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D. Boral Capital, a relationship-driven investment bank focused on growth issuers and their investors, announces the Company’s certification as a
Managing Director and Head of Retail
& Consumer Investment Banking
Michael Devitt is a Managing Director and Head of Retail & Consumer Investment Banking at D. Boral Capital. Michael has 20 years of experience advising leading global retail, consumer and eCommerce companies across M&A, equity capital markets, SPACs and leveraged finance. He spent over a decade at Credit Suisse across New York, London and San Francisco, followed by sector-coverage leadership as Managing Director at Cowen and B. Riley Securities.
His transaction experience ranges from sole-advisor mandates on sell-side and buy-side M&A to lead-bookrunner roles on landmark consumer, retail and eCommerce IPOs, follow-on offerings and de-SPAC transactions. He brings deep expertise across omnichannel retail, direct-to-consumer, marketplace platforms, internet, luxury and consumer brands in North America and Europe.
Chief Investment Officer
John Darwin is the Chief Investment Officer of D. Boral Capital where he leads the firm’s investment initiatives and portfolio management.
John has 15 years of experience in private equity, venture capital, and corporate development with a focus on high-growth and emerging industries across all geographies. Prior to D. Boral Capital, John was Managing Director of ARC Group where he oversaw the firm’s equity, debt and SPAC investments. Before joining ARC, John held the position of co-founder and Managing Partner of Luminous Capital, a private investment and advisory firm focused on structured credit.
Earlier in his career, John was President of OCG, Inc., a U.S based retail franchisor, where he led the expansion through organic growth and M&A from single location to multi-national operations and eventual sale.
John received his BBA in Finance from Cox School of Business at Southern Methodist University.
Head of Equity Capital Markets
Mark Iorio is the Head of Equity Capital Markets at D. Boral Capital.
Since joining the firm in 2022, he has been responsible for managing the placement of more than 200 public and private offerings. Throughout Mark’s career, he has been involved in approximately $20 billion worth of capital raises, ranging from IPOs, Follow-Ons, SPACs, PIPEs, Convertibles, Debt, and Private Placements. Prior to DBC, Mark worked at Maxim Group, where he focused on capital raising initiatives, primarily for private biotechnology, pharmaceutical, and life sciences companies.
Mr. Iorio holds a bachelor’s degree in finance from the Lubin School of Business at Pace University.
Head of Research
Jason Kolbert is the Head of Research at D. Boral Capital. Since joining the firm in 2024, he has worked closely with long-time colleague David Boral to establish and expand the firm’s research platform. Under his leadership, the research team delivers fundamentals-driven analysis through an open-architecture model and actively covers more than 70 companies, with growing coverage across Healthcare, Technology & AI, Industrials, Energy, Financial Services, and Special Situations.
Prior to D. Boral Capital, Jason built a 25-year career as a highly regarded biotechnology analyst and investor. He was most recently Executive Managing Director and Head of Healthcare Research at Maxim Group. Earlier in his career, he spent seven years at Citigroup as a biotechnology analyst and seven years at Susquehanna International Group as a portfolio manager, giving him a unique perspective at the intersection of research and capital markets. Jason began his professional career as a pharmaceutical chemist before moving into international product and marketing management with Schering-Plough in Japan. He later transitioned to Wall Street as a biotechnology research associate at Salomon Smith Barney.
Jason’s research philosophy centers on identifying paradigm-shifting technologies that are disruptive within their industries, supported by rigorous channel checks, valuation metrics, and long-term forecasting—often spanning a decade. In addition to his professional work, he is committed to mentoring the next generation of analysts and fostering integrity in research.
Jason holds a Bachelor of Science in Chemistry from the State University of New York at New Paltz and an MBA from the University of New Haven.
Head of Secondaries & Follow-on Investment Banking
David Lee, MBA, is Head of Secondaries & Follow-on Investment Banking at D. Boral Capital. David has spent more than 15+ years in investment banking for capital raising and M&A transactions. Throughout his career, David has advised more than $100B in equity, debt, and M&A transactions for companies across a variety of industries.
David started his IB career at Wachovia and transitioned to Wells Fargo Securities post-merger, and then onto Bank of America Merrill Lynch. After completing his MBA, he resumed his investment banking career at Oppenheimer and then the M&A group at Elevance Health, before joining D. Boral Capital.
David received his MBA from the NYU Stern School of Business.
Chief Legal Officer
Ryan J. Whalen has been the Chief Legal Officer of D. Boral Capital since November 2025, previously serving as General Counsel since 2023, and Deputy General Counsel & Head of Litigation since November of 2021.
Prior to joining D. Boral Capital, Ryan spent over two decades as a litigator representing clients faced with complex business disputes. His experience includes handling securities litigation, financial disputes, corporate governance/director and officer litigation, breaches of fiduciary duty, fraud, professional malpractice, employment law, and whistle-blower claims. Ryan also has experience in the Financial Services industry representing investment banks, hedge funds, public companies, and investors. Most recently, Ryan was a Partner at Gusrae Kaplan Nusbaum PLLC. Law, and prior to that, he was a Partner at Brown & Whalen, P.C.
Ryan holds his Juris Doctor degree from Fordham University School of Law and his bachelor’s degree from the University of Rhode Island.
Chief Executive Officer & Founder
David W. Boral is the Chief Executive Officer and Founder of D. Boral Capital.
