Lazard has sealed a partnership with Campbell Lutyens, positioning the duo to capture a larger slice of the secondary market. The alliance follows a wave of consolidation among advisers that Private Equity International flagged as a trend for 2024. By combining Lazard’s advisory depth with Campbell Lutyens’ niche expertise, the joint venture aims to broaden client offerings and win mandates across Europe and North America.

CVC reported that its evergreen secondaries platform experienced only minimal redemptions this quarter, suggesting steady investor confidence despite broader market turbulence. At the same time, newly recently released data highlighted a slowdown in software‑focused secondary transactions, a sector that had previously driven high‑multiple deals. The contrast underscores divergent risk appetites among limited partners as they rebalance portfolios.

Advisers scrambling for market share are turning to side‑letter arrangements to lock in fee structures and secure co‑investment rights, a practice that could reshape competitive dynamics. Lazard‑Campbell Lutyens’ move signals confidence in a consolidated approach, while CVC’s redemption resilience offers a benchmark for peers navigating liquidity pressures. Investors now have clearer signals on where secondary expertise is concentrating.