Lazard and Campbell Lutyens agreed on Thursday to a $575 million acquisition that will combine their private capital advisory businesses under a new platform, Lazard CL, as demand rises for fundraising and secondary market advisory across global private equity and infrastructure funds.
The agreement brings together Lazard, a 178-year-old investment bank headquartered in New York, and Campbell Lutyens, a London-based advisory firm founded in 1988 that focuses on private equity fundraising and secondary transactions. The deal was announced on April 30, 2026, and is expected to close after regulatory approvals in the United States and the United Kingdom.
Secondary transactions—where investors sell stakes in private funds or restructure holdings—have become one of the fastest-growing areas in private markets. The shift reflects slower exits in traditional mergers and acquisitions, forcing fund managers and investors to seek liquidity through alternative structures.
Also read: UAE Seeks US Financial Backstop as Iran War Threatens Gulf Economy
Under the terms of the deal, the combined Lazard CL platform will include more than 280 advisers across 18 global offices. The firms said they have collectively advised on over $100 billion in secondary transaction volume in the past two years and helped raise more than $190 billion in capital during the same period.
“Private capital markets are becoming more complex and require deeper advisory integration across fundraising and liquidity solutions,” Holcombe Green, global head of private capital advisory at Lazard, said in a statement. “This combination strengthens our ability to serve institutional investors globally.”
Campbell Lutyens’ chief executive, Gordon Bajnai, said the partnership reflects long-term structural growth in private markets rather than short-term deal cycles.
The transaction includes a base payment of $575 million and an additional performance-based consideration of up to $85 million, depending on future financial results.
Private markets have expanded significantly in recent years. Industry estimates cited by the companies show global private assets rising from about $14 trillion in 2020 to nearly $24 trillion in recent years, driven by longer holding periods for private companies and increased institutional allocation to alternative investments.
Background
Pakistan’s capital markets have undergone parallel regulatory adjustments in recent years. In 2024, the Securities and Exchange Commission of Pakistan (SECP) introduced reforms aimed at improving transparency in brokerage and advisory services, while also encouraging broader institutional participation in equity and private investment markets. These reforms reflect a wider global shift toward more structured financial advisory ecosystems.
What’s Next
The Lazard–Campbell Lutyens transaction will move into regulatory review in the US and UK before final approval. Once completed, Lazard CL will begin integration of advisory teams, client portfolios, and global fundraising operations, with early restructuring expected through 2026.
