| Related Party Transactions |
13. RELATED PARTY TRANSACTIONS
During 2018 and 2017, 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, L.P. (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, L.P. (formed in 2011 and formerly Silvercrest Emerging Markets Fund),
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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 Master Fund LLC,
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Silvercrest Municipal Advantage Portfolio A LLC,
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Silvercrest Municipal Advantage Portfolio P LLC,
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Silvercrest Municipal Advantage Portfolio S LLC (formed in 2015),
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the Silvercrest Jefferson Fund, L.P. (formed in 2014), and
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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).
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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 Municipal Special Situations Fund LLC (merged into Silvercrest Municipal Advantage Portfolio S LLC in 2015),
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Silvercrest Municipal Special Situations Fund II LLC (merged into Silvercrest Municipal Advantage Portfolio S LLC in 2015),
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Silvercrest Select Growth Equity Fund, L.P. (liquidated as of December 31, 2015),
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Silvercrest International Fund, L.P. (previously known as Silvercrest Global Fund, L.P.),
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Silvercrest Small Cap Fund, L.P. (liquidated as of December 31, 2016),
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Silvercrest Special Situations Fund, L.P., and
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Silvercrest Commodity Strategies Fund, L.P. (liquidated as of December 31, 2017).
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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, 2018, 2017 and 2016 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 $6,458, $6,049, and $6,188, respectively, and performance fees and allocations of $1,477, $613, and $303, respectively, of which $1,477, $613 and $303, respectively, is included in equity income from investments and $0, $0 and $0, respectively, is included in performance fees in the Consolidated Statements of Operations. As of December 31, 2018 and 2017, the Company was owed $1,233 and $1,094, 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, 2018, 2017 and 2016, the Company earned advisory fees of $1,191, $985 and $713, respectively, from assets managed on behalf of certain of its partners. As of December 31, 2018 and 2017, the Company is owed approximately $31 and $6, respectively, from certain of its partners, which is included in receivables, net on the Consolidated Statements of Financial Condition.
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