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Lazard’s private fund debut will have a sustainable flavour

Lazard Asset Management is turning GP with plans to launch a sustainable infrastructure fund management strategy next year.

Lazard Asset Management will focus on “sustainable infrastructure” for its first foray into private fund management next year.

The Lazard name is well known in the private fund ecosystem for its advisory activity on M&A, secondaries and fund placement. But now the $15 billion-AUM asset management arm of the New York-listed firm will begin fundraising in 2022 for its first Lazard-managed private fund, a source close to the firm confirmed to New Private Markets.

The soon-to-be GP has already named infrastructure veteran Robert Wall as its head of sustainable private infrastructure and managing director, Lazard said in a statement. London-based Wall was a partner at Hermes Infrastructure from 2016 to October 2020 and was previously a senior principal at CPP Investments, according to his LinkedIn profile. He will in join in October 2021 and will build a dedicated team at Lazard to manage the strategy.

Lazard will invest in private infrastructure companies but did not specify the types of assets it will seek. The firm’s current offerings are listed equity and fixed income funds for institutional investors.

“Clients are increasingly looking for investments that provide diversified returns and that have demonstrable benefits to society in line with a more sustainable world,” Lazard’s CEO, Ashish Bhutani, said in the statement.