Houlihan Capital

What Houlihan Capital does

Houlihan Capital is an employee-owned, FINRA and SIPC member valuation, financial advisory, and boutique investment banking firm headquartered in Chicago, Illinois, with a second office in Cleveland, Ohio. Founded in 1997, the firm delivers two integrated service lines: a Valuation and Financial Advisory practice (covering fairness opinions including specialized SPAC fairness opinions, solvency opinions, portfolio valuation for alternative investment funds, complex and illiquid security valuations, ASC 820 fair-value reporting, financial reporting and tax compliance, intellectual property, consulting, and family office services) and an Investment Banking practice (M&A advisory, corporate financial services, and industry-specific expertise). Its client base spans private equity and SBIC funds, hedge funds, '40 Act funds, corporations, business development companies, and specialized operators in the cannabis and crypto sectors, where the firm has built distinctive domain depth — 100+ cannabis engagements since 2013, 60+ crypto fund clients, and recognition as the #1 valuation provider in crypto fund manager surveys in both 2023 and 2024.

Underlying the practice are proprietary valuation methodologies rather than a software platform. Core technical assets include dynamic pro forma financial models adapted for cannabis license valuations (factoring state-by-state regulatory complexity, banking restrictions, and license values) and mark-to-model fair-value frameworks for illiquid crypto equity and token-related investments, which the firm pioneered as one of the first independent valuation providers in the digital asset space. Supporting these core services, Houlihan Capital maintains SOC 1 and SOC 2 compliance and a content engine of quarterly industry intelligence reports (SPAC, venture capital, cannabis, crypto/VC, and sector-specific verticals), The Value Add podcast, webinars, and event sponsorships to drive inbound demand.

The firm generates revenue through professional-services fees — project-based valuation and advisory engagements (often multi-year for recurring portfolio valuation clients) and transaction-based investment banking fees earned upon M&A deal completion. Pricing is quote-based and negotiated by scope, complexity, and asset value; no standardized fee schedule is published. Distribution is direct: senior professionals engage consultatively with institutional clients, supplemented by referral networks and a thought-leadership-led community marketing approach. The firm is private, employee-owned, and independent with no disclosed institutional investor, parent, or public listing.

Name

Houlihan Capital

Legal name

Houlihan Capital

Website

https://houlihancapital.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

Houlihan Capital is an employee-owned, FINRA- and SIPC-member boutique firm providing independent valuations, fairness and solvency opinions, portfolio valuations for alternative investment funds, and M&A advisory to private equity, hedge funds, BDCs, and corporate clients.

Ownership category

akta.pro rank

Product category

Financial Advisory Services

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Portfolio Valuation (PE/VC funds, LP reporting) (FSAEAHAH)

Keywords

• Business valuation services
• Investment banking advisory
• Mergers acquisitions advisory
• Fairness opinion services
• Portfolio valuation services

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Valuation and Financial Advisory Services: Fees for providing independent valuations for financial reporting, tax compliance, fairness opinions, solvency opinions, portfolio valuations, and transaction advisory. Revenue is project-based, typically one-time engagements with recurring elements for ongoing portfolio valuation clients.
2. Investment Banking Services: Fees for M&A advisory, sell-side and buy-side transaction support, capital raising advisory, and corporate financial services. Revenue typically earned as transaction-based fees upon deal completion.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels7 records

Core offering

Houlihan Capital is an employee-owned valuation, financial advisory, and boutique investment banking firm that provides independent valuations, fairness and solvency opinions, portfolio and fund advisory services, 409A and QSBS valuations, and M&A and corporate financial advisory services. The firm also offers specialized valuation services for cannabis operators and crypto/digital-asset fund managers, serving private equity and SBIC funds, hedge funds, '40 Act funds, business development companies, and public and private corporations.

