Houlihan Lokey has expanded its secondary advisory business with the formation of an illiquid financial asset practice, which will pair buyers and sellers of illiquid assets such as loan pools and limited partnership interests, according to a statement.
“Investors are increasingly seeking exposure across asset classes. Traditional private equity investors are buying credit. Traditional credit investors are buying life settlements. Convergence in the secondary market is accelerating,” said secondary advisory co-head Jeff Hammer in a statement.
The illiquid financial asset team will be led by Hammer and fellow secondary advisory chief Paul Sanabria. The investment bank plans to expand its team to include staff in New York, London and Hong Kong by the end of the year.
Houlihan Lokey has already made one addition to the team for its London office. Former Colony Capital managing director Dilip Awtani will start on 1 October, according to the statement. Awtani had led Colony’s European distressed loan, debt and structured product business. He also worked for GE Commercial Finance, where he was head of its European non-performing loan and distressed assets business.
“His knowledge of the European markets, particularly with respect to multi-jurisdictional transactions, as well as his product and execution expertise, will be immensely valuable to our clients across the region,” Sanabria said in a statement.