| Related Party Transactions |
13. RELATED PARTY TRANSACTIONS
During 2014 and 2013, the Company provided services to the following, which operate as feeder funds investing through master-feeder or mini-master feeder structures:
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the domesticated Silvercrest Hedged Equity Fund LP (formed in 2011 and formerly Silvercrest Hedged Equity Fund),
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Silvercrest Hedged Equity Fund (International) Ltd. (which invests through Silvercrest Hedged Equity Fund, L.P.),
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the domesticated Silvercrest Emerging Markets Fund LP (formed in 2011 and formerly Silvercrest Emerging Markets Fund),
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Silvercrest Emerging Markets Fund (International), Ltd. (which invests through Silvercrest Emerging Markets Fund L.P.),
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Silvercrest Market Neutral Fund (currently in liquidation),
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Silvercrest Market Neutral Fund (International) (currently in liquidation),
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Silvercrest Municipal Advantage Portfolio A LLC,
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Silvercrest Municipal Advantage Portfolio P LLC,
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the domesticated Silvercrest Strategic Opportunities Fund LP (formed in 2011 and formerly Silvercrest Strategic Opportunities Fund, and terminated in 2013),
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the Silvercrest Strategic Opportunities Fund (International) (terminated in 2011),
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the Silvercrest Jefferson Global Fund, LP (formed in 2014), and
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the Silvercrest Global Growth Fund, Ltd. (the Company took over as investment manager in 2014, formerly known as the Jefferson Global Growth Fund, Ltd.).
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The Company also provides services to the following, which operate and invest separately as stand-alone funds:
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the Silvercrest Global Opportunities Fund, L.P. (currently in liquidation),
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Silvercrest Global Opportunities Fund (International), Ltd. (currently in liquidation),
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Silvercrest Capital Appreciation Fund LLC (currently in liquidation),
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Silvercrest International Equity Fund, L.P. (merged into Silvercrest International Fund, L.P. in October 2013),
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Silvercrest Municipal Special Situations Fund LLC,
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Silvercrest Municipal Special Situations Fund II LLC,
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Silvercrest Select Growth Equity Fund, L.P.,
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Silvercrest International Fund, L.P. (previously known as Silvercrest Global Fund, L.P. Silvercrest International Equity Fund, L.P. merged into this fund in October 2013),
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Silvercrest Small Cap Fund, L.P.,
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Silvercrest Special Situations Fund, L.P., and
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Silvercrest Commodity Strategies Fund, L.P.
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Pursuant to agreements with the above entities, the Company provides investment advisory services and receives an annual management fee of 0% to 1.75% of assets under management and a performance fee or allocation of 0% to 10% of the above entities’ net appreciation over a high-water mark.
For the years ended December 31, 2014, 2013 and 2012 the Company earned management fee income from the funds listed above, which is included in “Management and advisory fees” in the Consolidated Statement of Operations, of $8,974, $8,994, and $8,484, respectively, and performance fees and allocations of $1,417, $14, and $2,615, respectively, of which $1,196, $14 and $1,901, respectively, is included in equity income from investments and $221, $0 and $714, respectively, is included in performance fees in the Consolidated Statements of Operations. As of December 31, 2014 and December 31, 2013, the Company was owed $3,797 and $2,653, respectively, from its various funds, which is included in the Due from Silvercrest Funds on the Consolidated Statements of Financial Condition.
For the years ended December 31, 2014, 2013 and 2012, the Company earned advisory fees of $592, $479 and $408, respectively, from assets managed on behalf of certain of its partners. As of December 31, 2014 and December 31, 2013, the Company is owed approximately $2 and $78, respectively, from certain of its partners, which is included in receivables, net on the Consolidated Statements of Financial Condition.
For the year ended December 31, 2013, the Company expensed approximately $780 for payments made through November 2014 to a relative of the Company’s former Chief Executive Officer which are included in general and administrative expenses in the Consolidated Statement of Operations.
At December 31, 2013, the Company had a receivable for life insurance proceeds of $3,010, as it was the beneficiary on a key-man policy in the name of our former Chief Executive Officer, which was included in prepaid and other assets on the Consolidated Statement of Financial Condition. The Company received these proceeds in January 2014.
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