RESTRUCTURING

Houlihan provides a comprehensive suite of restructuring services for alternative investment firms seeking to restructure in the midst of the current unprecedented market conditions. Alternative Investment Managers will face continuing pressure in the coming months as the industry’s assets under management are expected to drop significantly due to investor redemptions and declines in asset values. Some industry forecasts are predicting declines in AUM of 30% or more across the industry. Continued consolidation within the alternative investment industry will require a unique set of services and skill sets to serve the critical needs of funds looking to provide investors with a broad array of options.

Our experience in advising alternative investment managers looking to provide investors with choices, whether it be the lock-up of money up, having funds placed in a liquidating trust where investments will be sold and the cash paid out over time, or splitting a fund into a liquid and illiquid master fund represented by different share classes is unparallel. We have acted as an advisor on a number of fund restructuring engagements as we have an extensive network of alternative investment managers making markets across a wide variety of asset classes. The restructuring is designed to meet clients’ objectives to retain assets under management, while also creating synergies among the trading platforms.

Restructuring Service Levels

Asset Level

• Structuring and Arranging the Sale of Securities
• Maximizing the Value of Assets

Portfolio Level

• Side Pocket Structuring and Valuation
• Advising and Valuation of Dissolutions
• Wind Downs for Both Onshore and Offshore Complex Hedge Funds
• Evaluation of Alternative Restructuring and Remediation Proposals

Advisor Level

• Loan Workouts and Refinancing
• Recapitalization and Reorganization
• Advisory Related to Lock-Up Periods
• NAV Calculation, High Water Mark Resets and External Valuation Opinions