Investment bank Houlihan Lokey is expanding its Private Funds Group (PFG) via the purchase of Triago Management Development, a firm specializing in fundraising and secondary transactions.
Following the transaction’s closing next year, Houlihan Lokey’s PFG will be one of the few integrated advisory platforms that can offer clients primary, secondary, direct, and GP advisory services on a global basis, officials said. The global PFG team now comprises more than 70 financial professionals with senior officers in London, New York, Paris, Chicago, Los Angeles, San Francisco, Frankfurt, and Dubai.
“Our new partners recognize that a truly best-in-class, client-centric advisor to the private equity universe must deliver a truly comprehensive array of services, and they also recognize our goal to firmly establish Houlihan Lokey as that advisor. It reflects how deeply a client-centric focus is ingrained in each firm’s corporate culture and why this combination is such an excellent fit,” commented Scott Adelson, co-president and global co-head of Corporate Finance at Houlihan Lokey
Triago’s core capabilities reside in primary fund and direct investment fundraising, GP and LP led secondary transactions and providing strategic advisory services to GPs and LPs. The deal boosts Houlihan Lokey’s expertise in U.S. primary placements as well as boosting PFG’s growth in the secondary space. The PFG was established in 2018.
“This will further bolster our ability to provide our clients with a compelling array of fully integrated capital-raising solutions relevant to GPs and LPs at any point in their investment lifecycle,” commented Cristina Forcina Westermann, who is the global co-head of Houlihan Lokey’s PFG along with Andy Lund. “In addition, the combination of PFG’s enhanced capabilities with Houlihan Lokey’s broader sponsor-centric platform will uniquely position us to advise our clients in a more strategic way than traditional placement agent firms.”
Triago CEO Matt Swain will join as head of Direct Placements and Secondaries, a new practice within PFG. Triago’s Founder and Chairman, Antoine Dréan, will join as chairman emeritus of the Private Funds Group.
“Houlihan Lokey’s extraordinary depth of private equity relationships, existing PFG capabilities, and highly successful Capital Markets Group all make the firm an excellent home for us and, more importantly, for our global client base,” added Dréan.
Triago CEO Swain said, “The PFG platform and the range of services we can offer financial sponsors and limited partners across all our businesses is more comprehensive and more competitive than ever.”