Vanessa Parr

We sat down with David Laroque and Pierre Leroy, Managing Directors and Co-Heads of Secondaries at Bryan Garnier, to learn more about secondary markets, NotSoLiquid, and joining forces with Bryan Garnier earlier this year. 

Can you introduce yourselves and your backgrounds?

David: I began in private equity at Apax Partners, then moved to a family office. After completing my MBA in 2017, I became an entrepreneur, co-founding the boutique investment bank Leuwen. I left in 2021 to start NotSoLiquid, a dedicated venture secondary boutique which Bryan Garnier acquired in April 2024. 

Pierre: I started as an M&A banker in 2016 at Rochefort, then moved to BNP Paribas across Brussels, Paris, and London. I developed the secondaries practice at The Family, which eventually led to the creation of NotSoLiquid with David in 2021. 

What are your specialities?

David: I am a generalist within tech, but my strengths lie in SaaS businesses, software, fintech, digitalised distribution, marketplaces, and platforms. I’m also well-connected in the European VC ecosystem and understand how to execute secondary market transactions where the underlying assets are venture and growth stage companies. 

Pierre: I specialise in tech, with a strong focus on B2B software companies, fintech, and NextGen Consumer. 

What have been some of the most memorable deals you have worked on?

David: Our first major deal at NotSoLiquid was with Revolut in 2021. It was a proof of concept, kickstarting the business and setting a standard for European venture secondary deals. It was exciting as we were paving the way and developing our internal workflows. It marked a significant milestone for us! 

Pierre: Revolut was indeed our first big deal, and in the meantime we’ve had the chance to work on many more exciting growth-stage names like Stripe, Back Market, Algolia, Ledger, and many more. 

What are the highlights of your career so far?

David: Combining finance with entrepreneurship has been a highlight. At the family office, I created a venture investment department, which was an entrepreneurial endeavour. I also co-founded two companies: one focused on tech investment banking and the other on niche financial services. 

Pierre: I have three main highlights: leaving investment banking for VC in 2019, creating NotSoLiquid with David, and joining Bryan Garnier. 

Why did you decide to join Bryan Garnier?

David: Joining Bryan Garnier allows us to expand our ambitions while retaining an entrepreneurial spirit. We see clear synergies, especially in expanding the secondaries practice across industry verticals. Our expertise in secondaries complements other product teams, particularly PCM, where we foresee a wealth of incoming hybrid financing (primary plus secondary) and company-led tender opportunities. The partnership also significantly broadens our investor reach and credibility, allowing us to operate confidently in all major regulated markets. 

Pierre: Bryan Garnier’s extensive network and capabilities will help us better address the growing secondary market in Europe. Their expertise in private placements and equity research aligns with our needs, while the secondary market is quickly becoming an attractive space for their clients. 

What are your ambitions with joining Bryan Garnier?

David: Our goal is to integrate and expand the secondary market vertical within Bryan Garnier, making it a core component of their value proposition. We plan to grow our team, extend our geographical reach, and diversify into new sectors, positioning Bryan Garnier as the leader in European venture secondaries. 

Pierre: This partnership means managing the secondary presence more effectively and handling larger deals. Our shared focus on stock syndication and investor coverage will enhance our ability to manage secondary transactions. 

Where do you see the secondary market going in 2024 and moving forward?

David: 2024 has proven to be a pivotal year for the secondary markets. After a static 2023, we’ve seen significant increase in transactions as companies adapt to the new market conditions. There is a strong need for exits, with billions in European venture and growth assets changing hands as a result. As broader markets show signs of recovery, secondary investors will be even more enticed to deploy capital. 

Pierre: The secondary market is expected to grow with an influx of new buyers (as the opportunity set becomes more attractive) and sellers (as timelines to exit increase). A key factor will be whether bid-ask spreads narrow so that transactions can be facilitated. As interest rates decrease, equity investment will increase, creating a more balanced market somewhere in between our current state and the highs of 2021, becoming much more reasonable for deal activity. 

We sat down with Paul de Mestier, Partner at Bryan Garnier, to learn more about his career path in healthcare investment banking. 

Can you tell us about your career background and how you got into healthcare? 

I started as a Healthcare Analyst at ABN AMRO before transitioning to a Healthcare Relationship Manager role at the affiliated Neuflize OBC bank. Before joining Bryan Garnier, I worked as an Associate Director for M&A Healthcare at Philippe Hottinguer Finance.  

Throughout my career, I’ve aimed to build long-term relationships and deepen my expertise in the sector, covering various subsectors such as pharma, Medtech, and services. This focus has helped me gain a thorough understanding of the sector’s ecosystem, which is crucial when working with entrepreneurs who are looking for knowledgeable advisors. 

Why did you choose M&A for your career? 

Advising clients on significant strategic decisions and contributing to their growth and success both intellectually stimulating and highly satisfying. I believe that the most fulfilling part is building and maintaining a strong relationship with clients and becoming a trusted advisor. 

 I enjoy working with founder-owned or family-owned companies because the advisory role feels impactful. Advising entrepreneurs involves addressing fundamental business strategy and economic questions to help them find the best path for their company’s growth.  

I enjoy working with founder-owned or family-owned companies because the advisory role feels more impactful. 

  What was the dynamic of Bryan Garnier Healthcare team when you arrived? 

When I arrived at Bryan Garnier, we were boosting the M&A activity within the Healthcare practice, that was mainly known for its successful ECM deals including BioNTech, Moderna, and Valneva. We’ve since established ourselves in this vertical and expanded our reach to include Germany, the Nordics, the UK, and the US. We handle M&A, ECM, and private placements, and we can confidently say that we have significantly increased our footprint. 

