Lazard Closes $575 Million Campbell Lutyens Deal, Launches Lazard CL

Lazard completed its acquisition of Campbell Lutyens and launched Lazard CL as its third global business on November 2, 2026, the firm announced from New York and London.

The transaction was first announced on April 30, 2026, when Lazard said it had entered a definitive agreement to acquire the private markets advisor. Total consideration of approximately $575 million is payable in part at closing and in part two years following closing, with both tranches including portions subject to lock-up arrangements, plus potential additional consideration of up to $85 million based on defined performance criteria over a multi-year period, according to the April announcement. The upfront consideration at closing was paid primarily in Lazard stock, with portions subject to lock-up arrangements of up to three years.

Founded in 1988 by John Campbell, Richard Lutyens, and Bill Dacombe, Campbell Lutyens operated across 15 locations and three continents and had raised more than $713 billion of capital over a track record of more than 35 years. At the time the agreement was signed, the combined businesses represented advisory roles on more than 230 fee-paying mandates, more than $100 billion in GP and LP secondary transaction volume, and more than $190 billion of capital raised for clients, each over the prior two years.

Lazard CL Platform

Lazard CL begins operations with more than 300 advisory professionals across 19 offices worldwide. The combined businesses collectively advised on more than $1 trillion of primary capital raised and secondary transaction volume across approximately 1,300 mandates over the past four decades.

The unit provides fund placement, primary fundraising, secondary advisory, and GP capital advisory services across private equity, private credit, infrastructure, and real estate in North America, Europe, the Middle East, and Asia-Pacific. Lazard CL extends distribution to approximately 4,000 institutional investors through a dedicated team of more than 60 LP distribution professionals. Proprietary datasets built over the last 15 years reference approximately 100,000 investor sentiment data points and approximately 20,000 fund pricing data points. Lazard CL operates autonomously as a dedicated business backed by Lazard’s global brand and infrastructure.

Lazard CL is co-led by Holcombe Green, Lazard’s Global Head of Private Capital Advisory, and Gordon Bajnai, previously CEO of Campbell Lutyens, both reporting to Lazard CEO and Chairman Peter Orszag. Andrew Sealey, Campbell Lutyens’ chairman, serves as Lazard CL’s non-executive chairman.

“We are thrilled to launch our third global business, Lazard CL,” Orszag said, describing the pairing of primary fundraising and secondary advisory positions with Lazard’s M&A, capital markets, and restructuring expertise. Bajnai said Lazard CL “opens its doors as the largest integrated platform in private capital advisory anywhere in the world,” noting that Campbell Lutyens spent 38 years building its franchise. Green said Lazard’s private capital advisory business has more than doubled its revenue over the past five years.

Lazard said it continues to anticipate that Lazard CL will generate approximately $500 million of estimated combined revenue and will be accretive to earnings in 2027 before accounting for revenue or expense synergies. The firm also said, referencing its third quarter and first nine months of 2026 earnings call, that the Campbell Lutyens business is performing ahead of the assumptions that supported the acquisition.