Product overview

Houlihan Capital is an employee-owned valuation, financial advisory, and investment banking firm offering a portfolio of interconnected professional services. The core offerings include Valuation and Financial Advisory (encompassing fairness opinions, solvency opinions, portfolio valuations, fund advisory, financial reporting, tax compliance, and intellectual property valuation) and Investment Banking (including M&A advisory and corporate financial services). The firm has developed specialized practices in crypto fund valuation, cannabis industry services, 409A valuations, QSBS planning, carried interest valuation, and ASC 820 portfolio valuation. Additionally, the firm produces quarterly industry intelligence reports covering SPACs, venture capital, crypto/VC markets, cannabis, and sector-specific markets. All services are delivered through direct engagement with experienced practitioners rather than through a technology platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Valuation and Financial Advisory Comprehensive valuation and financial advisory practice covering fairness opinions, solvency opinions, portfolio valuations, fund advisory services, financial reporting and tax compliance, intellectual property valuation, consulting services, and family office services for institutional clients.
• Investment Banking Boutique investment banking services including mergers and acquisitions advisory, corporate financial services, and industry-specific expertise for corporate clients.
• Fairness Opinions Independent fairness opinions on transaction terms from a financial perspective, including specialized SPAC Fairness Opinions for de-SPAC transactions.
• Solvency Opinions Independent solvency opinions issued in connection with corporate transactions and restructurings.
• Portfolio Valuation and Fund Advisory Services Valuation services for investment portfolios, including complex and illiquid securities, fund valuation policies and procedures, AIFMD professional guarantee work, and investment management advisory.
• Financial Reporting and Tax Compliance Valuations Valuation services supporting financial reporting requirements and tax compliance, including ASC 820 fair value measurements.
• Intellectual Property Valuation Valuation services for intellectual property assets and IP-intensive businesses.
• Mergers and Acquisitions Advisory Buy-side and sell-side M&A advisory services for corporate transactions, including exclusive sell-side representations and buy-side advisory.
• Corporate Financial Services Strategic financial advisory services for corporate clients, including recapitalizations and growth financing.
• Crypto Fund Valuation Services Audit-defensible crypto valuations for digital-asset fund managers, including mark-to-model fair value reporting for illiquid equity and token-related investments, recognized as #1 top valuation provider by crypto fund managers in back-to-back 2023 and 2024 surveys.
• Cannabis Industry Financial Services Specialized financial services for cannabis enterprises, including financial modeling, strategic advisory, valuation analysis, investor presentations, transaction opinions, M&A advisory, and capital advisory, with 100+ valuation engagements completed.
• 409A Valuations Valuation services for private company equity compensation, establishing the fair market value of common stock for stock options and equity awards, supporting grant timing and capital structure alignment.
• QSBS Planning Services Valuation and advisory services for Qualified Small Business Stock (QSBS) under Section 1202, supporting eligibility determination, gross-asset testing, and tax planning.
• Carried Interest Valuation Valuation services for carried interest in trust and estate planning contexts, addressing waterfall mechanics, discount analysis, and IRS documentation requirements.
• ASC 820 Portfolio Valuation Fair value measurement services under ASC 820 for fund managers, supporting audit compliance, LP reporting, and quarterly valuations for Level 3 investments.

Quantifiable outcome

• Completed 100+ valuation engagements for cannabis clients including leading operators
• +2 more outcomes

Named customers9 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• CoinAlts SymposiumminorGTM or Marketing Partner · 1 January 2025Houlihan Capital is a sponsor of the 2025 CoinAlts Symposium, an industry event focused on digital asset fund management, providing brand visibility and networking opportunities with crypto fund managers and investors.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Houlihan Lokey: Globally recognized investment banking and valuation firm with a strong middle-market valuation, fairness opinion, and financial advisory practice. Direct competitor in portfolio valuation, fairness opinions, and M&A advisory across PE, hedge fund, and corporate clients.
• Stout: Boutique investment bank and valuation firm specializing in valuation, dispute consulting, and M&A advisory. Closely comparable offering across fairness opinions, solvency opinions, and complex/illiquid security valuations for alternative asset managers and middle-market corporates.
• Valuation Research Corporation: Independent, employee-owned global valuation firm providing business valuation and financial advisory services for financial reporting, tax, and transactional purposes. Directly comparable to Houlihan's core valuation and fairness opinion practice.
• Marcum LLP: Top-20 accounting and advisory firm with a national valuation and M&A advisory practice serving PE, hedge fund, and middle-market corporate clients. Directly comparable to Houlihan in 409A, portfolio valuation, and transaction advisory work.
• Cherry Bekaert: Mid-market accounting and advisory firm with a dedicated valuation practice serving PE, VC, and corporate clients. Comparable to Houlihan in financial reporting valuations, equity compensation (409A) valuations, and transaction opinions.
• CohnReznick: Top advisory and accounting firm with a significant valuation and financial advisory practice, including recognized cryptoasset and digital asset valuation capability. Overlaps with Houlihan's crypto fund valuation niche as well as broader middle-market valuation work.
• Mercer Capital: Independent, employee-owned valuation and financial advisory firm serving private companies, PE, and family offices. Closely comparable employee-owned, conflict-free positioning with similar service line focus on valuations, fairness opinions, and transaction advisory.

Broad incumbents

• Kroll (formerly Duff & Phelps): Large global provider of valuation, corporate finance, and dispute advisory services. Overlaps heavily with Houlihan's portfolio valuation, fairness opinion, and solvency opinion practices but at significantly greater scale and broader geographic reach.
• BDO USA: Top-tier accounting and advisory firm with a dedicated Valuation & Business Analytics practice serving middle-market PE, VC, and corporate clients. Competes with Houlihan on 409A, portfolio valuation, and financial reporting valuations at greater scale.
• Alvarez & Marsal: Global professional services firm with strong valuation, disputes, and transaction advisory practices. Competes in fairness opinions, solvency opinions, and complex security valuations, with deeper reach in restructuring and disputes work.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Houlihan Capital