Dunleavy joins Lazard placement team

Patrick Dunleavy has joined Lazard’s private equity fund placement division as managing director, having left the rival Citigroup team, where he was co-head.

Lazard has appointed Patrick Dunleavy to its Private Fund Advisory Group, where he becomes a managing director. Dunleavy was previously at Citigroup, where he was managing director and co-head of the Private Equity Funds group.

Dunleavy joined Citigroup in 2001, and was appointed co-head of the placement team in January 2004 along with Doug Blagdon. This followed the departure of the head of the division, Loren Boston, who in May resurfaced as managing director and head of private equity origination at the placement arm of Merrill Lynch.

Prior to his stint at Citigroup, Dunleavy was a managing director at Deutsche Bank’s fundraising group and head of the private placement group at Cowen & Co. He had begun his career as a lawyer in the M&A and securities group at Willkie Farr & Gallagher.

“Patrick’s experience in the industry and his reputation for providing clients with the highest level of service is consistent with Lazard’s approach and we expect his addition to meaningfully enhance our fundraising activities,” said Lazard in a statement.

The roots of the Lazard placement business lie in the defection of nine executives from the once-dominant Merrill Lynch team in February 2003. The departing team was headed by Ben Sullivan and William Riddle, who joined Lazard’s New York office, and remain co-heads of the Private Fund Advisory group.

The group manages the raising of capital for private equity firms and aims to build relationships between financial sponsors and institutional investors around the world. It focuses on buyout, mezzanine, venture and distressed/turnaround funds.