Lazard Launches Listed Private Markets Fund

Lazard Asset Management has launched the Listed Private Markets fund targeting private equity, credit, infrastructure and real estate. The UCITS fund will invest solely in listed companies on major global exchanges “whose long-term performance is linked to private markets,” the firm said.

Holdings will include investment companies that hold private assets such as investment trusts, closed end funds, business development companies and REITs as well as private market asset managers. The fund will have 25 to 30 holdings and liquidity through daily dealings and pricings.

Lazard’s discounted assets team will manage the fund, focusing on companies they believe are trading on a discount to “long-term intrinsic value.” They intend to engage with the boards and management of these companies to generate additional value.

“The discounted assets universe has provided a source of attractive opportunities for Lazard’s clients for decades,” said Andrew Lister, director and portfolio manager responsible for the Lazard Listed Private Markets fund. “The launch of the Lazard Listed Private Markets fund reflects a natural extension of our existing strategies and is a solution for investors seeking diversified exposure across private markets, with the benefits of regular liquidity.”