Name: Houlihan Lokey CEO on Sustaining Mid-Cap Investment Banking
Uploaded: 2026-01-15T19:08:00Z
Duration: 2 min
Description: Scott Adelson, CEO of Houlihan Lokey, tells Barron’s Andy Serwer about the firm’s strategy for dominating mid-cap M&A and global competition.

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Scott Adelson, CEO of Houlihan Lokey, tells Barron’s Andy Serwer about the firm’s strategy for dominating mid-cap M&A and global competition.

https://m.wsj.net/video/20260115/57197825-d72c-468e-abb7-faa5d02d9533/1/hls/manifest-hd-wifi.m3u8

Houlihan Lokey CEO on Sustaining Mid-Cap Investment Banking

So, with regard to those competitors, the boutique banks here in New York, you know, sometimes there's this trajectory where they grow and then they flame out or they become a lot bigger, like Evercore become kind of a scaled operation. How is it that you can sustain sort of a middle-market investment banking business? Is that something you think hard about?

We do, we're very focused on them the way we think about it is certainly, and again, mid cap is how we define ourself. There are parts of our business that run up and down the size spectrum. Certainly our restructuring business does the largest restructurings in the world. It's not, it is really the M&A side and capital raising is mid cap focus. But if you look at the numbers, there's around the world, about 30 to 50,000 deals take place a a year. 98% of those are mid cap.

Right.

And so we're focused on that 98% larger.

And you're able to do business overseas? I mean, are you competing with local banks there and how difficult is that?

In some cases, yes. I mean, it depends where it is, but I mean, at this stage, it's in Europe, Rothschild, Lazard would be large local European competitors to us as opposed to, at this point, we're the second most active M&A advisor in Europe just behind Rothschild. But they've had a couple hundred year head start on us.

Right, yeah. I mean, I guess where I was going is that, I could see, you know, with larger deals that say the Goldman Sachs or the Morgan Stanley that sort of go across borders. But is it more difficult when you're doing middle market transactions out of country?

It depends and some of our transactions are cross-border related and some are in-country. So it really depends. And mid cap is a very broad range of sizes. So clearly at the smaller end of that range, it is more likely to be in-country and at the larger size, more likely to be a global approach.