Lazard said Nov. 2 it completed its purchase of Campbell Lutyens and launched Lazard CL, expanding the firm's advisory services for clients navigating private capital markets.
Lazard puts the platform's staffing at more than 300 advisory professionals in 19 offices. The company said the businesses advised on about 1,300 mandates during the last four decades, involving more than $1 trillion in primary capital raised and secondary transaction volume.
Lazard CL will advise on fund placements and fundraising, secondary transactions, and capital matters for general partners. Lazard also identifies financial sponsors, portfolio companies and institutional investors among clients for the business.
A group of more than 60 limited partner distribution professionals will connect with approximately 4,000 institutional investors, Lazard said. The company says the team will help investors identify potential opportunities and address liquidity needs.
Lazard linked the launch to its Lazard 2030 strategy, which it says aims to broaden client services and diversify revenue. The company pointed to more competitive fundraising and greater complexity in liquidity needs as reasons for the expansion. CEO and Chairman Peter Orszag called Lazard CL the firm's “third global business.”
The acquisition agreement, announced April 30, provided for $460 million in initial consideration, subject to adjustments for cash, debt and working capital. Another $115 million is deferred until the second anniversary of closing. Sellers may also receive up to $85 million through an earn-out tied to performance criteria, with measurement periods through 2030 and a possible extension. Lazard's April Form 8-K said the initial payment was expected to be made mostly in company shares, using a $46.50 reference price.
Lazard reported $15.316 million in acquisition-related expenses for the nine months ended Sept. 30, 2026, in its third-quarter Form 10-Q. When it announced the agreement, the company projected about $500 million in combined revenue for 2027 and said it expected the deal to be accretive to earnings from that year onward. Those were projections at the time of signing. The deferred payment is scheduled for the second anniversary of closing, while earn-out measurement periods extend through 2030.
