Lazard Completes Campbell Lutyens Deal for $460 Million at Closing
Key Facts
Lazard has completed its acquisition of Campbell Lutyens, creating a new advisory unit called Lazard CL, after agreeing on April 30, 2026, to buy all of the company’s issued share capital. The agreement provides for $460 million payable at closing, subject to adjustments, plus $115 million due on the second anniversary of closing. The consideration also includes a contingent payment of up to $85 million, tied to revenue growth targets over measurement periods through 2030. The deal places Campbell Lutyens’ business within Lazard’s private capital advisory platform, while the announced revenue and earnings estimates remain future targets.
Lazard estimates that the unit’s combined revenue will reach about $500 million in 2027 and expects the deal to begin boosting earnings that year and beyond. These are company estimates, not realized results, as part of the financial consideration is tied to revenue growth targets through 2030. Lazard announced on October 22 that Lazard CL was scheduled to launch in early November, as part of its push to build a more diversified firm and deliver profitable growth over the long term. The company said the unit would be its third global business and report directly to Chief Executive and Chairman Peter Orszag. Lazard appointed Holcombe Green, its global head of private capital advisory, and Gordon Bajnai as the unit’s co-chief executives.
The announced plan includes more than 280 advisory professionals across 18 offices worldwide. The unit’s business includes fundraising, secondary transaction advisory and capital advisory for general partners. Its target sectors span infrastructure, private credit, private equity and real estate, across the United States, Europe, the Middle East and Asia-Pacific. The Middle East’s inclusion in the unit’s geographic scope gives it an announced presence in the region alongside its other centers. The unit thus brings together multiple advisory activities on one platform, according to the plan Lazard disclosed when it announced the deal.
The deal comes as the secondary market has seen record activity. Campbell Lutyens said the market reached $155 billion in 2024, surpassing the 2021 peak by 15%. Single-asset continuation fund volumes also nearly doubled from the previous year, reaching $36 billion in 2024. Gerald Cooper, partner and co-head of secondary advisory at Campbell Lutyens, said the company expected market volumes in 2025 to match at least the 2024 level, with growth driven by private credit and infrastructure. In an infrastructure report issued in 2025, the company said capital closed by unlisted infrastructure funds totaled $182 billion through November 5, exceeding the 2024 total of $99 billion. The report estimated that infrastructure secondary transactions would exceed $20 billion for the first time in 2025, reaching $21.5 billion, according to the forecast published at the time.
The announcement that the unit was nearing launch coincided with Lazard’s third-quarter results, published on October 22. The company reported revenue of $814 million under generally accepted accounting principles and adjusted net revenue of $805 million, up 11% year over year. Chief Executive Peter Orszag said, "Financial Advisory delivered record quarterly revenue, while client activity and forward indicators remain strong." The performance provides context for Lazard’s plans to expand its advisory business, but does not change the fact that the deal’s expected revenue and earnings impact, according to the company’s estimates, begins in 2027. Lazard shares closed at $38.35 on October 30, 2026, according to EL7 data.
As part of its upcoming commitments, Lazard announced a quarterly cash dividend of $0.50 per share on October 21. The dividend is scheduled to be paid on November 13 to shareholders of record on November 2. These dates set the timetable for the announced dividend, while early November remains the date the company cited for Lazard CL to begin operations. The platform’s contribution to Lazard’s results is expected to become clearer as its business develops, while 2027 revenue and earnings accretion remain company forecasts.