Houlihan Lokey Strengthens Equity Capital Solutions Platform with Senior Appointment of Dan Buffery
Global investment bank Houlihan Lokey, Inc. (NYSE: HLI) has expanded its Capital Solutions platform with the appointment of Dan Buffery as a Managing Director, reinforcing the firm’s capabilities in one of the fastest-growing segments of the private capital markets. Based in New York, Buffery will play a leading role in the firm’s North American GP-led secondaries advisory practice within its Equity Capital Solutions business, bringing decades of experience in infrastructure investing, private equity, and real assets to support institutional clients navigating increasingly sophisticated secondary market transactions.
The appointment reflects Houlihan Lokey’s continued investment in strengthening its advisory platform as demand for secondary market solutions accelerates across private equity, infrastructure, and alternative asset classes. By adding a seasoned investment professional with extensive buy-side experience, the firm aims to further enhance its ability to provide strategic advisory services to general partners, limited partners, institutional investors, and asset managers seeking liquidity, portfolio optimization, and capital formation solutions.
Expanding a Leading Capital Solutions Platform
Houlihan Lokey has steadily expanded its Capital Solutions Group to meet the evolving financing and capital management needs of private market participants.
The firm’s Capital Solutions platform advises clients on a broad range of capital-related strategies, including:
- Equity capital raising
- GP-led secondary transactions
- LP portfolio sales
- Continuation funds
- Preferred equity solutions
- Structured capital
- Fund financing
- Alternative liquidity solutions
As institutional investors continue allocating greater amounts of capital toward private markets, demand for sophisticated capital advisory services has increased significantly.
The addition of Dan Buffery further strengthens Houlihan Lokey’s ability to advise clients across increasingly complex investment structures.
Leadership Role in North American GP-Led Secondaries
In his new position, Buffery will help lead the firm’s North American GP-led secondaries advisory practice, an area that has experienced exceptional growth over recent years.
GP-led secondaries involve transactions initiated by private equity fund managers to provide liquidity options for existing investors while extending ownership of attractive portfolio assets through continuation vehicles or other innovative transaction structures.
These transactions have become an increasingly important component of modern private capital markets because they provide flexibility for both fund managers and investors.
Buffery’s extensive experience executing similar transactions positions him well to advise clients navigating this rapidly expanding market.
Bringing Extensive Buy-Side Experience
Before joining Houlihan Lokey, Buffery spent nearly a decade at HarbourVest Partners, one of the world’s leading private markets investment firms.
Most recently, he served as a Managing Director within the firm’s Infrastructure and Real Assets Group.
During his tenure, Buffery held several important leadership responsibilities that provided extensive experience across secondary market investing.
His responsibilities included:
- Leading GP-led secondary investments
- Managing LP-led secondary transactions
- Evaluating infrastructure investments
- Overseeing real asset portfolios
- Investment committee participation
- Portfolio management
This combination of investment execution and portfolio management experience provides valuable insight into the priorities and decision-making processes of institutional investors.
Such perspectives are particularly valuable when advising clients involved in complex secondary market transactions.
Leadership Within HarbourVest Partners
At HarbourVest, Buffery served as a senior investment professional responsible for originating, evaluating, negotiating, and executing transactions involving infrastructure and real assets.
He also served as a voting member of the Real Assets Investment Committee, contributing to investment decisions involving significant institutional capital allocations.
Participation on an investment committee requires extensive financial analysis, risk assessment, valuation expertise, and strategic judgment.
These experiences further strengthen Buffery’s advisory capabilities as he transitions into investment banking.
In addition, Buffery managed the HarbourVest Infrastructure Income Partnership, overseeing investment strategies designed to generate long-term income through diversified infrastructure assets.
Managing institutional investment portfolios provided practical experience balancing investor objectives, market opportunities, and risk management considerations.
Earlier Career at OPTrust
Prior to joining HarbourVest Partners, Buffery spent approximately ten years at OPTrust, one of Canada’s major pension funds.
There, he served as Director within the Private Equity and Infrastructure Group, focusing on long-term investments across alternative asset classes.
His work included evaluating investment opportunities, managing portfolio assets, and supporting institutional investment strategies designed to generate sustainable long-term returns for pension beneficiaries.
This extensive institutional investment background provides valuable understanding of how pension funds evaluate private market opportunities, an increasingly important client segment for investment banks advising on secondary transactions.
Growing Importance of Secondary Markets
Houlihan Lokey’s decision to expand its GP-led secondaries practice reflects broader trends reshaping global private capital markets.
Historically, private equity investments were relatively illiquid, with investors typically remaining committed until underlying assets were sold or funds reached maturity.
However, the rapid expansion of secondary markets has created greater flexibility for investors seeking liquidity before traditional exit timelines.
Today, secondary transactions encompass a wide variety of structures, including:
- GP-led continuation funds
- LP portfolio sales
- Single-asset transactions
- Multi-asset continuation vehicles
- Preferred equity investments
- Structured liquidity solutions
These structures allow investors to rebalance portfolios while enabling fund managers to retain ownership of high-performing assets.
As private markets continue expanding globally, secondary transactions have become an increasingly institutionalized component of capital markets activity.
Industry Growth Creates Advisory Opportunities
The global secondaries market has experienced remarkable expansion over the past several years.
