• Illiquid Financial Assets

    Houlihan Lokey’s Illiquid Financial Assets (IFA) practice is unique. We are the world’s preeminent “liquidity advisors” for illiquid assets across a broad spectrum of alternative investments. We create liquidity solutions across virtually all asset types, from simple sales to complex structuring assignments, and execute transactions with precision and discretion. Our deep domain expertise and long relationships with many and varied capital sources make us the “go-to” resource for planned or emergency liquidity needs. There is no other practice like ours on Wall Street.

    As seasoned bankers with experience as investors and advisors in the secondary market, our group provides a unique perspective in the intermediary world. Our breadth of knowledge of investor groups allows us to target investors in a controlled, competitive environment to help deliver maximum sales proceeds and best terms for a particular transaction. Our global investor base includes dedicated secondary funds, financial institutions, sovereign wealth funds, hedge funds, family offices, pension funds, insurance companies, endowments, foundations, and public vehicles.

  • Asset M&A

    We work closely with banks, insurance companies, hedge funds, asset managers, pension plans, endowments, public vehicles, and governments to sell portfolios of financial assets that are generally subject to a variety of constraints. We deliver disposition plans, pricing intelligence, structuring insight, liquidity alternatives, negotiation skills, transaction support, and excellence in executing transactions.

    Achieving optimal outcomes when selling or financing illiquid assets requires strong analytical capabilities, deep relationships with the right investors, and the execution skills of seasoned bankers. Houlihan Lokey leads the way in monetizing hard-to-value equity and debt positions and is uniquely positioned to assist in finding liquidity for exotic assets and liabilities, including:

    • LP Interests
    • Minority Equity
    • Stressed Credit
    • Life Settlements
    • Pharmaceutical Royalties
    • Legal Claims
    • Intellectual Property

    Fund M&A

    IFA can unlock liquidity when investment vehicles experience life-cycle events that cause stress or distress to one or more of their constituencies. In these situations, GPs, LPs, boards, or other stakeholders often find that creative solutions, sometimes with new capital, can be the catalyst for the rebirth of a fund or the re-potting of an old fund’s assets.  

    We provide strategic advice and transaction execution to investment managers, investors, and funds that are experiencing life-cycle events or facing issues caused by “trapped assets.” These transactions typically involve a portfolio of control equity positions, minority equity positions, or debt positions and manifest in one of the following formats:

    • Fund Merger
    • Fund Recapitalization
    • Fund Conversion
    • Team Spin-Out
    • Strategic Fundraising
    • Formal Wind-Down Programs and Asset Sales

    Structured Solutions

    IFA uses structured finance to address the complex liquidity requirements and/or regulatory objectives of financial institutions, asset managers, and other secondary market participants. Understanding different risk and return parameters for sellers and seekers of assets, along with technical skills and creativity, are the critical success factors for a structured solution.  

    By matching a single holder’s need for liquidity with a single investor’s desire for a specific risk-return proposition, structured transactions can address market inefficiencies, dislocations, and imbalances, or enable new opportunities. Houlihan Lokey has the capability to arrange a variety of bespoke, structured transactions, including:

    • Securitizations 
    • Insurance Joint Ventures
    • Regulatory Capital Trades
    • Forward Sales of Revenue Interests
    • Pension Swaps or Hedges

Contact Us

Jeff Hammer

Jeff Hammer

Managing Director
Co-Head, Illiquid Financial Assets

Paul Sanabria

Paul Sanabria

Managing Director
Co-Head, Illiquid Financial Assets

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