Global investment bank Houlihan Lokey (NYSE:HLI) is doubling down on its European secondary advisory ambitions with the appointment of Sandro Galfetti as Managing Director in its Capital Solutions Group. Based in Zurich, Galfetti will focus on advising private capital sponsors on GP-led transactions—particularly the increasingly popular single- and multi-asset continuation vehicles.
The move strengthens Houlihan Lokey’s Equity Capital Solutions team, now 40 professionals strong across New York, San Francisco, London, Paris, and Zurich. Galfetti will work alongside Michael Pilson, who is relocating to London, to co-lead the firm’s European GP-led secondary advisory business.
A Veteran in Secondaries
Galfetti’s resume reads like a who’s who of private equity secondaries. At UBS Investment Bank, he led the EMEA Secondary Advisory unit, focusing on sponsor-led liquidity solutions. Prior to that, he was a Managing Director at PJT Partners’ Park Hill secondary advisory arm. Earlier in his career, he spent six years at Capital Dynamics on the buyside, structuring and executing secondary investments across the U.K., U.S., and Switzerland. He started his finance career at Swiss Re back in 2002.
That background gives Galfetti a blend of advisory and investment experience—useful as sponsors increasingly turn to continuation funds and other bespoke structures to manage aging portfolios in an uncertain exit environment.
Why This Hire Matters
The GP-led secondaries market has exploded in recent years, evolving from a niche liquidity solution into a mainstream strategy. Industry estimates peg the market at more than $100 billion annually, and Houlihan Lokey clearly sees more upside. The firm closed 15 GP-led transactions in 2024 alone, representing $19 billion in deal volume.
“Secondary market growth will take dollar volumes to new heights,” said Matt Swain, Global Co-Head of Equity Capital Solutions at Houlihan Lokey. “Sandro’s appointment is proof of that conviction.”
With competition from rivals like PJT Partners, Evercore, and Lazard, the hire signals Houlihan Lokey’s intent to stay aggressive in EMEA, where GP-led deals are surging in popularity.
Big Platform, Bigger Ambitions
Houlihan Lokey’s Capital Solutions Group isn’t small: it spans more than 170 professionals across 15 offices in six countries, raising and advising on $23 billion across 115 deals in 2024. By layering Galfetti’s relationships and track record into that platform, the firm aims to further entrench itself as a go-to advisor for sponsors navigating liquidity needs and continuation structures.
As Galfetti put it, clients are “increasingly seeking sophisticated, tailored liquidity solutions” as the secondaries market matures. For Houlihan Lokey, bringing him on board is not just about headcount—it’s about credibility in a segment that’s growing fast and shows no signs of slowing.
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