Paul Lequeux
Investment Banking
We sat down with Paul Lequeux, Investment Banking Director, to discuss his seven years at Bryan, Garnier & Co across our Paris, New York and London offices.
Over the course of your seven years with Bryan Garnier, how have your roles and responsibilities evolved?
I started as an M&A intern in 2017 in the Paris office, followed by a little over six years in New York, and I am now based in our London office. I spent my first two years doing a rotation across our M&A, Sales & Trading, Equity Research, and ECM desks. While working in New York, I found myself drawn towards placing our ECM deals with Nicolas d’Halluin, mainly in the Healthcare sector. I also worked on Private Placements with Greg Revenu, expanding our network with US investors, particularly within the venture capital and private equity ecosystems. After my time in New York, I decided to shift my focus to our London office and to work mainly with Pierre Kiecolt-Wahl and Christophe Alleman, which felt like the right move to align with both my personal priorities and professional growth, bridging the gap between European issuers and US investors.
How has working in diverse cultural and business environments shaped your approach to problem-solving and client relations?
Working in New York exposed me to professionals from all over the world, which has been incredibly valuable for business. It helped me become more adaptable, especially in working with clients from diverse cultural backgrounds. This international experience, along with my time in Paris, New York, and now London, has enriched my perspective and enhanced my approach to both problem-solving and client relations.
What initially attracted you to Bryan Garnier?
Bryan Garnier’s focus on growth sectors really appealed to me, being at the forefront of innovation, quickly evolving and reshaping industries. The company was also on a promising growth trajectory, which made it a great opportunity. Joining a smaller firm felt like a smart bet, where I could grow alongside the company and take on responsibilities earlier in my career.
What do you think makes Bryan Garnier different from other companies?
The entrepreneurial spirit is definitely unique to Bryan Garnier, and I think this truly sets it apart. Even as we’ve grown, this spirit remains core to our DNA. The firm’s partnership structure also stands out, offering ambitious employees a path to equity ownership. The accessibility of the Partners is another big difference; they are approachable and involved. I have a close relationship with several Partners with whom I have been working since I joined the firm, and their continued mentorship has been invaluable for my learning and growth.
Can you share some of the most memorable deals you’ve been involved in?
One that stands out is the Nasdaq IPO of Genfit, a biotech company. This was my first meaningful contribution while working in our New York office, bringing an order from a large US institution. This allowed me to ring the bell at the Nasdaq with management. The experience of seeing our team’s picture up in Times Square was unforgettable.
On the private side, as part of our collaboration with Greg Revenu, we closed a major capital raise with a NY-based venture capital firm and Palantir Technologies for a Swiss growth company. This transaction helped solidify our leadership in bringing American VC firms to investing in European growth companies.
More recently, we led together with Pierre Kiecolt-Wahl a complex financing for Egetis Therapeutics, a Swedish rare disease company, anchoring the transaction with Californian-based Healthcare specialist Frazier Life Sciences, alongside BlackRock.
Other notable deals include two crossover rounds for Abivax led by Olivier Garnier that we anchored with top-tier US biotech specialists, the Nasdaq IPO of BioNTech and their subsequent $500 million follow-on round, and a follow-on offering for a promising MedTech company called Onward Medical anchored by reputable strategic investor Ottobock. These deals were instrumental in strengthening our reputation within Healthcare ECM.
What are some of the everyday challenges you face in your work, and what skills or personal qualities help you handle those?
The amount of work combined with the need for attention to detail is a constant challenge, particularly when preparing presentations or financial models. As I’ve become more senior, negotiation has also become critical. One example that comes to mind involves bringing together top shareholders with different perspectives on terms and structure to successfully close a deal.
What one quality do you think is most critical to succeed in the investment world?
The ability to fully understand a situation and put yourself in the other person’s shoes is crucial. Whether it’s what they stand to gain or lose, understanding these factors allows us to find the best solution to bring parties together. Our job isn’t just about structuring deals; it’s also about matching the offer with demand in a way that makes a transaction successful.