Houlihan Lokey Advises Allied Industrial Partners

Houlihan Lokey is pleased to announce the closing of Allied Industrial Partners I-A and I-B (“Allied Industrial Partners I” or “Fund I”), which was oversubscribed and closed at its hard cap of $300 million, surpassing its initial target of $250 million. Houlihan Lokey served as the exclusive placement agent for Allied Industrial Partners LLC (Allied) in support of the fundraise. The fund closed on April 25, 2025.

Allied is a lower-middle market private equity firm that thematically invests in high-growth companies within various industrial subsectors, including industrial rentals, manufacturing, distribution, environmental services, and critical infrastructure. Allied seeks to partner with experienced management teams that can benefit from its operational enhancement capabilities and its active, hands-on involvement, enabling the firm to scale platforms through disciplined buy-and-build strategies and drive long-term value creation.

With the closing of Allied Industrial Partners I, Allied has surpassed $1 billion in assets under management, a significant milestone achieved in just six years since inception. Fund I, which is expected to be more than 70% deployed and allocated by the end of 2025, attracted a diverse group of institutional investors, including pensions, insurance companies, financial institutions, foundations, fund-of-funds, and family offices.

This transaction highlights the Primary Capital Advisory team’s deep expertise in supporting emerging managers across the full capital lifecycle—from go-to-market strategy to fund and co-investment capital raising.