Lazard Completes Campbell Lutyens Acquisition, Launches Unit Forecast to Generate $500 Million in 2027
Key Facts
Lazard announced on November 2, 2026, that it had completed its acquisition of Campbell Lutyens and launched Lazard CL, its new private capital advisory unit. The company said the platform combines the two firms’ private capital advisory activities. The unit is Lazard’s third global business, part of its “Lazard 2030” strategy to diversify revenue and deliver profitable long-term growth. At the launch, Lazard said: “We are pleased to launch our third global business, Lazard CL.” The announcement puts the new business at the heart of the group’s growth plan, while the company set its financial outlook for the unit in 2027.
The platform has more than 300 advisers across 19 offices worldwide. Lazard says the unit’s experience includes advising on more than $1 trillion in primary capital raised and secondary transaction volume, across about 1,300 mandates over the past four decades. That scale indicates the breadth of the business brought together following completion of the deal. Its services span primary fundraising for funds, secondary transaction advisory and general partner capital. The unit’s network also reaches about 4,000 institutional investors through a distribution team of more than 60 professionals.
Lazard CL’s business covers private equity, private credit, infrastructure and real estate. Its footprint spans the Americas, Europe, the Middle East and Asia-Pacific, placing regional markets within the unit’s stated geographic reach. Lazard says fundraising and secondary advisory will operate on a single platform alongside Campbell Lutyens’ expertise. When it announced the agreement in April, the company said the deal would combine its global primary fundraising and secondary advisory presence with its capabilities in mergers and acquisitions, capital markets and restructuring. This forms the stated basis for broadening the range of services offered to clients across Lazard’s businesses.
Lazard expects the unit to generate combined revenue of about $500 million in 2027 and for the deal to be accretive to earnings in the same year, before revenue or expense synergies. The company added that Campbell Lutyens’ performance is exceeding the assumptions underpinning the deal. The forecast comes as Lazard reported net revenue of $814 million in the third quarter of 2026, compared with $748 million in the same period of 2025. Net income, by contrast, was $29 million in the third quarter, versus $73 million a year earlier. The results show revenue and net income moving in different directions during the period, while the company’s outlook for the new unit is for 2027.
In the first nine months of 2026, Lazard’s U.S. GAAP net revenue rose 8% year over year, while adjusted net revenue increased 6%. In results published on October 22, the company said asset management revenue included a non-cash gain of $76 million from the sale and deconsolidation of Edgewater management entities in the first quarter. The gain provides additional context for reading the group’s broader results alongside Lazard CL’s outlook. Consideration paid at closing was primarily in Lazard shares, with portions subject to lock-up periods of up to three years. Gordon Bajnai and Holcombe Green became co-chief executives of the new unit.
In the market, Lazard shares closed at $38.35 on October 30, the last trading session before the deal announcement, compared with $39.54 on October 29. The announcement of the acquisition’s completion and the unit’s launch came after that session, according to the trading data cited. The company’s main financial milestone is its forecast of combined revenue of about $500 million in 2027, alongside its expectation that the deal will be accretive to earnings that year before synergies. Lazard linked the forecast to Campbell Lutyens’ performance, which it said had exceeded the deal assumptions. The timeline provides a clear point at which to measure the new platform’s contribution to the group’s results.