NEW YORK, Nov 6 (Reuters) - Investment bank Houlihan Lokey Howard & Zukin will launch a new merchant banking fund soon with partners' money that its co-chief executive said will help the firm do more deals.
The new fund will have roughly $110 million and will be launched in the "very near future," Jeffrey Werbalowsky told the Reuters Finance Summit on Tuesday.
"We are establishing a merchant banking fund, and it will assist with our advisory business," Werbalowsky said.
The Los Angeles-based firm, which was recently hired by Sony Pictures (6758.T: Quote, Profile, Research, Stock Buzz)(SNE.N: Quote, Profile, Research, Stock Buzz) to appraise the value of two businesses, last year linked up with a U.S. affiliate of Japan's Orix Corp (8591.T: Quote, Profile, Research, Stock Buzz).
Orix will provide $100 million to the fund, while Houlihan partners will contribute the rest.
Werbalowsky stressed that the firm will not invite outsiders to invest in the fund because he wants to guard against any potential conflicts of interest. (Reporting by Svea Herbst-Bayliss)
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