Lazard Forecasts $500 Million in Combined Lazard CL Revenue for 2027

Lazard expects to complete its Campbell Lutyens purchase in early November and forecasts about $500 million in 2027 revenue for the combined Lazard CL business, its planned third global unit.

The closing remains subject to customary conditions, and Lazard has not specified a calendar date. The early-November target narrows the firm’s earlier expected closing window of the second half of 2026.

The revenue projection covers Lazard’s existing private capital advisory business together with Campbell Lutyens. It is a forecast for the combined operation, not Campbell Lutyens alone; no standalone revenue estimate for the acquired business was provided.

Lazard plans to place Lazard CL alongside Financial Advisory and Asset Management as one of its three global businesses. The firm’s Chairman and CEO Peter R. Orszag said the new business would support a more productive and diversified firm. “With our new private capital advisory business, Lazard CL, launching in early November, we are building a more productive, diversified firm positioned for long-term profitable growth,” Orszag said.

Campbell Lutyens advises private-markets clients on fund placements, secondary advisory and GP capital advisory. The combination brings those services together with Lazard’s existing private capital advisory business under the Lazard CL name.

The April 30 agreement covers Lazard’s acquisition of all issued share capital of Campbell Lutyens Holdings Limited. It provides for $460 million in initial consideration at closing, followed by $115 million on the second anniversary of closing. A contingent earn-out of up to $85 million is tied to revenue-growth targets through 2030, with the period subject to a possible extension.

For context, Lazard’s adjusted net revenue was $805 million in the quarter ended Sept. 30, 2026, up 11% from a year earlier. That firmwide quarterly figure differs in scope and timeframe from Lazard CL’s projected full-year revenue; the company’s third-quarter results covered the broader business.