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Investments | 9 Months Ended
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Sep. 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. 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"), Glisco Mexico Capital Partners II, L.P. ("GMCP II," formerly Evercore Mexico Capital Partners II, L.P., or EMCP II), Glisco Mexico Capital Partners III, L.P. ("GMCP III," formerly Evercore Mexico Capital Partners III, L.P., or EMCP III), 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 September 30, 2016 of $945 is comprised of its remaining interest in the general partner, including $863 in cash and $82 in securities. In addition, on September 12, 2016 the final distribution related to CSI Capital, L.P. ("CSI Capital") was made. A summary of the Company’s investment in the private equity funds as of September 30, 2016 and December 31, 2015 was as follows:
| September 30, 2016 |  | December 31, 2015
ECP II | $ | 945 |  |  | $ | 983 |
Discovery Fund | 7,459 |  |  | 6,632 |
GMCP II | 5,606 |  |  | 6,091 |
GMCP III | 529 |  |  | 5,786 |
CSI Capital | — |  |  | 35 |
Trilantic IV | 227 |  |  | 2,829 |
Trilantic V | 5,114 |  |  | 4,117 |
Total Private Equity Funds | $ | 19,880 |  |  | $ | 26,473 |
Net realized and unrealized gains on private equity fund investments were $171 and $6,302 for the three and nine months ended September 30, 2016, respectively, and $1,933 and $3,259 for the three and nine months ended September 30, 2015, respectively. During the three and nine months ended September 30, 2016, Trilantic IV made distributions of $3,092 and $3,304, respectively. During the nine months ended September 30, 2015, ECP II, GMCP II, CSI Capital and Trilantic IV made distributions of $3,000, $3,194, $2,909 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 September 30, 2016, the Company had $1,400 of previously distributed carried interest that may be 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. 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 assumed all responsibility for the management of the existing funds GMCP II and GMCP III, and is controlled by the principals. These principals ceased 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. This transaction received consent from the Limited Partner Advisory Committee of the funds and regulatory approval in Mexico during the third quarter of 2016 and closed on September 30, 2016. 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 committed 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. The Company is entitled to 20% of the carried interest in such successor 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. Following this transaction, the Company ceased to have a general partner’s interest in and deconsolidated Glisco Mexico Partners II and III ("GMP II" and "GMP III," formerly Evercore Mexico Partners II and III, the General Partners of GMCP II and GMCP 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 maintains a limited partner’s interest 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 a result of this transaction, on September 30, 2016 the Company deconsolidated assets and liabilities of $8,302 and $2,343, respectively, and recorded an investment in Glisco Manager Holdings LP of $2,519, representing the fair value of the deferred consideration resulting from this transaction. Furthermore, this resulted in a decrease in Noncontrolling Interest of $5,808 at September 30, 2016 related to GMP III. In addition, the transaction resulted in a gain on deconsolidation of $406, included in Other Revenue on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2016. Following this transaction, the Company concluded that GMP II, GMP III and Glisco Manager Holdings LP are VIEs and that the Company is not the primary beneficiary of these VIEs. The Company's assessment of the primary beneficiary of these entities included assessing which parties have the power to significantly impact the economic performance of these entities and the obligation to absorb losses, which could be potentially significant to the entities, or the right to receive benefits from the entities that could be potentially significant. Neither the Company nor its related parties will have the ability to make decisions that significantly impact the economic performance of these entities. Further, as a limited partner in these entities, the Company does not possess substantive participating rights. The Company had assets of $8,654 included in its Unaudited Condensed Consolidated Statement of Financial Condition at September 30, 2016 related to these unconsolidated VIEs, representing the carrying value of the Company's investments in the entities. The Company’s exposure to the obligations of these VIEs is generally limited to its investments in these entities. The Company's maximum exposure to loss as of September 30, 2016 was $10,981, which represents the carrying value of the Company's investments in these VIEs, as well as any unfunded commitments to the current funds. 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 nine months ended September 30, 2016, $612 and $50 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. From 2010 to 2013, $825 and $1,120 of this investment was allocated to Trilantic Fund V and IV, respectively. This investment had a balance of $12,150 and $12,812 as of September 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 September 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 September 30, 2016 and December 31, 2015 was as follows:
| September 30, 2016 |  | December 31, 2015
G5 ǀ Evercore | $ | 25,016 |  |  | $ | 20,730 |
ABS | 38,364 |  |  | 41,567 |
Atalanta Sosnoff | 23,152 |  |  | 23,990 |
Total | $ | 86,532 |  |  | $ | 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 September 30, 2016, the Company’s economic ownership interest in G5 ǀ Evercore was 49%. This investment resulted in earnings (losses) of ($107) and ($78) for the three and nine months ended September 30, 2016, respectively, and ($388) and $263 for the three and nine months ended September 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 September 30, 2016, the Company’s economic ownership interest in ABS was 45%. This investment resulted in earnings of $1,113 and $3,687 for the three and nine months ended September 30, 2016, respectively, and $1,317 and $3,771 for the three and nine months ended September 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 September 30, 2016, the Company’s economic ownership interest in Atalanta Sosnoff was 49%. This investment resulted in earnings of $172 and $520 for the three and nine months ended September 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 $2,648 for the three and nine months ended September 30, 2016, respectively, and $621 and $1,863 for the three and nine months ended September 30, 2015, respectively. The Company assesses its equity method investments for impairment annually, or more frequently if circumstances indicate impairment may have occurred.

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