Lazard Inc. (NYSE: LAZ) entered into a definitive agreement to acquire Campbell Lutyens, a global private markets advisor, for approximately $575 million. The deal will create Lazard CL, a new third global business that will combine the two firms’ private capital advisory capabilities, including fund placement, secondary advisory, and GP capital advisory services. The transaction is structured with an upfront payment of $575 million, payable in part at closing and in part two years after closing, and an additional performance‑based consideration of up to $85 million tied to defined milestones. Holcombe Green and Gordon Bajnai will serve as Co‑CEOs of Lazard CL, with Andrew Sealey as non‑executive Chairman.
The acquisition positions Lazard as a leading private capital advisory platform worldwide, complementing its existing M&A, capital markets, and restructuring practices. By combining the firms’ expertise, Lazard CL will offer clients end‑to‑end advisory services across the full capital life cycle—from fund formation to liquidity—leveraging Lazard’s AI capabilities and proprietary data sets to enhance client insights and execution efficiency. The combined entity will have over 280 advisory professionals across 18 offices globally and will expand Lazard’s reach across infrastructure, private credit, private equity, and real‑estate advisory services in the U.S., Europe, the Middle East, and Asia Pacific.
Management expects the acquisition to be accretive to Lazard’s 2027 earnings and to generate roughly $500 million in combined 2027 revenue. The deal is part of Lazard’s “Lazard 2030” strategy, which seeks to build a more resilient and growth‑oriented firm by deepening its private markets capabilities. The transaction also aligns with a broader industry trend of consolidation among advisory firms in private markets, driven by the increasing complexity and scale of private capital advisory services.
Peter Orszag, CEO and Chairman of Lazard, said, “This transaction marks another defining strategic step on the path toward Lazard 2030 and an exciting avenue for future growth. Private capital advisory has been expanding rapidly, and the future will belong to those who can combine global insight and deep expertise with the scale to deliver innovative solutions across the full private markets spectrum. With this transaction, Lazard and Campbell Lutyens will set a new benchmark for a comprehensive global model—tightly integrated with Lazard’s world class M&A and broader advisory capabilities.” Gordon Bajnai, former CEO of Campbell Lutyens, added, “Lazard’s strength in M&A and broader advisory platform will be a significant benefit to our combined entity. Together, we will expand investor access as one of the industry’s largest integrated distribution networks, creating an unparalleled global platform for private capital advisory and unlocking new opportunities for clients worldwide.”
Lazard’s recent financial performance provides context for the acquisition. In Q4 2025, the firm reported record revenue in its Financial Advisory segment and strong Asset Management AUM, with a net revenue of $907 million and an adjusted net revenue of $892 million. The Q1 2025 results showed net revenue of $648 million and an adjusted net revenue of $643 million. Analysts noted that while Q4 2025 results were robust, concerns about M&A closing activity could impact profitability in early 2026, underscoring the strategic importance of expanding Lazard’s private capital advisory footprint.
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