– Lazard, Inc. entered a definitive agreement to acquire Campbell Lutyens, a global private markets advisor specializing in fund placement, secondary advisory, and GP capital advisory
– The combined entity will form Lazard CL, a new global private capital advisory unit integrated with Lazard’s M&A and advisory platform
– Lazard CL will operate across infrastructure, private credit, private equity, and real estate in the U.S., Europe, Middle East, and Asia Pacific
– Combined business highlights:
▪️~ $500m estimated revenue by 2027
▪️280+ advisory professionals across 18 global offices
▪️60+ institutional distribution professionals
▪️230+ fee-paying mandates (last 2 years)
▪️$100bn+ GP and LP secondary transactions (last 2 years)
▪️$190bn+ capital raised (last 2 years)
– The platform will provide end-to-end advisory across the capital lifecycle, from fundraising to liquidity and strategic alternatives
– Integration of proprietary datasets with AI capabilities aims to enhance client insights and position Lazard as a leading AI-enabled independent financial firm
– Lazard CL will become Lazard’s third global business line
– Leadership structure:
▪️Peter Orszag remains CEO and Chairman of Lazard
▪️Holcombe Green (Lazard) and Gordon Bajnai (Campbell Lutyens) appointed Co-CEOs of Lazard CL
– Peter Orszag, CEO and Chairman, Lazard said the deal is a defining strategic step toward Lazard 2030, combining global insight, scale, and expertise to create a new benchmark in private capital advisory
– Gordon Bajnai, CEO, Campbell Lutyens said the partnership aligns with their ambition to be the premier global private capital advisor and will expand investor access through a large integrated distribution network
– Holcombe Green, Global Head of Private Capital Advisory, Lazard said the transaction combines two complementary franchises to deliver end-to-end solutions and strengthen client support across private markets
– Senior leadership remains in place, including:
▪️Andrew Sealey (Chairman, Campbell Lutyens) as non-executive Chairman of Lazard CL
▪️Kevan Comstock, James Jacobs, Nick Miles, Stephen Salyer (Lazard)
▪️Gerald Cooper, Thomas Liaudet, Immanuel Rubin, Sarah Sandstrom, Richard von Gusovius, Marc Dumbell (Campbell Lutyens)
– Transaction terms:
▪️Total consideration ~ $575m (split between closing and two years post-closing)
▪️Additional earn-out up to $85m based on performance
– Expected to be accretive to earnings from 2027 onward
– Closing anticipated in 2026, subject to regulatory approvals
