The co-head of Houlihan Lokey’s secondary advisory group has pledged to ramp up the investment bank’s focus on the private equity zombie fund sector, alongside plans to double the size of its illiquid financial assets team.

Jeff Hammer, who four years ago helped set up the New York-based investment bank's secondary advisory group - which manages trades of second-hand interests in private equity and hedge funds - said he will focus "aggressively" on zombie funds.