Lazard, Elaia Partners In Deal To Form French Asset Management Firm Lazard Elaia Capital

(RTTNews) - Lazard (LAZ), a financial advisory and asset management firm, announced Thursday that it has signed a partnership agreement with European venture capital firm Elaia Partners for the creation of a new Paris-based asset management company, Lazard Elaia Capital or LEC.

As part of the strategic partnership, Lazard has acquired a minority stake in Elaia Partners. The agreement provides the option for Lazard to purchase up to 100% ownership over time.

The partnership remains subject to regulatory approval and AMF registration.

The companies expect the new company focused on investment in technology companies will support them at all stages of their development, from seed to their listing on public markets.

The deal follows the announcement on December 2023 of exclusive negotiations between Lazard and Elaia Partners.

The new LEC will be 75%-owned by Lazard and 25%-owned by Elaia Partners. It will be led by Xavier Lazarus, co-founder and Managing Partner of Elaia Partners, alongside a newly hired investment team.

An initial fund focusing on Europe is currently planned to be launched by 2025, subject to regulatory approval.