Several factors have contributed to this growth, including:
- Larger private equity portfolios
- Longer investment holding periods
- Increased institutional participation
- Portfolio rebalancing needs
- Liquidity management
- Growth in infrastructure investing
Institutional investors increasingly use secondary transactions as strategic portfolio management tools rather than viewing them solely as liquidity events.
As transaction complexity increases, experienced advisory firms play an increasingly important role in structuring transactions that balance the interests of multiple stakeholders.
Houlihan Lokey’s continued investment in senior talent reflects confidence that demand for these advisory services will continue growing.
Leadership Highlights Strategic Appointment
Gregg Newman, Managing Director and Global Co-Head of Houlihan Lokey’s Capital Solutions Group, emphasized Buffery’s extensive transaction experience and deep knowledge of infrastructure and real assets.
According to Newman, Buffery’s expertise strengthens the firm’s ability to deliver customized advisory solutions as activity within secondary markets continues accelerating.
He also noted that attracting highly experienced professionals reinforces Houlihan Lokey’s position as a leading adviser within global capital markets.
Building teams composed of seasoned investment professionals remains central to the firm’s strategy of delivering specialized advice across increasingly sophisticated private capital transactions.
Client-First Philosophy
Buffery described Houlihan Lokey’s collaborative culture as closely aligned with his own professional philosophy.
Throughout his investment career, he has emphasized placing client objectives at the center of investment decision-making.
He expressed enthusiasm about collaborating with professionals across Houlihan Lokey’s global platform to develop customized solutions addressing clients’ evolving financing and liquidity needs.
Cross-functional collaboration has become increasingly important within investment banking as transactions frequently involve expertise spanning multiple industries, asset classes, and geographic markets.
Equity Capital Solutions Continues Expanding
Matt Swain, Global Co-Head of Equity Capital Solutions at Houlihan Lokey, highlighted the extraordinary expansion of the secondaries market over recent years.
According to Swain, investors increasingly seek identifiable assets that improve portfolio construction while generating attractive long-term returns.
He noted that growing institutional participation has transformed the secondaries market into one of the most dynamic segments of private capital investing.
Swain also emphasized his longstanding professional relationship with Buffery, expressing confidence that his experience will provide significant value to clients pursuing opportunities within this evolving market.
Infrastructure and Real Assets Remain Attractive
Infrastructure and real assets continue attracting substantial institutional investment due to their ability to provide:
- Stable cash flows
- Inflation protection
- Portfolio diversification
- Long-term income
- Essential service exposure
Assets within these sectors often include:
- Transportation infrastructure
- Utilities
- Renewable energy
- Telecommunications
- Industrial assets
- Natural resources
Growing investor interest has increased transaction activity while creating additional advisory opportunities for firms with specialized expertise.
Buffery’s background across these sectors positions him to advise clients evaluating increasingly sophisticated infrastructure transactions.
Houlihan Lokey’s Global Capital Solutions Platform
The appointment further strengthens one of the industry’s largest dedicated capital advisory teams.
Houlihan Lokey’s Capital Solutions Group includes more than 200 dedicated professionals operating across 18 offices located in eight countries.
Its international presence enables the firm to advise clients across major financial centers including:
- New York
- London
- Paris
- Frankfurt
- Zurich
- Milan
- Madrid
- Dubai
- Los Angeles
- Chicago
- San Francisco
- Boston
- Atlanta
- Dallas
- Houston
- Miami
- Manchester
- Munich
This global network allows the firm to serve institutional investors, private equity sponsors, infrastructure managers, sovereign wealth funds, family offices, pension funds, and other alternative investment participants across multiple jurisdictions.
Significant Transaction Activity
The scale of Houlihan Lokey’s Capital Solutions platform is reflected in its recent transaction volume.
During the past twelve months, the group:
- Raised and advised on more than $38 billion
- Completed over 140 transactions
- Served clients across numerous industries
- Supported diverse capital structures
These figures illustrate both the firm’s substantial market presence and growing demand for specialized capital advisory services.
High transaction volumes also enable advisers to develop extensive market knowledge, benefiting clients through deeper understanding of valuation trends, investor preferences, and evolving transaction structures.
Positioned for Continued Market Evolution
Private capital markets continue evolving rapidly as institutional investors allocate increasing portions of their portfolios toward alternative investments.
At the same time, private equity sponsors, infrastructure funds, and real asset managers seek increasingly flexible financing and liquidity solutions.
These trends continue expanding opportunities within:
- Secondary markets
- Continuation funds
- Preferred equity
- Structured capital
- Fund recapitalizations
- Portfolio optimization
Investment banks possessing deep sector expertise and experienced advisory teams are well positioned to support clients navigating this increasingly sophisticated landscape.
By recruiting senior professionals with direct institutional investment experience, Houlihan Lokey continues strengthening its competitive position within global private capital advisory markets.
The appointment of Dan Buffery as Managing Director represents another strategic step in Houlihan Lokey’s continued expansion of its global Capital Solutions platform. Bringing more than two decades of experience spanning institutional investing, infrastructure, private equity, and secondary transactions, Buffery enhances the firm’s ability to advise clients navigating one of the fastest-growing areas of private capital markets. As GP-led secondaries, continuation funds, and alternative liquidity solutions become increasingly important tools for institutional investors and fund managers, Houlihan Lokey is reinforcing its advisory capabilities through experienced leadership and global reach. Supported by a team of more than 200 professionals, over $38 billion in recent capital solutions activity, and a broad international presence, the firm remains well positioned to help clients execute sophisticated transactions while responding to the continued evolution of private market investing.
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