Corporate Finance Intern

Houlihan Lokey, a global investment bank, saw its share price decline in the fourth quarter of 2025 due to a slowdown in restructuring activity, according to Baron Financials ETF's investor letter. The reduced activity stemmed from improving macroeconomic conditions and lower interest rates. However, these same conditions drove strong growth in Houlihan Lokey's mergers and acquisitions and valuation advisory businesses, which represent over three-quarters of the company and generated 24% pre-tax earnings growth in the recent quarter. In the third quarter of fiscal 2026, Houlihan Lokey reported revenues of $717 million, up 13% year-over-year. The stock closed at $141.05 on 30 March 2026, with a market capitalisation of $9.84 billion. Hedge fund ownership increased to 36 portfolios in Q4 2025.

Houlihan Lokey, a global investment bank specialising in mergers and acquisitions, financial restructurings and valuation advisory services, stands out as a promising small-cap investment opportunity among its peers, according to a StockStory analysis. Founded in 1972, Houlihan Lokey has demonstrated strong performance with 20% annual revenue growth over the past two years. The company's earnings per share grew 34.9% annually during the same period, outpacing revenue growth and indicating improving profitability. Its tangible book value per share increased 34.3% annually, suggesting strengthening capital position. In contrast, the analysis warns against Leslie's, a pool and spa supplies retailer facing disappointing same-store sales and declining profitability, and Kura Sushi, a Japanese restaurant chain struggling with lagging same-store sales and negative free cash flow.

Citi appoints director to strengthen asset manager coverage in Australia and New Zealand. Citi has appointed Kriss Pachauri as director for global asset managers in Australia and New Zealand. Pachauri joins Citi from Houlihan Lokey where he worked as a director covering merger and acquisiiton (M&A) execution and origination across sectors, specifically working with sponsors. Previous roles include working at BBRC Private Equity, Fort Street Advisors and Goldman Sachs. Pachauri has led a number of noteworthy advisory assignments for Australian financial sponsors, such as the sale of Quadrant Private Equity's fresh pet food business, Prime100 to Colgate-Palmolive, and the sale of Totara Learning Solutions, a global LMS provider, from Australian PE firm Five V Capital to European tech investor Tenzing Capital. Pachauri is an experienced banker with strong client relationships and a strong track record in private equity. He will report to John Mclean, head of equity capital markets and global asset managers for Australia and New Zealand and will be based in the Sydney office. Financial sponsors are driving a significant portion of overall banking wallet, and there is an increased global focus on this important asset class. The appointment reinforces Citi's commitment to growing its leveraged finance franchise, leveraging balance sheet capacity and structuring expertise to support sponsor-led transactions. The current pipeline across Asia Pacific is strong, and with this new hire Australia is well placed to capitalise on the opportunity. The appointment follows a successful 2025 for Citi's team in Australia, with key deal mandates including acting as financial adviser to Pacific Equity Partners on the $1.4 billion acquisition of SG Fleet, financial advisor to KKR on the acquisition of ProTen and financial adviser to Carlye on its acquisition of a majority stake in Waste Services Group. This announcement follows recent appointment news in Citi's Australia franchise, where Jessica Rowe was appointed as director of spread products and syndication, and Dane Harris was appointed vice president in the Australian dollar debt syndication team. It builds upon recent leadership appointments within Capital Markets and Advisory, with Ben Connolly and Philippe Perzi taking on the roles of co-heads, capital markets and advisory and John Mclean being appointed as head of equity capital markets and global asset managers for Australia and New Zealand.