Lazard has sealed a $575mn purchase of Campbell Lutyens, the London‑based private‑capital advisory boutique. The merger will fold Campbell’s fundraising and secondary‑market expertise into Lazard’s existing private‑capital team, creating a new Lazard CL division. Both firms said the combined operation aims to capture growing demand for advisory services as private‑equity, credit, infrastructure and property transactions become more complex.

Private‑markets have swollen from $14 trillion in 2020 to $24 trillion AUM year, spurring a surge in secondary deals where investors sell stakes to peers recycle assets. Campbell Lutyens reported handling over $100 billion of secondary volume and $190 billion of capital raised in the past two years, underscoring the lucrative niche Lazard now taps. Investors view the secondary market as a liquidity outlet with firms staying private longer.

The combined unit targets roughly $500mn in revenue by 2027 and will field more than 280 advisers across 18 offices worldwide. A potential $85 million performance payout is tied to the deal’s success. By consolidating expertise, Lazard positions itself to dominate advisory work on fundraisings and secondary transactions, a segment that has become essential for private‑equity firms navigating a prolonged market slowdown.