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Lazard$LAZ · filed: grew revenue 1.5% in FY2025 to $3.2BSound shipTrillion Score 436Fall Risk MediumNext year $2.7B–$3.8B sealedCheck ▾Close ▴
What Lazard filed
Grew revenue 1.5% in FY2025 to $3.2 billion, operating margin 10.3% against a 20.8% median for investment advice, equity 17.7% of assets. Every figure links to the filing it came from on Lazard’s card. Sound ship: one warning sign. Trillion Score 436, #25 of 28 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $2.7B and $3.8B, an 80% range sealed on 27 Sept 2026 · receipt #b8d7f3 · graded in public by the revenue in Lazard’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Lazard pays **3.2x revenue** to close its secondaries gap, betting **$575M** on GP-led deal flow consolidation.
$575 million
immediately folding the London-based private capital advisory firm into…
170+ GPs
across Europe and North America
$180 million
in revenue over the trailing twelve months
3.2x revenue multiple
—consistent with boutique advisory multiples but elevated given the…
Lazard announced the acquisition of Campbell Lutyens for $575 million, immediately folding the London-based private capital advisory firm into a newly created Private Capital Group. The deal closes Lazard's exposure gap in secondaries advisory and GP-led transactions, where Campbell Lutyens has built concentrated relationships with 170+ GPs across Europe and North America.
The transaction is all-cash, funded through existing balance sheet capacity. Campbell Lutyens generated $180 million in revenue over the trailing twelve months, implying a 3.2x revenue multiple—consistent with boutique advisory multiples but elevated given the scarcity of firms with embedded LP networks. The firm employs 120 professionals across five offices, with 62% of revenue tied to secondaries and continuation fund mandates. Lazard's existing Private Capital Advisory business, which has focused on primary fundraising, reported $95 million in revenue last year. The combined unit will operate under shared branding but retain Campbell Lutyens' client-facing partners through 2027 earn-out structures.
The strategic logic is distribution velocity. GP-led secondaries volume reached $87 billion in 2024, up 41% year-over-year, according to Jefferies data. Lazard has been underweight in this segment, capturing less than 4% market share while Evercore and Lazard competitors have built dedicated continuation fund desks. Campbell Lutyens brings 42 active GP mandates in process, including 11 transactions above $1 billion in asset value. The firm's LP advisory work—historically 38% of revenue—will now feed Lazard's broader restructuring and M&A desks when portfolio companies inside continuation vehicles need liquidity or operational fixes.
The timing aligns with bifurcation in private capital advisory. Boutiques with narrow specialization are either scaling through acquisition or facing margin compression as larger platforms bundle secondaries, primaries, and co-investment advisory into single-fee structures. Campbell Lutyens had been exploring strategic options since late 2023, according to sources familiar, after declining two prior approaches from Houlihan Lokey and PJT Partners. Lazard's willingness to pay 3.2x revenue reflects the firm's urgency to rebuild fee diversification after activist investor Trian Partners disclosed a 5.1% stake in Lazard in Q3 2024, pressing for margin expansion and less reliance on restructuring volatility.
Operators should monitor Lazard's ability to retain Campbell Lutyens' senior partners beyond the earn-out window, particularly in London and New York where secondaries deal flow concentrates. The firm has structured 60% of the purchase price as deferred consideration tied to revenue retention through 2027, creating alignment risk if larger PE platforms offer partner-level hires direct equity. Secondary deal timelines have compressed—median time from mandate to close fell to 9.2 months in 2024 from 13.1 months in 2022—which favors integrated platforms that can mobilize capital markets, tax structuring, and valuation teams without external coordination costs.
The Private Capital Group will report consolidated results starting Q2 2025, with Lazard targeting $320 million in combined annual revenue by year-end 2026.
Branded by POPS4 · proof in 60 seconds
For the principal
Watch for talent retention risk through 2027 earn-out period; partner departures would erode the GP relationship moat being acquired here.
For the operator
Track whether Lazard's combined unit can underwrite continuation funds end-to-end, bundling valuation and placement work into single mandates at compressed fees.
For the house
We flag this as distribution-channel acquisition risk; if retention fails, the $575M buys a client list, not a business—similar playbook risk to Moelis-Cogent.
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