Lazard will buy private markets adviser Campbell Lutyens for $575 million, with an additional consideration of up to $85 million, the investment bank said Thursday.

Lazard will combine Campbell Lutyens and its own existing private capital advisory group to form Lazard CL, which will work in concert with the firm’s mergers and acquisitions and broader advisory practices.

The transaction is expected to close later this year and will be paid out, in part, at closing and, in part, two years after closing, with some considerations of both tranches subject to additional lock-up arrangements.

The potential additional $85 million consideration will be determined by defined performance criteria over multiple years, Lazard 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,” said Lazard CEO Peter Orszag in a prepared statement. “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.”

Lazard Global Head of Private Capital Advisory Holcombe Green and Campbell Lutyens CEO Gordon Bajnai will serve as co-CEOs of Lazard CL. Green is a longtime Lazard veteran, having joined the firm in 2004, according to his LinkedIn profile. Bajnai joined Campbell Lutyens in 2017 as head of global infrastructure and has been the firm’s CEO since 2024.

Bajnai is also the former prime minister of Hungary.

Campbell Lutyens has “found a highly complementary partner with a shared ambition for the future,” Bajnai said in a prepared statement on the deal. “Lazard’s strength in M&A and broader advisory platform will be a significant benefit to our combined entity.”

Together as Lazard CL, they will create “an unparalleled global platform for private capital advisory and unlocking new opportunities for clients worldwide,” Bajnai said.

It also aligns with Lazard’s by-2030 intentions to build a more resilient and growth-oriented firm, laid out in 2023 shortly after Orszag took the helm.

The combined businesses represent about $500 million in estimated 2027 revenue, the firms said.