cost method investment. As of June 30, 2016, the Company recorded $6,849 of Assets Held for Sale, comprised primarily of $5,847 of investments related to the interest held by the noncontrolling interest holders of EMP III and $906 of cash. The Company also recorded $1,510 of Liabilities Held for Sale, comprised primarily of accrued compensation and benefits and accounts payable, related to the entities to be transferred. Noncontrolling interest of $6,126 is also recorded as of June 30, 2016 related to the entities to be transferred. Investment in Trilantic Capital Partners and Others In 2010, the Company made a limited partnership investment in Trilantic in exchange for 500 Class A limited partnership units of Evercore LP ("Class A LP Units") having a fair value of $16,090. This investment gave the Company the right to invest in Trilantic’s current and future private equity funds, beginning with Trilantic Fund IV. The Company accounts for this investment under the cost method, subject to impairment. The Company allocates the cost of this investment to its investments in current and future Trilantic funds, as the Company satisfies the capital calls of these funds. The Company bases this allocation on its expectation of Trilantic’s future fundraising ability and performance. During the six months ended June 30, 2016, $537 and $33 of this investment was allocated to Trilantic Fund V and IV, respectively. During 2015, $636 and $8 of this investment was allocated to Trilantic Fund V and IV, respectively. During 2014, $689 of this investment was allocated to Trilantic Fund V. During 2013, $825 and $29 of this investment was allocated to Trilantic Fund V and Trilantic Fund IV, respectively. From 2010 to 2012, $1,091 of this investment was allocated to Trilantic Fund IV. This investment had a balance of $12,242 and $12,812 as of June 30, 2016 and December 31, 2015, respectively. The Company has a $5,000 commitment to invest in Trilantic Fund V, of which $2,550 was unfunded at June 30, 2016. The Company and Trilantic anticipate that the Company will participate in the successor funds to Trilantic Fund V. The Company further anticipates that participation in the successor fund will be at approximately $12,000. In the second quarter of 2015, the Company received an equity security in a private company with a fair value of $1,079 in exchange for advisory services. This investment is accounted for on the cost basis. Equity Method Investments A summary of the Company’s other investments accounted for under the equity method of accounting as of June 30, 2016 and December 31, 2015 was as follows:
| June 30, 2016 |  | December 31, 2015
G5 ǀ Evercore | $ | 24,665 |  |  | $ | 20,730 |
ABS | 37,890 |  |  | 41,567 |
Atalanta Sosnoff | 23,387 |  |  | 23,990 |
Total | $ | 85,942 |  |  | $ | 86,287 |
G5 ǀ Evercore In 2010, the Company made an investment accounted for under the equity method of accounting in G5 ǀ Evercore. At June 30, 2016, the Company’s economic ownership interest in G5 ǀ Evercore was 49%. This investment resulted in earnings of $277 and $29 for the three and six months ended June 30, 2016, respectively, and $708 and $651 for the three and six months ended June 30, 2015, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. In addition, the investment is subject to currency translation from Brazilian Real to the U.S. Dollar. ABS In 2011, the Company made an investment accounted for under the equity method of accounting in ABS. At June 30, 2016, the Company’s economic ownership interest in ABS was 45%. This investment resulted in earnings of $1,244 and $2,574 for the three and six months ended June 30, 2016, respectively, and $1,290 and $2,454 for the three and six months ended June 30, 2015, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. Atalanta Sosnoff On December 31, 2015, the Company amended the Operating Agreement with Atalanta Sosnoff and deconsolidated its assets and liabilities and accounted for its interest in Atalanta Sosnoff under the equity method of accounting from that date forward. The carrying amount of the investment of $23,990, at December 31, 2015, represented its fair value on that date. At June 30, 2016, the Company’s economic ownership interest in Atalanta Sosnoff was 49%. This investment resulted in earnings of $143 and $348 for the three and six months ended June 30, 2016, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. 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 $884 and $1,764 for the three and six months ended June 30, 2016, respectively, and $621 and $1,242 for the three and six months ended June 30, 2015, respectively.

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