What initiatives have you launched since joining Bryan Garnier? 

One of my key initiatives has been empowering junior team members by guiding them in identifying and contacting the right people. We identify and reach out to every relevant player, attend specialised fairs across Europe, and build deep relationships within our target subsectors. I also spent a lot of time developing a healthcare services practice and stepping up our M&A efforts alongside Hervé Ronin. 

We are currently creating an ecosystem for healthcare companies to foster business development, have direct outreach and team collaboration. 

What has been one of the most memorable deals you’ve worked on? 

One standout deal was with CMN, a company owned by doctors with no business strategy or financial background. We presented them different options and found a strategic investor who was a great fit to help them grow. This deal was particularly challenging because the nuclear medicine sector is fragmented and not well understood by financial investors in France. We managed to secure a company valuation at a much higher multiple than the market average, using a comprehensive approach and crafting a strong pitch to investors. 

What advice would you give to junior bankers? 

Be curious, master your fundamentals early on and if possible, try to be sector specialised. Understanding the intricacies of a sector will make you more relevant in conversations with decision makers. Also, don’t be afraid to make cold calls and reach out to potential clients. Building relationships and showing initiative are crucial for development in this field, as this not only builds credibility but also leads to more meaningful and successful collaborations. 

What would you tell your 25-year-old self? 

Again: Learn the basics thoroughly and early on. My path was unconventional, and I had to pick up fundamentals later in my career, making the initial stages especially intense. Taking the time to master the technical aspects early on can make things easier down the line. 

Understanding the intricacies of a sector will make you more relevant in conversations with decision makers. 

We sat down with Jonathan Bohbot to know more about his career trajectory and gain insights into how a 36-year-old banker has reached a Partner position at a global investment bank.

Can you tell us about your career background and what led you to your current position at Bryan Garnier? 

I joined Bryan Garnier in 2015 as an Associate after working at PwC in their transaction services financial advisory sector. I wanted to transition to M&A to be more involved in the entire transaction process, from pitch to closing. I was looking for exposure, a dynamic work environment, and a role that would allow me to engage in the full strategy of a company’s development. After joining Bryan Garnier, I was promoted to Vice President within a year, and then to Managing Director in 2021. I became a partner in 2024. Throughout my career, I have specialised in software, IT services, and audio tech, advising on various transactions including LBOs, trade sales and private placements. 

What motivated your interest in the tech environment, and how has that influenced your career? 

I’ve always been interested in the tech sector and wanted to find my niche subsectors to provide genuine advice to our clients. I believe in sector-focused expertise because it is more valuable and critical to customers. This belief led me to focus on software, audio tech, and IT services. 

“I was looking for exposure, a dynamic work environment, and a role that would allow me to engage in the full strategy of a company’s development.” 

Can you share some notable deals you’ve worked on? 

One notable deal was with EasyVista and Eurazeo in 2020. EasyVista is a renowned software company with roots in Europe and the US. We’ve been working with them over the last decade on strategic moves including PIPE transactions when the company was listed on Euronext, take-private led by Eurazeo, a debt financing with Blackrock, and multiple bolt-on acquisitions from there. 

Another significant deal was with Arturia in the audio tech space, a highly specialised subsector where we have both the expertise and the right network to deliver custom advisory services. We advised the company in its two consecutive structured financing operationsin 2019 and 2021, meeting the client’s long-term goals.  

Lastly, I worked on the sale of the French cybersecurity company Brainwave GRC to Radiant Logic, a US-based company backed by TA Associates. This high-profile transaction, involving strategic synergies and high valuation, exemplifies our added value for local businesses that want to expand globally. 

What do you appreciate most about working at Bryan Garnier? 

The boutique spirit at Bryan Garnier is meritocracy-based, meaning positions and rewards are earned through effort, regardless of age and background. This environment has allowed me to progress quickly and develop a sense of effort and determination to reach my goal of becoming a partner. The international mindset and diverse team skillset at Bryan Garnier have also created a fulfilling work environment. 

What motivates you and keeps you going? 

My motivation comes from various sources. Professionally, it’s about delivering on the promises and challenges I’ve set for myself. Additionally, the relationships with clients are incredibly motivating. Their trust and reliance on my advice inspire me to keep pushing forward. Personally, my family, especially my three children, provides a lot of energy and drive. 

“The international mindset and diverse team at Bryan Garnier have also created a fulfilling work environment.” 

What advice would you give to junior bankers? 

Be curious about the deal environment and work on building long-standing relationships with clients. While technical skills are essential, understanding the market and being a reliable advisor are what differentiate a good banker from a great one. 

What are your strategies and objectives in the short to mid-term as a Partner? 

As a Partner, my focus will be on initiating primary software transactions with founder-owned companies. I aim to direct my efforts to primary transactions as it is crucial for establishing long-standing relationships with clients. Additionally, I plan to boost our focus in IT services, a sector I find promising, on top of my continued work in the software subsectors for the recent years. 

What is your outlook and sentiment for your practice? 

I see a strong pipeline of opportunities in 2024 and 2025. Retained assets from 2023 are coming to market, creating a positive outlook. Despite a slowdown in demand in 2023 and early 2024, we anticipate significant consolidation activities in IT services, driven by the need for companies to grow inorganically. 

“While technical skills are essential, understanding the market and being a reliable advisor are what differentiate a good banker from a great one.”