Lazard to Acquire Campbell Lutyens in $575 Million

Lazard has agreed to acquire private capital advisory firm Campbell Lutyens in a deal valued at up to $575 million, marking a strategic expansion into one of the fastest-growing segments of global financial services.

The transaction, announced Thursday, will combine Lazard’s existing private capital advisory operations with London-based Campbell Lutyens to form a new global unit, Lazard CL. The move underscores increasing demand for advisory services tied to fundraising and secondary transactions as private markets continue to scale and evolve.

Founded in 1988, Campbell Lutyens specializes in advising private capital managers and institutional investors on capital raising, secondaries, and strategic structuring. Its expertise complements Lazard’s broader advisory platform, which spans mergers and acquisitions, restructuring, and asset management.

The combined business is expected to generate approximately $500 million in annual revenue by 2027 and will include more than 280 professionals across 18 offices worldwide. Over the past two years alone, the firms have collectively advised on more than $100 billion in secondary transactions and supported over $190 billion in capital raised.

Strategic Expansion Amid Private Markets Growth

The acquisition comes as private capital markets continue to expand rapidly, with assets under management growing significantly over the past decade. As more companies remain private for longer periods, investors and fund managers are increasingly seeking alternative liquidity solutions, driving demand for specialized advisory services.

Secondary transactions—where investors sell stakes in private equity funds or portfolios to other buyers—have emerged as a critical mechanism for liquidity. These deals have gained prominence amid a slowdown in traditional exit routes such as initial public offerings and strategic sales, particularly in a higher interest rate environment.

Industry participants note that private equity firms, facing extended holding periods and valuation uncertainty, are increasingly turning to continuation funds and other secondary structures. These transactions allow sponsors to return capital to investors while retaining exposure to high-performing assets.

Building a Global Advisory Platform

Lazard’s move reflects a broader trend among investment banks to deepen their capabilities in private markets advisory, where fee pools are expanding and competition is intensifying.

By integrating Campbell Lutyens, Lazard aims to strengthen its position in advising general partners and limited partners across the full lifecycle of private investments—from fundraising to portfolio monetization.

“We have found a highly complementary partner with a shared ambition for the future,” said Gordon Bajnai, chief executive of Campbell Lutyens. “Together, we are well positioned to deliver enhanced capabilities to clients navigating increasingly complex private market dynamics.”

Holcombe Green, head of private capital advisory at Lazard, added that the combined platform would establish a new benchmark for advisory excellence in the sector, leveraging global reach and deep domain expertise.

Responding to Structural Shifts

The deal highlights structural changes in global finance, where private capital has become a dominant force across industries. As institutional investors allocate more capital to private equity, private debt, infrastructure, and real assets, the need for sophisticated advisory services has intensified.

Fundraising strategies are also evolving, with managers targeting diverse investor bases and navigating more complex regulatory environments. At the same time, secondary markets are becoming more institutionalized, with dedicated funds and increased participation from large asset managers.

Campbell Lutyens has built a strong reputation in advising on these trends, including fund restructurings and GP-led transactions. Its addition provides Lazard with enhanced capabilities in structuring and executing complex private capital solutions.

Deal Structure and Outlook

The transaction includes an upfront payment as well as a potential additional performance-based consideration of up to $85 million, contingent on future results.

Once completed, Lazard CL is expected to operate as a fully integrated global advisory platform, offering clients a comprehensive suite of services across fundraising, secondaries, and strategic advisory.

The acquisition positions Lazard to capitalize on long-term growth in private markets, where capital flows, deal complexity, and investor demand continue to reshape the financial landscape.

As private capital becomes an increasingly central component of global finance, firms with specialized advisory capabilities are likely to play a critical role in facilitating transactions and unlocking liquidity across the ecosystem.

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