Lionel Leventhal has joined Houlihan Lokey’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, 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,” says 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.”
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.
“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 USD2bn of transactions annually. There is now more than USD10bn 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 catalyse transactions among financial investors and corporate entities,” says Leventhal.