Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 294

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 294
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 the exception of the consolidation of certain LFI funds (see Note 24 of Notes to Consolidated Financial Statements). As such, seed investments and substantially all of LFI investments included in “investments” on the consolidated statements of financial condition represented the Company’s economic interest in the seed and LFI investments. 

63

Risk Management

Investments

Investments consist primarily of debt and equity securities, and interests in alternative investment, debt, equity and private equity funds. These investments are carried at fair value on the consolidated statements of financial condition and any increases or decreases in the fair value of these investments are reflected in earnings. The fair value of investments is generally based upon market prices or the net asset value (“NAV”) or its equivalent for investments in funds. 

Investments also include those investments accounted for under the equity method of accounting. Any increases or decreases in the Company’s share of net income or losses pertaining to its equity method investments are reflected in earnings.

See Note 7 of Notes to Consolidated Financial Statements for additional information on the measurement of the fair value of investments.

Lazard is subject to market and other risks on investments held. As such, gains and losses on investment positions held, which arise from sales or changes in the fair value of the investments, are not predictable and can cause periodic fluctuations in net income.

Data relating to investments is set forth below:

December 31,20242023($ in thousands)Seed investments by asset class:Debt$– $4,285 Equity (a)123,457 112,807 Fixed income20,751 15,860 Alternative investments34,161 33,073 Private equity16,785 19,361 Total seed investments195,154 185,386 Other investments owned:Private equity7,570 10,963 Fixed income and other2,266 2,119 Total other investments owned9,836 13,082 Subtotal204,990 198,468 Private equity consolidated, not owned19,057 16,494 Equity method16,899 - LFI374,001 487,002 Total investments$614,947 $701,964 

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(a)At December 31, 2024 and 2023, seed investments in directly owned equity securities were invested as follows:

December 31,20242023Percentage invested in:Financials16 %14 %Consumer31 32 Industrial14 15 Technology