Lazard acquires Campbell Lutyens Holdings Limited

Lazard acquired Campbell Lutyens Holdings Limited for approximately $575 million total consideration ($460M initial closing consideration + $115M deferred at the second anniversary), plus up to $85 million contingent earn-out tied to revenue-growth targets through 2030, a transaction announced in April 2026, structured as combination - initial consideration primarily satisfied in Lazard shares, with deferred consideration and a performance-based earn-out; subject to lock-up arrangements.

Campbell Lutyens Holdings Limited operates in Private Capital Advisory, is based in Headquartered in London with a US-rooted founding partner network; operates across 15 locations on three continents (announcement datelined New York and London, April 30, 2026), had revenue of about Combined Lazard + Campbell Lutyens private capital advisory business: approximately $500 million estimated 2027 revenue; Campbell Lutyens has raised over $713 billion of capital over its 35+ year history. Campbell Lutyens is a leading global and independent private capital advisor founded in 1988 by John Campbell, Richard Lutyens, and Bill Dacombe, focused on fund placement, secondary advisory, and GP capital advisory services across private equity, private credit, and infrastructure. It operates across 15 locations on three continents and has raised over $713 billion of capital across a 35+ year track record. The combined Lazard and Campbell Lutyens business will form a new unit, Lazard CL - Lazard's third global business - representing approximately $500 million in estimated combined 2027 revenue, 280+ advisory professionals across 18 offices, over $190 billion of capital raised for clients over the past two years, and over $100 billion in GP and LP secondary transaction volume over the same period.

Lazard framed the deal as a defining step toward its 'Lazard 2030' vision to build a more productive, resilient, and growth-oriented firm - combining two highly complementary advisory platforms to create the leading private capital advisory franchise globally, tightly integrated with Lazard's M&A, capital markets advisory, and restructuring/liability-management teams, and pairing the firms' proprietary datasets with Lazard's AI capabilities.

Highly complementary to Lazard's existing private capital advisory (PCA) group - adds scale in primary fundraising and GP-led secondaries, deep institutional LP relationships, and a leading European/infrastructure franchise, accelerating Lazard's shift toward private-markets revenue (targeting ~50% of advisory revenue by 2030). Creates one of the industry's largest integrated institutional distribution networks (60+ distribution professionals; 230+ fee-paying mandates over two years); connects fundraising/secondaries advisory with Lazard's M&A, capital markets, and restructuring practices to offer end-to-end solutions across the full capital life cycle; expected to be accretive to 2027 earnings and thereafter. Forms a new third global business, Lazard CL, reporting to CEO and Chairman Peter Orszag; co-led by Holcombe Green (Lazard Global Head of Private Capital Advisory) and Gordon Bajnai (Campbell Lutyens CEO) as Co-CEOs, with Andrew Sealey (Campbell Lutyens Chairman) as non-executive Chairman. Peter Orszag, Q1 2026 earnings call (May 1, 2026): "I want to start with our announcement of the acquisition of Campbell Lutyens and the future establishment of Lazard CL... Upon closing the Campbell Lutyens acquisition, we will achieve our 2030 target of approximately 50% [private capital revenue share] even while delivering total revenue growth. We anticipate the transaction closing before the end of the calendar year."