Prior to D. Boral Capital, David held several leadership positions in the Investment Banking and Capital Markets industry. His 16 years of expertise spans both public and private transactions, including IPOs, Secondaries/Follow-On Offerings, SPACs, PIPEs, Reverse Mergers, M&A, Bankruptcy/Restructurings, Cross Listings, and other private and public offerings, in the US and abroad. Most recently, David was Co-Head of Investment Banking & Managing Director at Aegis Capital Corp, and prior to that, he was a Director of Investment Banking, at Maxim Group.
In addition to his work at D. Boral Capital, David is dedicated to improving the world around him, specifically the lives of children and veterans. He currently serves on the advisory board for Keep a Child Alive, a nonprofit organization that provides healthcare, housing, and other support services to HIV/AIDS-affected communities in Africa and India. Additionally, David serves on the board for Lifeline Humanitarian Organization, which was founded by Princess Katherine, to reduce and relieve the suffering of physically and mentally disabled children, orphans, and the elderly, as well as to improve medical facilities in Serbia. He also partners with St. Jude Children’s Research Hospital, Heroes Among Us, and Project Rousseau, through corporate sponsorships.
David holds a bachelor’s degree in Business Administration from the Lubin School of Business at Pace University.
Co-Head of Investment Banking
Gaurav Verma has been covering the Technology, Media, and Telecom sector for over 10 years, and has executed over 100 billion in transactions encompassing sell-side and buy-side M&A, IPOs, SPACs, equity offerings, converts, high yield and investment-grade financings. Mr. Verma has advised C-Suite executive teams on M&A assignments, business development opportunities, growth strategies, and capital allocation policies.
Prior to joining D. Boral Capital, Gaurav was a Director at Nomura, spearheading TMT coverage efforts, and previously, was a Senior Vice President at Bank of America Merrill Lynch, within their TMT Investment Banking Group.
Gaurav received his MBA in Finance and Entrepreneurship from the NYU Stern School of Business and BS in Computer Science and Economics from Rutgers University.
Co-Head of Investment Banking
Stephanie (Mengjie) Hu has been the Head of Asia at D. Boral Capital since May of 2023, previously serving as Vice President, Asia Investment Banking at D. Boral Capital, since November of 2021.
Stephanie has over 9 years of Investment Banking and Financial Services experience. She has completed over 100 transactions across a wide range of industries, representing over $3.5 billion in aggregate value, and has participated in multiple product offerings including IPOs, Follow-Ons/Secondaries, PIPEs, Private Placement, Uplistings (Re-IPO), Reverse Mergers, Registered Directs, CMPOs, ATMs, SPACs and M&As. Her focus is primarily on serving the financial needs of Asian emerging growth and middle-market companies in a variety of industries.
Stephanie holds a Master’s degree in Finance from the University of Rochester, and she is bilingual in English and Mandarin.
Chief Operating Officer
Phil Wiederlight has been the Chief Operating Officer since November 2023, previously serving as Head of Syndicate, Equity Capital Markets, at D. Boral Capital, since May of 2023.
Phil has spent 15 years in Financial Services, where he has held multiple leadership positions at GoldenTree Asset Management, Sculptor Capital, and JP Morgan. He has completed numerous Capital Markets transactions, which have accounted for several billions of dollars, and has participated in multiple product offerings including IPOs, Follow-Ons/Secondaries, PIPEs, Private Placements, Uplistings (Re-IPO), Reverse Mergers, Registered Directs, CMPOs, ATMs, and SPACs. His experience also includes Cash and Position Reconciliations, Private Equity Structured Products, Trade Settlements, Crypto Settlements, Account Setups, Expense Management, Risk Reporting, and Fund Accounting. Phil has also managed numerous service provider and third-party relationships, which has helped streamline processes and improve internal efficiencies.
Phil holds a Bachelor’s degree in Business Administration from the Miami Herbert Business School at the University of Miami.
Chief Compliance Officer
Jared S. Merlin has been the Chief Compliance Officer at D. Boral Capital since November of 2022.
Prior to joining D. Boral Capital, Jared spent nine years as a Managing Director at Credit Agricole Corporate and Investment Bank, serving as the Chief Compliance Officer and Head of Capital Markets Compliance. Jared has over two decades of Compliance experience, providing regulatory advice and oversight to investment banks and broker dealers. Prior to Jared’s tenure at Credit Agricole, Jared held various positions in the Compliance Departments of Knight Capital Americas LLC, and Brown Brothers Harriman & Co.
Jared holds a bachelor’s degree from Syracuse University and an MBA from the NYU Stern School of Business.
Chief Technology Officer
Sharad Agrawal has been Chief Technology Officer at D. Boral Capital since May of 2023.
Prior to joining D. Boral Capital, Sharad worked in Private Equity in a technology leadership capacity, to improve infrastructure, cybersecurity, and technology operations. Sharad was also Chief Technology Officer at Redwood Capital Management, and prior to that, was Global Head of Information Technology at Eagle Investment Solutions, where he was responsible for all firmwide technology efforts globally. His duties included helping develop custom applications and strategy, while leading compliance, data, digital, engineering, and cloud initiatives.
Sharad will be pursuing an Executive Education-Chief Technology Officer program at University of Pennsylvania beginning Winter 2024.
Head of Wealth Management
Ben has over a decade of experience in the retail markets, focusing on emerging growth, small, and middle market companies in biotechnology, healthcare, technology, and energy.
Throughout his career, he has helped raise capital for numerous IPOs, secondary offerings, PIPES, and SPACs. He currently holds his series 7, 24, 63, 65, and Insurance Licenses.
He graduated from Villanova University with a Bachelor of Arts degree in Economics and remains an avid Wildcats fan.
