Investments

The Company’s investments include investments in private companies and partnerships, registered mutual funds, warrants of public and private companies and private company debt. Investments included:



	December 31,			December 31,
(Dollars in thousands)	2015			2014
Investments at fair value	$	142,781		$	94,869
Investments at cost	3,299			8,214
Investments accounted for under the equity method	17,781			23,757
Total investments	163,861			126,840

Less investments attributable to noncontrolling interests (1)	(40,069		)	(32,563		)
	$	123,792		$	94,277


(1)	Noncontrolling interests are attributable to third party ownership in a consolidated merchant banking fund and private equity investment vehicles.

Management regularly reviews the Company’s investments in private company debt and has concluded that no valuation allowance is needed as it is probable that all contractual principal and interest will be collected.

At December 31, 2015, investments carried on a cost basis had an estimated fair market value of $4.9 million. Because valuation estimates were based upon management’s judgment, investments carried at cost would be categorized as Level III assets in the fair value hierarchy, if they were carried at fair value.

Investments accounted for under the equity method include general and limited partnership interests. The carrying value of these investments is based on the investment vehicle’s net asset value. The net assets of investment partnerships consist of investments in both marketable and non-marketable securities. The underlying investments held by such partnerships are valued based on the estimated fair value determined by management in our capacity as general partner or investor and, in the case of investments in unaffiliated investment partnerships, are based on financial statements prepared by the unaffiliated general partners.