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Lazard establishes PE business with The Edgewater Funds

Lazard has established a Chicago-based private equity business with The Edgewater Funds, a Chicago-based private equity firm, through the acquisition of The Edgewater Funds’ management

Lazard has established a Chicago-based private equity business with The Edgewater Funds, a Chicago-based private equity firm, through the acquisition of The Edgewater Funds’ management vehicles.

Edgewater, which will continue to be managed by its current leadership team who retains a substantial economic interest, is focused on growth-oriented investments and buyouts in the US middle market.

‘Edgewater’s founder, Jim Gordon, and his partners have built a strong private equity business in the middle market and a broad network of business relationships in Chicago over the past 18 years,’ says Bruce Wasserstein (pictured), chairman and chief executive of Lazard.

‘Lazard is the preeminent, global independent firm in strategic financial advisory and management of clients’ assets,’ says Jim Gordon, founder and managing partner of Edgewater. ‘By joining Lazard, we believe that we can strengthen our investment and capital base and leverage the Lazard brand and international presence to expand our portfolio companies around the globe. We can also attract talent to partner on new investments and provide a more diverse range of opportunities to benefit our fund investors through the Lazard network of high quality research and world class investment banking.’

In addition to his role as managing partner of Edgewater, Gordon serves on the boards of directors of numerous Chicago area arts institutions and non-profit organisations, including The Chicago Museum of Contemporary Art, the Art Institute of Chicago, Northwestern Memorial Foundation, the Joffrey Ballet, the Museum of Science and Industry of Chicago, Chicago Cares and the Big Shoulders Fund. He also serves as a vice chairman of the board of The Whitney Museum of American Art.

Edgewater primarily manages two middle market funds with approximately USD700m of assets under management: Edgewater Growth Capital Partners and Edgewater Growth Capital Partners II. The funds are focused on buyout and growth equity investments in middle market companies.

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