Carmen Chan's office is at the north end of Times Square — where Barclays' U.S. Corporate and Investment Bank is headquartered — but her view is strictly global. As managing director of internet investment banking, her portfolio of both targets and clients may be filled with U.S.-based tech players, but Chan knows that each of them plays in a world without boundaries or borders.
According to Barclays' Kristin Roth DeClark, global head of tech investment banking, the technology IPO market is in for a stellar year, with more than $50 billion worth of deals predicted in the coming 12 months, as part of the expected $3.1 trillion in global IPO and M&A activity. In such an environment, Chan's worldly view will be a critical tool for success.
"Every client we have has a global aspiration, at minimum. So, my goal as an investment banker is to really focus on the needs of my client, and how those are impacted by some of the turbulence we see. My vantage point must be global all the time," Chan said.
Having sought out a career focused squarely on the markets and investment banking, Chan honed her finance pedigree at institutions such as UBS and Goldman Sachs. But it was her turn at health tech company Noom that really sharpened her focus — and understanding — of the needs of a tech-based enterprise. With the pace of M&A and IPO activity forecast, Chan will need to lean into that sharpened view to help clients navigate some historic economic disruptions, particularly in the form of tariffs and their impact on many aspects of global markets.
But she won't do it alone. She will be augmenting her current team of 50 with more people like herself, who have lived in the tech world, not just served it.
"In many ways, Barclays is an emerging player in internet. So, we look for people who have that industry knowledge, whether they're outside Barclays, or ones we can pull from inside the organization."
She points to the recent IPO at Hinge Health as a prime example of the consumer-focused technology that will drive the heightened activity expected in the coming year.
"It was the second IPO after the announcement of the tariffs, and it was hugely successful. That's the sort of internet-based opportunity we're looking for here at Barclays. Those global, consumer-focused opportunities."
This global thinking is core to how Barclays' businesses and operations are positioned to capitalize on opportunities. Because of this, Chan feels she has far-reaching, expert resources at her disposal. "Whether it's research assistance, or help from another investment product, Barclays is a very flat organization. I feel I can reach out to anyone, and that's always critical when assembling a deal."
In 2024, Chan advised General Atlantic on its majority investment in Plusgrade, a deal
It is Chan's ability to create such virtual and real networks of experts that has informed her success to date. Roth DeClark said it best: "She has really helped to realign and build out our talent pool. She's not only whip-smart, but she really knows this industry and what it takes to succeed."
