Blaylock Van Research
Overview
Blaylock Van, LLC is Wall Street's oldest continuously operating African American-owned investment bank and financial services firm. Founded in 1991 as Robert Van Securities in Oakland, California, and merged with Blaylock & Company (established 1993 in New York City) in 2007, Blaylock Van has over three decades of experience across capital markets, investment banking, municipal finance, and advisory services. With approximately 180 professionals in the M&A and investment banking practice, the firm operates from offices in New York (headquarters), Oakland, and Chicago, and maintains an Africa-focused advisory subsidiary in Nairobi, Kenya.
Business Model and Advisory Approach
Blaylock Van operates as a full-service, FINRA-regulated broker-dealer and SEC-registered investment adviser. The firm's primary revenue model is transaction-based, deriving income from equity and debt underwriting, syndication, and municipal finance origination. Unlike traditional lower-middle market (LMM) M&A advisory boutiques, Blaylock Van is primarily a capital markets intermediary rather than a dedicated M&A advisor charging success fees.
The firm's positioning emphasizes bulge-bracket-level capabilities at a mid-market firm. Their motto reflects their thesis: they deliver bulge-bracket execution on behalf of institutional and mid-market clients while maintaining a focus on diversity, inclusion, and sustainable finance practices. The firm brings combined institutional experience of over 100 years in investment banking and capital markets.
Lines of Business
Blaylock Van conducts 16 registered lines of business, with three primary practices:
-
Debt Capital Markets: Primary focus on corporate debt underwriting and bond syndication. In 2023, the firm participated in 64 debt capital market transactions totaling $169 billion in notional volume. Notable transaction roles include joint lead manager and co-manager positions on major Fortune 500 issuances (e.g., Amgen $24B 8-part offering, HSBC Holdings $7B 3-part transaction). The debt capital markets practice is a core revenue driver.
-
Municipal Finance: Significant practice focused on tax-exempt and taxable municipal bond underwriting. The firm maintains substantial relationships with state agencies, municipalities, and government entities, underwriting housing bonds, transportation revenue bonds, water system bonds, and other public finance instruments. In 2024-2025, the firm participated as co-manager or joint-lead on major municipal issuances across New York, California, Illinois, Texas, and Florida. This represents a material portion of annual revenue.
-
Equity Capital Markets: Participation as co-manager on initial public offerings and secondary offerings. 2023-2024 activity included co-management positions on technology IPOs and secondary offerings across healthcare, technology, and diversified sectors.
Corporate Strategic Advisory and M&A Capabilities
Blaylock Van maintains a Corporate Strategic Advisory group led by President Nyagaka Ongeri, with a team of 7 professionals (Vice Presidents, Associates, Analysts). This division offers capital raising advice, sustainable financing frameworks, enterprise risk management services, and international advisory, with particular focus on U.S. clients operating in or expanding to Africa.
Historically, the firm has conducted M&A advisory work. A 2021 article noted that in 2020 alone, Blaylock Van managed approximately 57 deals related to liquidity, balance sheet management, and mergers & acquisitions. However, specific M&A transaction details and deal sourcing information are not prominently featured on their website or in recent marketing materials, suggesting M&A advisory is a smaller component of overall business.
Industry Focus and Sector Expertise
Blaylock Van's client base spans Fortune 500 corporations, mid-cap public companies, private companies, financial institutions, and government entities. Primary sectors served include:
- Financial Services: Banks, insurance companies, asset managers, pension funds
- Energy & Utilities: Oil & gas, renewable energy, utility companies
- Technology: Software, telecommunications, cloud infrastructure
- Healthcare: Healthcare services providers, pharmaceuticals
- Industrials: Manufacturing, industrials, transportation
- Real Estate & Infrastructure: REITs, infrastructure funds, development entities
- Government & Public Finance: States, municipalities, agencies, development finance institutions
The firm's Africa Advisory practice serves multinational corporations, development finance institutions (World Bank, AfDB), financial sponsors, and African issuers across the continent, with particular expertise in financing, treasury management, and currency risk hedging for cross-border operations.
Team and Expertise
Senior Leadership:
- Eric Van Standifer (Founder & CEO): 30+ years in financial services, established Robert Van Securities
- Nyagaka Ongeri (President): Leads Corporate Strategic Advisory; Kenyan-based expertise in African markets
- Jervis Hough (Chief Operating Officer / Chief Compliance Officer): Operations and compliance leadership
- Louis De Caro (Senior Vice President, Investment Banking): Senior banker with extensive M&A and capital raising experience
- Anne Daley (Senior Advisor): Senior advisory role across corporate and strategic initiatives
Investment Banking Practice: Manny Small (Executive Vice President), Allison Gladstone (Senior VP, Head of Debt Syndicate), Tarrell Gamble (Senior VP), Alan Jones (Senior VP, Fixed Income), Michael Bonagura (Senior VP, Syndicate Manager), Martial Combari (Senior VP)
Municipal Finance Leadership: Leonard Jones (Executive Director, Co-Head of Public Finance); Ronald Banaszek (Executive Director, Co-Head of Public Finance and Lead Underwriter)
Corporate Strategic Advisory: Daisy Etemesi (Vice President), Kellie C. Ruto (Vice President), Priyanshu Deshraju (Associate), Krishna Thakkar (Analyst), Mary Boyani Nyakundi (Analyst), Albright Akinyi (Analyst)
The team includes FINRA Series 79 (underwriting) and Series 63 license holders, CFA charterholders, and professionals with backgrounds at bulge-bracket firms (Goldman Sachs, JPMorgan) as well as operational leaders with management consulting and corporate backgrounds.
