NEW YORK and LONDON – November 02, 2026 -- Lazard, Inc. (NYSE: LAZ) has completed its acquisition of Campbell Lutyens and launched Lazard CL, a private capital advisory unit that Lazard expects to generate about $500 million of combined revenue and to add to earnings in 2027, before synergies.

Lazard CL becomes the firm's third global business with 300 advisers in 19 offices

Lazard CL combines Lazard's private capital advisory operation with Campbell Lutyens, with more than 300 advisory professionals across 19 offices worldwide. The deal was first announced on April 30, 2026. Lazard says the combined platform has advised on more than $1 trillion of primary capital raised and secondary transaction volume across approximately 1,300 mandates over four decades.

Lazard CEO and Chairman Peter Orszag called it the firm's third global business. The launch is a milestone in the Lazard 2030 strategy, which targets long-term, profitable growth and a more diversified revenue base.

Stock-heavy consideration carries lock-ups of up to three years

Upfront consideration at close was paid primarily in Lazard stock. Portions are subject to lock-up arrangements of up to three years, which Lazard says strengthens its balance sheet and ties the combined team to the firm's long-term performance. The source gives no total deal value.

Lazard said on its third-quarter and first-nine-months 2026 earnings call that Campbell Lutyens is performing ahead of the assumptions behind the acquisition.

Distribution team of 60-plus reaches about 4,000 institutional investors

Lazard CL offers fund placement, primary fundraising, secondary advisory and GP capital advisory. A dedicated team of more than 60 LP distribution professionals connects approximately 4,000 institutional investors to investment opportunities and liquidity solutions. Coverage spans private equity, private credit, infrastructure and real estate across North America, Europe, the Middle East and Asia-Pacific.

The unit draws on proprietary datasets built over 15 years. They currently reference approximately 100,000 investor sentiment data points and approximately 20,000 fund pricing data points. Lazard says it pairs them with its AI capabilities to sharpen benchmarking, positioning and investor targeting. Lazard CL will operate autonomously within Lazard's global infrastructure.

Co-CEOs cite infrastructure and private credit leadership

Gordon Bajnai, co-CEO of Lazard CL, described the unit as the largest integrated platform in private capital advisory worldwide. Campbell Lutyens spent 38 years building its independent franchise.

Co-CEO Holcombe Green said Lazard's private capital advisory business more than doubled its revenue over the past five years. He said the deal adds category leadership in infrastructure and private credit to Lazard's existing strengths in private equity and real estate.

Lazard cited integration delays or higher-than-expected costs, weaker M&A, fundraising or secondaries activity, and competitive pressure on employee compensation among the risks to the projections.