Houlihan Lokey to Double Team Focused on Illiquid Sales

Houlihan Lokey, the closely held investment bank that started advising on secondary sales of private-equity and hedge-fund stakes fours years ago, plans to more than double staff in that unit to 20 professionals or more as it expands into sales of other illiquid assets.

Houlihan Lokey created an Illiquid Financial Asset practice to advise on the sales of assets such as stakes in loan pools, life settlements, minority positions, pharmaceutical royalties and operating leases, the Los Angeles-based firm said today in a statement. The unit will also advise private-equity firms on structured deals in situations where they are unable to raise successor funds.