What does it mean that Lazard purchased a x% non-controlling interest in fund of funds?

For example, what does it mean that Lazard purchased a 45% non-controlling interest in some fund of funds firm? What implication does it have for both Lazard and the fund?

?? It means that Lazard bought 45% of the company. They don’t have direct control over the company, since they would need 51% or more to win shareholder votes by themselves. However, 45% is still a major stake, and they would need to align with only a small number of the remaining shareholders to form a majority.

Is it math that would help to understand this?

s2000 would argue that math will help explain everything. Ownership stake, movies, public policy, women…

He would, that’s right. Unfortunately, domain dependence with expertise is a real bish.