PRESS RELEASESMonday, January 13, 2014

Houlihan Lokey’s Illiquid Financial Asset Practice Appoints Lionel Leventhal Head of Royalty and Revenue Interest Financing

NEW YORK – January 13, 2014 - Houlihan Lokey, the international investment bank, today announced that Lionel Leventhal has joined the firm’s Illiquid Financial Asset (IFA) practice as a Managing Director and Head of Royalty and Revenue Interest Financing. He will focus primarily on royalty monetizations and revenue interest financings in the pharmaceutical, biotechnology, medical device, and diagnostics subsectors with a broader mandate to expand coverage into similarly structured illiquid financial assets in other industries. He is based in New York.

Prior to joining Houlihan Lokey, Mr. Leventhal spent 14 years at Paul Capital, where he was a General Partner and co-founder of Paul Capital Healthcare, the first fund platform focused on royalty/revenue interest financing and other structured debt financings for healthcare companies across a range of subsectors. Previously, he held roles at Golub Capital and Bain & Co.

“By embedding several product verticals into a single execution platform, Houlihan Lokey’s IFA practice has developed a unique structure which reflects the current state of the secondary market itself,” said Jeff Hammer, Co-Head of IFA. “Investors who are seeking returns across a wide range of securities can benefit from our distinctive approach and superior execution capabilities, and we view Lionel as a fantastic addition to the team,” he added.

Mr. Leventhal’s appointment follows IFA’s recent appointment of Harry Green as a Director in New York, focusing on transaction execution, and the October hire of Dilip Awtani as a Managing Director in London.

“Lionel structured and closed the first revenue interest financings utilized by the healthcare industry while at Paul Capital. His deep industry knowledge and track record of success on the buyside makes him a perfect candidate to lead IFA’s expansion into royalty monetizations, not just in healthcare but in other areas as well,” said Paul Sanabria, Co-Head of IFA. “His years of experience will prove tremendously valuable to our clients and to the continued growth of the IFA platform,” he continued.

“The market for non-dilutive royalty and revenue interest financing transactions has become both broader and deeper over the past decade and has become an accepted form of financing for the healthcare market, now representing $2 billion of transactions annually. There is now more than $10 billion of available, committed capital focused on this market, which, combined with the relative dearth of thoughtful, knowledge-based intermediation, demonstrates that there exists an enormous opportunity for IFA to catalyze transactions among financial investors and corporate entities,” said Mr. Leventhal.

Mr. Leventhal holds an A.B. in Economics magna cum laude from Harvard College and an MBA with distinction from Harvard Business School.


Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm's commitment to client success across its advisory services. Houlihan Lokey is ranked as the No. 1 M&A advisor for all U.S. transactions, the No. 1 global restructuring advisor, and the No. 1 global M&A fairness opinion advisor over the past 20 years, according to Thomson Reuters.

For press inquiries, contact PR@HL.com or 212.331.8223.

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