New York and London, November 2 (Reuters/ PR Newswire ) – Lazard, Inc. ( NYSE : LAZ ) Today, we announced the completion of the acquisition of Campbell Lutyens and the launch of Lazard CL, which we designate as a global leader in private capital consulting. The transaction was initially announced on April 30, 2026, with the aim of integrating Lazard's private capital consulting business with Campbell Lutyens's operations and global activities. Lazard stated that the establishment of Lazard CL is a milestone in its Lazard 2030 strategy, aimed at achieving long-term, profitable growth, expanding the solutions provided to clients, and further diversifying the company's revenue sources.

Lazard CEO and Chairman Peter Orszag stated: "We are very pleased to launch our third largest global business, Lazard CL. By combining our global leadership in primary fundraising and secondary advisory services with our top-tier expertise in mergers and acquisitions, capital markets, and restructuring, we are deepening the integration between our advisory practices and enhancing our coverage in the largest strategic transactions and private capital activities. Campbell Lutyens is an outstanding company with excellent talent and a culture that is very similar to ours – pragmatic, collaborative, and committed to serving clients – I am delighted to welcome this team to Lazard."

Lazard CL has integrated highly complementary platforms and boasts a long history of creating value for clients. Lazard CL employs over 300 consulting professionals and operates in 19 offices worldwide, having raised more than one trillion dollars in primary capital and facilitated approximately 1,300 advisory services over the past 40 years. As competition for funding intensifies and liquidity solutions become increasingly complex, institutional investors, financial sponsors, and their portfolio companies require independent and differentiated advice throughout the entire private capital lifecycle. Lazard CL's global distribution network, profound expertise, and track record in execution enable it to meet these needs.

• Single platform, multiple solutions: For financial sponsors, institutional investors, and other active market participants, we provide a full range of services including fund sales, primary fundraising, secondary consulting, and GP capital consulting, covering the entire lifecycle of private capital, from capital formation to liquidity to strategic alternatives. Lazard CL expands its global distribution capabilities through a dedicated team of over 60 LP distribution professionals, connecting approximately 4,000 institutional investors with attractive investment opportunities and liquidity solutions.
• Deep asset class and trading experience: Professional expertise is available in all major asset classes – private equity, private credit, infrastructure, and real estate – as well as in all major capital centers, including North America, Europe, the Middle East, and the Asia-Pacific region.
• Differentiated data advantage: Over the past 15 years, a proprietary dataset has been established, which currently includes approximately 100,000 investor sentiment data points and about 20,000 fund pricing data points. Combined with the leading capabilities of AI from Lazard, this data can provide customers with more precise benchmark comparisons, positioning, and targeted investor approaches.
• Independent Advice: This is a specialized service designed specifically for private capital clients. Operated independently with the support of the Lazard global brand and infrastructure, Lazard CL provides independent, objective, and confidential advice at every stage of the private capital cycle – from initial fundraising to GP capital consulting.

Co-CEO Gordon Bajnai stated: "Today, Lazard CL officially opens its doors as the world's largest integrated private capital consulting platform. It has taken 38 years to build an independent, entrepreneurial business based on the customer-first philosophy, and this spirit will now continue into our new business. Combined with Lazard's strength in financial consulting, Lazard CL offers clients a level of global scale and coverage that is rare in the industry."

Co-CEO Holcombe Green stated: " Lazard CL represents the next phase of everything we have built over the past five years in our private capital consulting business at Lazard. During this period, our revenue has more than doubled, and our global presence has continued to expand. This transaction enhances our prominent capabilities in private equity and real estate, and we have achieved a leading position in the fields of infrastructure and private credit. By integrating the professional expertise of our teams, we have created the most comprehensive business in the field of private capital consulting."

As announced by the company on April 30, 2026, at the time of the acquisition, the upfront consideration for the transaction was mainly paid in the form of Lazard shares. A portion of these shares were subject to a lock-up arrangement lasting up to three years, which strengthened the balance sheet of Lazard and aligned the long-term performance of the combined team with that of the company. Lazard stated during its third-quarter and first nine-months financial report conference call in 2026 that the performance of the Campbell Lutyens business exceeded the assumptions that supported the acquisition. Lazard continues to expect that the estimated consolidated revenue from Lazard CL will be around $500 million and that this will contribute to an increase in earnings per share in 2027, without taking into account any revenue or cost synergies. For more information, please visit Lazard.com.