Process and Fee Structure
Process: For debt and equity capital markets transactions, Blaylock Van typically operates as a co-manager or joint lead manager in syndicate structures, with primary bookrunners often being larger bulge-bracket firms. The firm leverages technology and market access to structure transactions efficiently. In municipal finance, they originate deals, provide underwriting, and manage distribution to institutional investors.
For M&A advisory work (less prominent), the firm would work with clients on transaction strategy, buyer/seller identification, and transaction execution, though specific engagement model details are not publicly disclosed.
Fee Structure:
- Capital Markets: Underwriting commissions on debt and equity offerings (standard industry spreads of 2-4% depending on transaction complexity)
- Municipal Finance: Underwriting spreads and management fees (standard municipal market fees)
- Advisory: Likely success-fee based or retainer models for advisory engagements, though specific terms not disclosed
Regulatory Status and Compliance
FINRA Registration: CRD# 145317, SEC# 801-69136/8-67721. The firm is FINRA-regulated with licenses in 37 U.S. states and the District of Columbia. Registered as both a broker-dealer and investment adviser.
Compliance Record: BrokerCheck shows 2 total disclosures. The firm has maintained compliance with SEC and FINRA regulations. No major enforcement actions or disciplinary events in recent years.
Diversity Certification: The firm is 89% African American-owned as of 2017 and is recognized as an MBE (Minority Business Enterprise) and woman-owned enterprise certified firm. This positioning is central to the firm's brand and attracts clients seeking to direct business to diverse suppliers and financial partners.
Competitive Positioning
Strengths:
- Diversity and Inclusion Leadership: Only minority bank on the Impact Disclosure Taskforce; recognized leader in ESG and sustainable finance
- Institutional Access: 30+ year track record, strong relationships with institutional investors, pension funds, and Fortune 500 corporates
- Geographic Reach: Licensed in 37 states; offices on both coasts plus Chicago; Africa subsidiary provides cross-border capabilities
- Operational Expertise: Full-service capabilities in underwriting, syndication, operations, and compliance
- Team Depth: 180-person investment banking practice with experienced senior bankers and strong operational infrastructure
Limitations as M&A Advisor:
- M&A Not Core: Primary revenue from capital markets and municipal finance, not fee-based M&A advisory
- Limited Deal Visibility: No prominent M&A tombstones or transaction announcements in recent years
- Different Business Model: Underwriting/syndication model differs from traditional M&A advisory (retainer + success fee structure)
- Client Base Orientation: Primarily relationship-based capital markets clients rather than transaction-driven sell-side advisory
Not a Fit If
Blaylock Van is NOT a fit if a business owner is seeking:
- Exclusive sell-side M&A advisory (auction-process-driven)
- Dedicated lower-middle market M&A expertise with significant LMM deal track record
- Success-fee-based, retainer + carry M&A engagement
- Specialist boutique focused exclusively on M&A
- Buyer universe access (PE, strategic acquirer networks) optimized for deal flow
The firm's core capability is capital markets financing, not M&A transaction advisory.
Africa Operations and International Expansion
Blaylock Van Africa Advisory Limited, based in Nairobi, Kenya, represents a significant strategic expansion. The practice provides capital raising, treasury advisory, currency risk management, and financing solutions for:
- Multinational corporates operating in Africa
- Development finance institutions (World Bank, African Development Bank)
- Financial sponsors and PE firms with African investments
- African government and corporate issuers
This positions the firm uniquely for international M&A involving African assets, cross-border financing, and emerging market operations.
Awards and Recognition
The firm is consistently ranked in Black Enterprise Magazine's annual survey of women/minority-owned investment banks as a top-tier minority investment bank. The firm was the first minority-owned firm to co-manage a debt deal in 1995, marking a historic milestone for African American participation in Wall Street capital markets.
Recent Activity and Market Presence
As of January 2026, Blaylock Van continues active participation in debt capital markets, municipal finance, and equity capital markets transactions. Recent co-management roles on offerings include major issuances for New York City, State of California, State of New York, and major corporate clients. The firm maintains active municipal finance syndication and participates regularly in bulge-bracket-level corporate offerings.
Conclusion
Blaylock Van is a FINRA-regulated, SEC-registered, and established financial services firm with 30+ years of experience in capital markets, municipal finance, and investment banking. While the firm has historical M&A advisory capabilities, its core business model centers on underwriting, syndication, and municipal finance rather than fee-based M&A transaction advisory. The firm is best suited for clients seeking capital raising solutions, institutional debt and equity issuance, or strategic advisory aligned with sustainable finance and international (particularly African) market exposure. For traditional lower-middle market M&A sell-side advisory, the firm's positioning as a capital markets intermediary rather than a dedicated M&A advisor may present limitations in scope, process orientation, and deal-sourcing specialization.