SECONDARY MARKET TRANSACTIONS

Houlihan is uniquely situated to introduce transaction opportunities to both buyers and sellers across the investment universe, including the following types of positions:

• Auction Rate Securities (ARS);
• Non-Performing Whole Loan Pools;
• CDO tranches;
• Limited Partnership interests;
• Mortgage-Backed Securities;
• 1st and 2nd Lien Loans; and
• Distressed Real Estate Assets

ADVISOR VALUATION

Whether an Advisor is transferring equity or needs to be valued for tax, financial or audit purposes, firms turn to Houlihan for expert valuations. The asset management industry is very specialized and requires analyses that are relevant and specific to the space. Houlihan’s proprietary models capture the diverse fee structures, AUM growth, platform leverage and expense expectations that each firm faces. As well, Houlihan is able to draw upon both public and private buy/sell-side transaction activity to gauge the current market environment.

FINANCIAL OPINIONS

There are certain situations that require an independent opinion as to whether, from a financial point of view, the terms of a transaction are fair to specific parties of interest, typically investors in a fund or shareholders of an Advisor. Those situations include when a portfolio of assets being bought from or sold to a related entity or when a majority block of shares of an Investment Advisor are sold without prior consent of a minority shareholder. Often times there are changes to the Advisor’s capital structure that merit a fairness opinion as well.

Houlihan Smith is a leading provider of highly regarded fairness opinions. Houlihan incorporates best practices within the corporate governance, regulatory, legal and valuation fields. Having written more than 100 fairness opinions, our professionals have extensive experience with the processes that enable key decision makers to perform their duty of care.

Our experience in investment management transactions and strict adherence to maintaining independence enables Houlihan to discern fairness for all parties in the transaction. Where areas of uncertainty arise, we are forthcoming with sound advice to ensure signifi cant and time sensitive transactions are carried out without foregoing the fiduciary duties.