Pineapple Express

Lazard has taken a big bite out of private markets, snapping up Campbell Lutyens for $575 million (with a possible $85 million earn-out) to juice up a new division, Lazard CL - its third global business and a full-stack advisory play spanning fundraising, secondaries and GP capital across every flavor of private assets. The blend brings together more than 280 bankers across 18 offices and a track record of raising over $190 billion in the last two years, as Lazard doubles down on private capital despite a tougher fundraising climate. Lazard CEO Peter Orszag said: “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.” The deal might be thought of as a strategic ‘fruit loop’, bringing fundraising, secondaries and GP advisory all under one roof. If the man from Del Monte was asked, he’d say Yes! 

(NB: the fruit reference refers to Campbell Lutyen’s logo, the pineapple, which symbolizes hospitality, success through enterprise and generosity in dealing with others).