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Together, Lazard and Campbell Lutyens represent leading global positions in primary fundraising and secondary advisory, supported by world-class professionals and a track record of execution. Combining two highly complementary advisory platforms, Lazard CL will include dedicated fundraising, secondary advisory, and GP capital advisory businesses in infrastructure, private credit, private equity, and real estate across the U.S., Europe, the Middle East, and Asia Pacific.

The combined businesses represent:

-Approximately $500 million in estimated combined 2027 revenue

-More than 280 advisory professionals across 18 offices globally

-A dedicated institutional distribution team of over 60 professionals

-Advisory roles on over 230 fee-paying mandates over the past two years

-Over $100 billion in GP and LP secondary transaction volume over the past two years

-Over $190 billion of capital raised for clients over the past two years

In close coordination with Lazard's preeminent M&A, capital markets advisory, and restructuring and liability management teams, Lazard CL will offer financial sponsor and institutional investor clients comprehensive and integrated advisory services across the full capital life cycle-from formation to liquidity to strategic alternatives-for both their firms and portfolio companies. By pairing the combined proprietary datasets of these two businesses with Lazard's AI capabilities, this acquisition enables deeper insights for clients, while advancing the company's goal of becoming the leading, AI-enabled independent financial firm.

With this transaction, the firm will establish Lazard CL as its third global business. Reporting to Lazard CEO and Chairman Peter Orszag, Lazard Global Head of Private Capital Advisory Holcombe Green has been appointed Co-CEO of Lazard CL with Gordon Bajnai, the current CEO of Campbell Lutyens. The enhanced global platform and expanded leadership will further accelerate progress on revenue growth and the share of revenue coming from private capital, both of which are core strategic components of the firm's Lazard 2030 vision to build a more productive, resilient, and growth-oriented firm.

Peter Orszag, CEO and Chairman of Lazard: "This transaction marks another defining strategic step on the path toward Lazard 2030 and an exciting avenue for future growth. Private capital advisory has been expanding rapidly, and the future will belong to those who can combine global insight and deep expertise with the scale to deliver innovative solutions across the full private markets spectrum. With this transaction, Lazard and Campbell Lutyens will set a new benchmark for a comprehensive global model-tightly integrated with Lazard's world class M&A and broader advisory capabilities. Campbell Lutyens is an exceptional firm, and I am delighted to welcome its team to Lazard, while also congratulating Holcombe and Gordon on their expanded roles as Co-CEOs of Lazard CL."

Gordon Bajnai, CEO of Campbell Lutyens and appointed Co‑CEO of Lazard CL: "Over the last 38 years we have grown to be a leading global independent private capital advisor, built on a culture of entrepreneurship, innovation, and a client-first mentality. Our stated aspiration is to be the premier global provider of capital formation and advisory services to private markets, and in Lazard we have found a highly complementary partner with a shared ambition for the future. Lazard's strength in M&A and broader advisory platform will be a significant benefit to our combined entity. Together, we will expand investor access as one of the industry's largest integrated distribution networks, creating an unparalleled global platform for private capital advisory and unlocking new opportunities for clients worldwide. I look forward to working with Holcombe to bring our teams together with a unified purpose and culture."

Holcombe Green, Global Head of Private Capital Advisory at Lazard and appointed Co‑CEO of Lazard CL: "Over the last five years, Lazard PCA has more than doubled its revenue, expanding its global footprint and strengthening its position as a leading private capital advisory platform. Campbell Lutyens has built a formidable business, and this transaction brings together two highly respected franchises with deeply complementary strengths. By enabling us to provide end‑to‑end solutions that span capital formation, liquidity, and strategic advisory, we are better positioned to support clients across private markets and create growth opportunities for our world-class bankers. I am excited to partner with Gordon and our exceptional senior leadership group and teams to build a global platform that sets the standard for excellence in private capital advisory."

Senior leadership from Lazard and Campbell Lutyens remains in place. Andrew Sealey, Chairman of Campbell Lutyens, will serve as Lazard CL's non-executive Chairman. Across the combined group's activities in fundraising, GP capital advisory, and secondary advisory, senior leadership also includes Kevan Comstock, James Jacobs, Nick Miles, and Stephen Salyer from Lazard and Gerald Cooper, Thomas Liaudet, Immanuel Rubin, Sarah Sandstrom, Richard von Gusovius, and Marc Dumbell from Campbell Lutyens.

The transaction total consideration of approximately $575 million is payable in part at closing and in part two years following closing. Both tranches include portions of the consideration that are subject to additional lock-up arrangements. There is also potential additional consideration of up to $85 million to be paid based on defined performance criteria over a multi-year period.

The transaction is expected to be accretive to 2027 earnings and thereafter, with closing anticipated in calendar year 2026 subject to regulatory approvals.