Lazard Completes Its Acquisition of Campbell Lutyens and Launches Lazard CL, the Global Leader for the Next Era of Private Capital
Portions of the stock consideration are subject to lock-up arrangements of up to three years.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Lazard (LAZ) completed its acquisition of Campbell Lutyens and launched Lazard CL as its third global business, focused on private capital advisory.
The transaction combines Lazard's private capital advisory operations with Campbell Lutyens. Upfront consideration was paid primarily in Lazard stock. Lazard continues to expect approximately $500 million of estimated combined revenue and earnings accretion in 2027, before revenue or expense synergies. The company said Campbell Lutyens is performing ahead of the assumptions supporting the acquisition.
Lazard CL has more than 300 advisory professionals and 19 offices worldwide, providing primary fundraising, secondary advisory and GP capital advisory services. Gordon Bajnai and Holcombe Green serve as co-CEOs. Lazard positions the combination as part of its Lazard 2030 strategy to pursue profitable growth and diversify revenue.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointCampbell Lutyens acquisition completed, combining its business with Lazard's private capital advisory operations.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Approximately $500 million of estimated combined revenue expected for Lazard CL in 2027.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2027 earnings accretion expected before accounting for revenue or expense synergies.
- Moderate pointLazard's private capital advisory revenue more than doubled over the past five years.
- Minor pointCampbell Lutyens performance is ahead of acquisition assumptions, Lazard said.
Negative
- Moderate pointLazard stock funded most upfront consideration, with portions subject to lock-up arrangements of up to three years.
News Explained
Lazard says the upfront consideration was paid primarily in its own stock, with portions of that stock consideration subject to lock-up arrangements lasting up to three years.
Key Figures
- Advisory professionals
- More than 300
- Lazard CL platform
- Offices
- 19
- Worldwide Lazard CL footprint
- Primary capital raised and secondary transaction volume
- More than $1 trillion
- Across approximately 1,300 mandates over four decades
- Mandates
- Approximately 1,300
- Across four decades of primary and secondary advisory activity
- Institutional investors
- Approximately 4,000
- Reach through Lazard CL's global distribution capabilities
- LP distribution professionals
- More than 60
- Dedicated team
- Estimated combined revenue
- Approximately $500 million
- 2027; before revenue or expense synergies
- Lock-up period
- Up to three years
- Applies to portions of the primarily stock-based upfront consideration
Previous Acquisition Reports
-
Announced this acquisition with proposed consideration terms and 2027 revenue expectations.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Peter Orszag, CEO and Chairman of Lazard: "We are thrilled to launch our third global business, Lazard CL. By pairing leading global positions in primary fundraising and secondary advisory with our world-class M&A, capital markets, and restructuring expertise, we are deepening the connectivity between our advisory businesses and strengthening our reach across both the largest strategic transactions and private capital activity. Campbell Lutyens is an exceptional firm with outstanding talent and a culture much like ours—commercial, collegial, and committed to clients—and I am delighted to welcome the team to Lazard."
Lazard CL brings together highly complementary platforms with a long history of delivering results for clients. With more than 300 advisory professionals and 19 offices worldwide, Lazard CL represents collectively advising on more than
- One Platform, Multiple Solutions: The full range of fund placement, primary fundraising, secondary advisory, and GP capital advisory services to financial sponsors, institutional investors, and other active market participants across the private capital lifecycle, from capital formation to liquidity to strategic alternatives. Lazard CL extends global distribution capabilities to connect approximately 4,000 institutional investors to both compelling investment opportunities and liquidity solutions through a dedicated team of more than 60 LP distribution professionals.
- Deep Asset Class and Transaction Experience: Specialized expertise across all major asset classes—private equity, private credit, infrastructure, and real estate—and across every major capital center, including
North America ,Europe , theMiddle East , andAsia-Pacific .
- A Differentiated Data Advantage: Proprietary datasets built over the last 15 years, currently referencing approximately 100,000 investor sentiment data points and approximately 20,000 fund pricing data points. Paired with Lazard's leading AI capabilities, these inform sharper benchmarking, positioning, and investor targeting for clients.
- Independent Advice: A dedicated business, purpose-built for private capital clients. Backed by the strength of Lazard's global brand and infrastructure while operating autonomously, Lazard CL delivers independent, objective, and discreet counsel at every stage of the private capital cycle, from initial fundraising to GP capital advisory.
Gordon Bajnai, Co-CEO of Lazard CL: "Today, Lazard CL opens its doors as the largest integrated platform in private capital advisory anywhere in the world. Campbell Lutyens spent 38 years building an independent, entrepreneurial franchise rooted in a client-first mentality, and that same spirit now carries forward into our new business. Along with Lazard's strength across Financial Advisory, Lazard CL gives our clients a global scale and reach that few in the industry can match."
Holcombe Green, Co-CEO of Lazard CL: "Lazard CL represents the next stage of everything we've built in private capital advisory at Lazard over the past five years—a period in which our business has more than doubled its revenue and expanded its footprint globally. This transaction augments our standout capabilities in private equity and real estate with category leadership in infrastructure and private credit, bringing the expertise of our teams together to create the most comprehensive business in the private capital advisory space."
As shared at the time of the acquisition announcement on April 30, 2026, the upfront consideration at transaction close was paid primarily in the form of Lazard stock with portions subject to lock-up arrangements of up to three years, strengthening Lazard's balance sheet and aligning the combined team with the firm's long-term performance. As shared on Lazard's third quarter and first nine months of 2026 earnings call, the Campbell Lutyens business is performing ahead of the assumptions that supported the acquisition. Lazard continues to anticipate that Lazard CL will generate approximately
About Lazard
Founded in 1848, Lazard is the preeminent financial advisory, private capital advisory, and asset management firm, with operations in across
Lazard CL, a subsidiary of Lazard, Inc. (NYSE: LAZ), provides dedicated primary fundraising, secondary advisory, and GP capital advisory services in private equity, private credit, infrastructure, and real estate markets across the
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Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the
These forward-looking statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.
These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:
- The possibility that anticipated benefits of the acquisition of Campbell Lutyens may not be realized when expected or at all;
- Difficulties, delays or higher than expected costs in integrating Campbell Lutyens' business, operations and personnel;
- Adverse general economic conditions or adverse conditions in global or regional financial markets;
- Changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, the risk of potential government shutdowns, and the economic impacts, volatility and uncertainty resulting therefrom;
- A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, fundraising or secondaries activity, our share of those markets or our assets under management (AUM);
- Losses caused by financial or other problems experienced by third parties;
- Losses due to unidentified or unanticipated risks;
- A lack of liquidity, i.e., ready access to funds, for use in our businesses;
- Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels; and
- Changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items
These risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.
Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.
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SOURCE Lazard
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What business did Lazard launch after completing the Campbell Lutyens acquisition?
Lazard launched Lazard CL, combining its private capital advisory operations with Campbell Lutyens. The business provides primary fundraising, secondary advisory and GP capital advisory services, with Gordon Bajnai and Holcombe Green serving as co-CEOs.
What revenue and earnings contribution does Lazard expect from Lazard CL in 2027?
Lazard expects Lazard CL to generate approximately $500 million of estimated combined revenue and be accretive to earnings in 2027, before accounting for revenue or expense synergies.