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Lazard, Inc. (NYSE:LAZ) said on Thursday that it had inked a pact with an established European venture capital firm, Elaia Partners.
The company plans to create a leading European player focused on investment in technology companies, supporting them at all stages of their development, from seed to listing on public markets.
The partnership involves the creation of a new Paris-based asset management company, Lazard Elaia Capital (LEC), which will be 75%-owned by Lazard and 25%-owned by Elaia Partners.
This investment platform targets the capital requirements of upcoming technology and deep tech leaders in late-stage and growth equity.
An inaugural fund focusing on Europe is slated for launch by 2025, pending regulatory clearance.
As part of this 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 creation of this partnership between Lazard and Elaia Partners will enable us to offer our clients innovative, private market solutions focusing on the growing technology industry in Europe,” said Evan Russo, Chief Executive Officer, Lazard Asset Management.
According to Benzinga Pro, LAZ stock has gained over 9% in the past year. Investors can gain exposure to the stock via ETF Opportunities Trust Cultivar ETF(BATS:CVAR).
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Price Action: LAZ shares traded higher by 0.93% to $37.79 on Thursday.
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