L.A. investment bank Houlihan Lokey announced Monday that it has acquired a small advisory firm in New York that specializes in the valuation of illiquid investments.

Through the deal, Red Pine Advisors LLC will become part of Houlihan’s Portfolio Valuation & Advisory Services practice, and all of Red Pine’s 23 employees will join the local firm. Terms of the deal were not announced.

“Red Pine has developed a compelling platform and a strong reputation for the valuation of structured products, particularly in the banking, insurance and asset management industries,” said Michael Fazio, a managing director at Houlihan, in a statement.

Red Pine, founded in early 2008, specializes in the valuation and pricing of so-called structured products – including collateralized debt obligations and other complex derivatives-based instruments – that cannot be sold easily on traditional exchanges.