| Related Party Transactions |
13. RELATED PARTY TRANSACTIONS
During the first nine months of 2016 and 2015, the Company provided services to the following, which operate as feeder funds investing through master-feeder or mini-master feeder structures:
|
|
•
|
the domesticated Silvercrest Hedged Equity Fund, L.P. (formed in 2011 and formerly Silvercrest Hedged Equity Fund),
|
|
|
•
|
Silvercrest Hedged Equity Fund (International), Ltd. (which invests through Silvercrest Hedged Equity Fund, L.P.),
|
|
|
•
|
the domesticated Silvercrest Emerging Markets Fund, L.P. (formed in 2011 and formerly Silvercrest Emerging Markets Fund),
|
|
|
•
|
Silvercrest Emerging Markets Fund (International), Ltd. (which invests through Silvercrest Emerging Markets Fund L.P.),
|
|
|
•
|
Silvercrest Market Neutral Fund (currently in liquidation),
|
|
|
•
|
Silvercrest Market Neutral Fund (International) (currently in liquidation),
|
|
|
•
|
Silvercrest Municipal Advantage Portfolio A LLC,
|
|
|
•
|
Silvercrest Municipal Advantage Portfolio P LLC,
|
|
|
•
|
Silvercrest Municipal Advantage Portfolio S LLC (formed in 2015),
|
|
|
•
|
the Silvercrest Jefferson Fund, L.P. (formed in 2014), and
|
|
|
•
|
the Silvercrest Jefferson Fund, Ltd. (the Company took over as investment manager in 2014, formerly known as the Jefferson Global Growth Fund, Ltd.), which invests in Silvercrest Jefferson Master Fund, L.P. (formed in 2014).
|
The Company also provides services to the following, which operate and invest separately as stand-alone funds:
|
|
•
|
the Silvercrest Global Opportunities Fund, L.P. (currently in liquidation),
|
|
|
•
|
Silvercrest Global Opportunities Fund (International), Ltd. (currently in liquidation),
|
|
|
•
|
Silvercrest Capital Appreciation Fund LLC (currently in liquidation),
|
|
|
•
|
Silvercrest International Equity Fund, L.P. (merged into Silvercrest International Fund, L.P. in October 2013),
|
|
|
•
|
Silvercrest Municipal Special Situations Fund LLC (merged into Silvercrest Municipal Advantage Portfolio S LLC in 2015),
|
|
|
•
|
Silvercrest Municipal Special Situations Fund II LLC (merged into Silvercrest Municipal Advantage Portfolio S LLC in 2015),
|
|
|
•
|
Silvercrest Select Growth Equity Fund, L.P. (liquidated as of December 31, 2015),
|
|
|
•
|
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),
|
|
|
•
|
Silvercrest Small Cap Fund, L.P. (currently in liquidation),
|
|
|
•
|
Silvercrest Special Situations Fund, L.P., and
|
|
|
•
|
Silvercrest Commodity Strategies Fund, L.P.
|
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 three months ended September 30, 2016 and 2015, the Company earned from the above activities management fee income, which is included in “Management and advisory fees” in the Condensed Consolidated Statements of Operations, of $1,538 and $1,909, respectively. For the nine months ended September 30, 2016 and 2015, the Company earned from the above activities management fee income, which is included in “Management and advisory fees” in the Condensed Consolidated Statements of Operations, of $4,633 and $5,728, respectively. As of September 30, 2016 and December 31, 2015, the Company was owed $2,524 and $4,330, respectively, from its various funds, which is included in Due from Silvercrest Funds on the Condensed Consolidated Statements of Financial Condition.
For the three months ended September 30, 2016 and 2015, the Company earned advisory fees of $182 and $127, respectively, from assets managed on behalf of certain of its employees. For the nine months ended September 30, 2016 and 2015, the Company earned advisory fees of $519 and $399, respectively, from assets managed on behalf of certain of its employees. As of September 30, 2016 and December 31, 2015, the Company is owed approximately $7 and $3 from certain of its employees, which is included in Receivables, net on the Condensed Consolidated Statements of Financial Condition.
|