Donald Drapkin, the chairman of Lazard's investment committee and former head of Ron Perlman's investment vehicle, MacAndrews & Forbes, is leading the bank's blank check company Sapphire Industrial, as it seeks $500m (€352.6m) from an initial public offering.

Drapkin joined the firm in May to focus on investment banking and strategic investments and initiatives for Lazard. He previously worked as vice chairman of MacAndrews & Forbes, an investment company which owns cosmetic businesses Revlon and security services business Allied Barton.