Our Story
Lazard CL
Lazard CL is the global leader in private capital advisory, formed in November 2026 through the combination of Lazard's Private Capital Advisory group and Campbell Lutyens, two of the longest-established franchises in private markets. Together they create a single platform purpose-built for the next era of private capital.
Campbell Lutyens
Campbell Lutyens was founded in London in 1988 by John Campbell, Richard Lutyens, and Bill Dacombe, at a time when private capital markets were still nascent.
From its first fundraising mandate for a Spanish private equity fund in 1991 to the establishment of a dedicated secondaries practice in 1999, Campbell Lutyens built a reputation for thoughtful execution and a genuine commitment to long-term client relationships.
That founding culture became the foundation for geographic and practice expansion. The firm established its business in North America, opening its New York office in 2004, and after years of activity across Asia-Pacific, opened an office in Hong Kong in 2010, making it one of the region's earliest and most established private capital advisors. Expansion across core European and Middle East markets followed.
Campbell Lutyens was also an early mover into specialist market verticals and asset classes. The firm began advising on infrastructure in 2006 and, prior to Lazard CL’s formation, claimed the longest primary infrastructure track record in the market. Campbell Lutyens raised its first private credit fund in 2014, and launched its dedicated GP capital advisory practice in 2021.
Nearly forty years later, Lazard CL builds on Campbell Lutyens’ legacy of independent, thoughtful, and enterprising advice founded on first-mover expertise, now truly global in reach.
Campbell Lutyens was founded in 1988 by John Campbell, Richard Lutyens and Bill Dacombe in London.
Their logo, a pineapple, symbolized success through enterprise and generosity in dealing with others.
Read John Campbell OBE’s full biography here.
Lazard’s Private Capital Advisory Group
Lazard's Private Capital Advisory (PCA) group was established in 2003 by a team of experienced fund placement bankers from Merrill Lynch. Initially focused on primary fundraising with offices in the US and Europe, they raised early funds for several of the firms which are today among the largest names in private equity, while becoming a trusted partner to emerging managers launching and scaling their platforms.
Lazard PCA was among the first advisors to recognize the potential of GP-led secondary transactions, providing bespoke liquidity solutions for the benefit of sponsors, limited partners, and secondary investors. Lazard PCA was known as a secondary market innovator and complex deal specialist, advising clients on transactions including bankruptcy-led GP transactions during the Global Financial Crisis, the first-ever strip sales for GPs and LPs, and the first take-private continuation vehicle. Many of the structures created by Lazard’s PCA business are now standard features of the secondary market.
In 2007, the group established a dedicated real estate practice, extending the same approach to real estate, and subsequently to infrastructure. Then, in 2013, Lazard PCA established its presence in Singapore and built one of the longest-standing and most accomplished private capital advisory franchises in Asia-Pacific.
Lazard PCA operated as a integrated business, pairing liquidity solutions with capital raising prowess through a single, global team, and seamlessly partnering with Lazard’s broader Financial Advisory business, allowing the firm to deliver advice to sponsors and investors across the private markets. That legacy and ethos now form an integral part of Lazard CL, the global leader for the next era of private capital.
