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Investments | 9 Months Ended
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Sep. 30, 2022
Schedule Of Investments [Abstract] |
Investments |
4. | INVESTMENTS
The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2022 and December 31, 2021:
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Debt |  | $ | - |  |  | $ | 299,990 |
Equities |  |  | 39,747 |  |  |  | 54,040 |
Funds: |  |  |  |  |  |  |  |
Alternative investments (a) |  |  | 54,201 |  |  |  | 49,757 |
Debt (a) |  |  | 167,763 |  |  |  | 164,952 |
Equity (a) |  |  | 319,707 |  |  |  | 375,761 |
Private equity |  |  | 41,804 |  |  |  | 46,589 |
|  |  | 583,475 |  |  |  | 637,059 |
Investments, at fair value |  |  | 623,222 |  |  |  | 991,089 |
Equity method |  |  | 15,738 |  |  |  | 16,250 |
Total investments |  | $ | 638,960 |  |  | $ | 1,007,339 |
Securities sold, not yet purchased, at fair value (included in “other liabilities”) |  | $ | 4,301 |  |  | $ | 6,828 |
(a) | Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $23,525, $137,949 and $248,488, respectively, at September 30, 2022 and $18,326, $132,875 and $306,618, respectively, at December 31, 2021, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“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 6 and 12).
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 and (ii) a fund targeting significant noncontrolling-stake investments in established private companies. 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 partnership interests accounted for under the equity method of accounting. During the three month and nine month periods ended September 30, 2022 and 2021, the Company reported in “revenue-other” on its condensed 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:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net unrealized investment gains (losses) |  | $ | (31,093 | ) |  | $ | (13,736 | ) |  | $ | (134,091 | ) |  | $ | 5,955 |

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI https://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI https://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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