Lazard agrees $575m Campbell Lutyens acquisition to form private capital arm

Investment bank Lazard has agreed to acquire private equity advisory firm Campbell Lutyens in a deal valued at about $575m.

The acquisition will lead to the creation of a new private capital advisory division called Lazard CL, which will become Lazard’s third global business.

Campbell Lutyens was founded in 1988 by John Campbell, Richard Lutyens and Bill Dacombe. The firm advises clients across private equity, private credit and infrastructure.

It operates from 15 offices across three continents and has raised more than $713bn over its 35-year history.

Under the deal, Lazard CL will work alongside Lazard’s M&A and broader advisory operations.

The new division will include fundraising, secondary advisory and GP capital advisory activities. These will cover infrastructure, private credit, private equity and real estate across the US, Europe, the Middle East and Asia-Pacific.

The combined business is projected to generate about $500m in revenue in 2027.

It will have more than 280 advisory professionals across 18 offices globally, as well as an institutional distribution team of more than 60 professionals.

Over the past two years, the businesses have worked on more than 230 fee-paying mandates.

During the same period, they advised on more than $100bn of GP and LP secondary transaction volume and raised more than $190bn of capital for clients.

Lazard said the new unit will work closely with its M&A, capital markets advisory, restructuring and liability management teams.

Together, they will provide financial sponsors and institutional investors with advisory services across the capital life cycle, from formation and liquidity to strategic alternatives for firms and portfolio companies.

Reporting to Lazard CEO and chairman Peter Orszag, Lazard global head of private capital advisory Holcombe Green has been appointed co-CEO of Lazard CL with Gordon Bajnai, the current CEO of Campbell Lutyens.

Orszag said: “Private capital advisory has been expanding rapidly, and the future will belong to those who can combine global insight and deep expertise with the scale to deliver innovative solutions across the full private markets spectrum.

“Campbell Lutyens is an exceptional firm, and I am delighted to welcome its team to Lazard, while also congratulating Holcombe and Gordon on their expanded roles as Co-CEOs of Lazard CL.”