Eurazeo, the French quoted private equity firm, has formed a property investment venture with Colony Capital, the international investment firm, in the latest stage of its development from diversified investor to mainstream private equity firm.

Eurazeo, which has a market capitalisation of €2bn ($2.1bn) and manages €3bn of assets, has the rights to 17% of the global profits of Lazard, the investment bank in which it holds the largest single interest.