Financial Services

What's Driving Market Expectations: Companies Staying Private Longer

Oct. 20, 2025

Guest: Larry Wieseneck, Head of Global Investment Banking, TD Securities; Vice Chair, TD Cowen and Grant Miller, Executive Managing Director, Head of Global Capital Markets, TD Securities

Host: David Erickson, Adjunct Professor at Columbia Business School

In part two of our series on investment banking, market leaders Larry Wieseneck and Grant Miller join David Erickson to explore the accelerating growth of private capital markets and why cash-flowing companies are increasingly choosing to stay private. Together, they explore the evolving dynamics between public and private markets, highlight key opportunities for our clients and share insights on the rise of the convertible bond market and the transformation of private credit.

Listen to part one for more perspective on investment banking: What's Driving Market Expectations: Politics, Rates and Risk

This podcast was originally recorded on October 8, 2025.

Full transcript to come.

Disclaimer

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Larry Wieseneck

Head of Global Investment Banking, TD Securities Vice Chair, TD Cowen

Larry Wieseneck
Head of Global Investment Banking, TD Securities Vice Chair, TD Cowen

Biography

Larry is Vice Chair and Executive Vice President, Head of Corporate and Investment Banking, TD Securities and Vice Chair of TD Cowen, a division of TD Securities. He was Co-President and Head of Investment Banking at Cowen from 2017 until the company’s acquisition by TD Bank Group in March 2023.

Prior to joining Cowen, Larry was COO and Head of Merchant Banking at Roundtable Investment Partners, a Multi-family Office and Registered Investment Advisor. From 1997-2014, he was with Barclays and its predecessor, Lehman Brothers. During the majority of his 17-year tenure, he was the Head of Global Finance and Risk Solutions where he was responsible for the leveraged finance, debt capital markets, loan capital markets, equity capital markets and corporate risk management groups. He also served in a variety of senior roles including Co-Head of Markets and Chief Strategy Officer for the Corporate and Investment Bank.

Larry is a passionate supporter of a diverse and inclusive workplace. In addition to serving as the executive sponsor of TD Securities’ Forever Proud employee resource Group, he is an active mentor for rising talent.

Larry graduated with a Bachelor of Science from The Wharton School of the University of Pennsylvania and an MBA from New York University Stern School of Business.

David Erickson

Adjunct Professor at Columbia Business School

David Erickson
Adjunct Professor at Columbia Business School

Biography

David Erickson joined Columbia Business School (CBS) in the fall of 2024 as an Adjunct Professor in the Finance Department. Prior to joining CBS, David spent ten years at The Wharton School as a senior fellow and lecturer in the finance department and co-director of the Stevens Center for Innovation in Finance. He earned the Wharton Teaching Excellence Award each of his last six years there. David was also a lecturer in Law at Penn Law/University of Pennsylvania Law School.

In addition to his responsibilities at CBS, David acts as a consultant to both private and public companies on capital markets, corporate governance and exploring strategic alternatives. Previously, he was also an operating partner at Bessemer Venture Partners, one of the leading global venture capital firms and an advisory board member of Accompany, a relationship intelligence technology company (acquired by Cisco Systems, May 2018).

After over 25 years on Wall Street, David retired in 2013. Most recently, he was co-head of global equity capital markets at Barclays. He was responsible for all of their corporate equity capital raising globally including all IPOs, follow-ons, private placements and convertibles, as well as equity derivatives. As part of his responsibilities, David was a member of the firm’s investment banking operating committee and equity capital commitment committee.

Grant Miller

Executive Managing Director, Head of Global Capital Markets, TD Securities

Grant Miller
Executive Managing Director, Head of Global Capital Markets, TD Securities

Biography

Grant is Head of the Global Capital Markets group and sits on the Corporate and Investment Banking Executive Committee. In this role he is responsible for driving origination and execution within the Leveraged Finance, Private Credit, Equity and Debt Capital groups.

Grant joined TD Securities in 2023 TD Cowen integration. He had been with Cowen for over a decade, and prior to that was a Managing Director in Bank of America’s equity capital group.