About Lazard

Lazard was founded in 1848 and is a leading financial consulting, private equity consulting, and asset management firm that operates in North America and South America, Europe, the Middle East, Asia, and Australia. Lazard provides consulting services for mergers and acquisitions, capital markets and capital solutions, restructuring and debt management, geopolitics, and other strategic matters. Lazard also offers consulting on primary fundraising, secondary trading, and GP capital solutions for private market sponsors and investors, and provides asset management and investment solutions for institutions, corporations, governments, partnerships, family offices, and high-net-worth individuals. Lazard is listed on the New York Stock Exchange under Lazard, Inc (stock code LAZ).

Lazard CL is a subsidiary of Lazard and Inc. (NYSE : LAZ) It specializes in providing primary fundraising, secondary consulting, and GP capital consulting services for the private equity, private lending, infrastructure, and real estate markets, with operations covering the Americas, Europe, the Middle East, and the Asia-Pacific region.

Warning Regarding Forward-Looking Statements

This press release contains “forward-looking statements” as defined by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. In certain circumstances, forward-looking statements can be identified by words such as “may”, “might”, “will”, “should”, “could”, “would”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “goal”, “objective”, “pipeline”, or “continue”, as well as their negative forms and other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions about the company, including expectations regarding the anticipated consolidated revenue of Lazard CL and the expected increase in earnings per share for 2027 from the acquisition of Campbell Lutyens; the expected earnings and future performance of Lazard CL, including growth opportunities, business synergies, and benefits to customers; as well as the company’s plans to achieve long-term, profitable growth through its Lazard 2030 strategy.

These forward-looking statements are merely based on the company's current expectations and forecasts regarding future events. There are significant factors that could lead to substantial differences between actual results, levels of activity, performance, or achievements and those stated or implied in these forward-looking statements.

These factors include, but are not limited to, those discussed under item 1A "Risk Factors" in the company's annual 10-K reports, as well as those occasionally discussed in the quarterly 10-Q reports and 8-K filings, including the following aspects:

• The expected returns from acquiring Campbell Lutyens may not be realized within the anticipated time frame, or they may not be realized at all;
• Integrating the business, operations, and personnel of Campbell Lutyens may face difficulties, delays, or costs higher than expected;
• Adverse overall economic conditions or unfavorable conditions in global or regional financial markets;
• Changes in international trade policies and practices, including the implementation of tariffs, proposed further tariff increases, and countermeasures taken by other jurisdictions; the potential risk of a government shutdown, as well as the resulting economic impacts, fluctuations, and uncertainties;
• Company revenue declines, for example, due to mergers and acquisitions, fundraising, or a general decrease in secondary trading activities; as a result, the company's market share in these areas decreases, or the scale of asset management ( AUM ) diminishes;
• Losses incurred by third parties due to financial or other problems;
• Losses caused by unrecognized or unforeseen risks;
• Lack of liquidity in the business means that it is not possible to obtain the funds needed for the business conveniently;
• Business competition pressure, as well as the ability to retain and attract employees at current salary levels;
• Changes in relevant tax laws, regulations, or treaties, or adverse interpretations of these contents.

These risks and uncertainties are not exhaustive. The company's SEC report also describes other factors that may have an adverse effect on business and financial performance. In addition, the company operates in a highly competitive and rapidly changing environment. New risks and uncertainties will emerge from time to time, and it is not possible for management to predict all of them, nor can they assess the impact of all factors on the business, or the extent to which a single factor or a combination of factors may lead to significant differences between actual results and any forward-looking statements.

Therefore, it cannot be guaranteed that the forward-looking statements in this press release are necessarily accurate or correct. Although the company believes that the content reflected in these forward-looking statements is reasonable, it cannot guarantee future results, levels of activity, performance, achievements, or events. Furthermore, the company or any other party shall not be liable for the accuracy or completeness of these forward-looking statements. Readers should not regard forward-looking statements as predictions of future events. The company has no obligation to update any forward-looking statements after the date of this press release to make them consistent with actual results or revised expectations, nor does it intend to do so.

Lazard, Inc. Committed to providing information to the investing public in a timely and accurate manner, while complying with laws and regulatory obligations. To this end, Lazard and its operating companies will use their websites and other social media platforms to convey information regarding their business, including the anticipated release of quarterly financial results, quarterly financial and statistical data, as well as updates on the asset management sizes of various mutual funds, hedge funds, and other investment products managed by Lazard Asset Management LLC, Lazard Fr, res, and Gestion SAS. Investors can access the websites of Lazard and its operating companies through the link www.lazard.com.