Lazard Is Looking to Buy a Private Credit Firm

In the asset management space, we need to protect where we are. We need to expand by doing some additional hiring where it makes sense in public markets and then we need to acquire and the acquisitions will be disproportionately in private markets. So in private credit infrastructure, real estate places where we are not very present yet, I mean, again, private credit is the the thing where everybody wants to be on any concerns about valuations compared to private equity, we're going to be very cautious as we go through this both on the on the pricing. I mean that's to make sure that it's in shareholders interest to do some of these acquisitions, but also on culture because you can get something at the right price and if there's not a good cultural fit, it still doesn't work. So it's really a, an elaborate process that we need to go through. We have a new head of corporate development. I'm very excited. So we're in the in the mix, evaluating lots of options. Do you worry that parts of private credit could be in a bubble? Private credit has grown very rapidly. I think private credit will be here for the, you know, for the long term. Will there be some wobbles as some of the rapid growth plays itself out? Entirely possible. But for the asset class as a whole, I think it's going to persist. So the rumors, many rumors that you that you were very close to selling Lazard. Any truth like what, what do you say? Do you feel like you're a target? Have you been a target? I think Lazard is best as an independent firm and I think that's going to be our pathway forward. So you'll not confirm or deny. It's like I might find, were you part of AM and a deal maybe there. Look, we're a public company. People always are interested in approaching us and having discussions. But I go back to Lazard. It's it's DNA is really founded on independent advice delivered to clients. And so that independence is really important. We're a public company and we acknowledge that, but the independence is really core to who we are.

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