“The days of the independent placement agent boutique dominating are gone”

Independent placement agents once played a vital role in the private equity sphere, initiating introductions and securing capital commitments for a fundraise. But do independent firms have a future? Houlihan Lokey's landmark acquisition of placement agent and advisory firm Triago last month created a major force in private capital advisory, and will have other industry players assessing whether similar deals are on the cards. Andy Lund, Houlihan Lokey general manager and global co-head of its private funds group, spoke to AltAssets about the reasons behind the merger, the future of placement agents and his optimistic outlook on the 2024 fundraising market.