When news broke that Ryan Nolan Goldman Sachs partner and star dealmaker was finally hanging up his hat at the firm after 13 years, the finance world didn't just blink—it took notes. Honestly, people usually expect these high-level partners to stay until they retire or get a corner office that overlooks a different park.
But Ryan Nolan isn't just "some banker."
He’s the guy who has been at the center of the software universe for over a decade. If you’ve used a computer at work today, there’s a decent chance he helped take the company that made your software public. Think about names like Monday.com or GitLab. He was there.
His departure isn’t just a career change; it’s a bellwether for where the big money in Silicon Valley is actually heading. By jumping ship to join BDT & MSD Partners, the merchant bank chaired by Michael Dell, Nolan is basically saying that the future of tech isn't just about giant IPOs at legacy banks. It's about founders, family offices, and long-term capital.
The 13-Year Run of Ryan Nolan Goldman Sachs Star
Nolan joined Goldman back in 2012. He wasn't even a career banker originally. He came from a legal background at Simpson Thacher & Bartlett, where he actually worked on the Facebook IPO.
It's kinda wild when you think about it. Most people spend their lives trying to get into Goldman Sachs. He walked in with a law degree and quickly became the global co-head of software investment banking.
During his time there, he wasn't just sitting in meetings. He advised on M&A transactions totaling more than $100 billion. That is a staggering number. To put it in perspective, that’s more than the GDP of many small countries. He was also instrumental in raising $50 billion through capital markets.
Why the OpenAI Connection Matters
If you want to know how influential he is, look at OpenAI. Everyone is talking about AI right now, but Nolan is actually in the room. He’s been a key advisor to Sam Altman’s team, specifically working on their planned restructuring.
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Moving from a non-profit-controlled structure to something more traditional is a nightmare of a task. It requires someone who understands both the legal weeds and the high-level financial strategy. That is exactly Ryan Nolan's wheelhouse.
Breaking Down the Big Deals
You can't talk about Ryan Nolan Goldman Sachs without talking about the "supercycle." Back in 2023, he started talking about this concept—the idea that we were entering a period where software companies would be forced to merge or get bought out because the "growth at all costs" era was over.
He was right.
Look at the VMware sale to Broadcom. That was a $69 billion deal. Nolan was right in the middle of it. He also helped Canva with their massive equity raises and even helped HP defend itself against a hostile takeover from Xerox.
It’s easy to think of these as just numbers on a screen. But these deals decide which tools your company uses and who owns your data. Nolan was the architect behind the scenes for many of these shifts.
The Move to BDT & MSD Partners
So why leave? Why walk away from a partnership at Goldman, which is basically the "Holy Grail" of Wall Street?
The answer is actually pretty simple. The way founders want to build companies is changing.
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BDT & MSD Partners is a different beast. It’s a merchant bank. That means they don't just give advice; they put their own skin in the game. They work with people like Michael Dell, the founder of Airbnb Joe Gebbia, and the Collison brothers from Stripe.
Nolan is teaming up with Juliet de Baubigny, formerly of Kleiner Perkins. Together, they are basically building a "founder-first" platform. It’s less about the next quarterly report and more about how a family-owned or founder-led business survives for the next thirty years.
Honestly, it’s a smarter play for 2026.
The traditional IPO market is fickle. Sometimes it's open, sometimes it's closed. But founder-led businesses always need capital and smart advice. By joining BDT & MSD, Nolan is positioning himself to be the go-to guy for the next generation of tech dynasties.
What This Means for the Future of Software M&A
If you are a tech founder or an investor, you should be watching this closely. The exit of a heavy hitter like Ryan Nolan Goldman Sachs suggests a few things:
- Private capital is king: More founders are looking for long-term partners rather than just an exit through a public listing.
- The AI restructuring is coming: With Nolan advising OpenAI, expect more "messy" AI startups to start looking for professional corporate structures soon.
- Software is still the play: Even with high interest rates, the "M&A supercycle" Nolan predicted is still in full swing.
How to Navigate the New Tech Landscape
Whether you're looking to sell your company or you're just trying to understand where the market is going, the strategies used by top-tier bankers like Nolan are worth mimicking.
First, focus on the "financial profile." As Nolan often said in his Goldman insights, companies need to exercise "self-help." This means cleaning up the balance sheet before looking for a partner. Investors in 2026 don't want to buy a project; they want to buy a business.
Second, understand the "new paradigm" of valuation. The days of 20x revenue multiples are mostly gone. Today, it’s about sustainable growth and defensible technology.
Actionable Insights for 2026
If you want to stay ahead in the tech sector, keep an eye on the deals coming out of BDT & MSD Partners over the next twelve months. Ryan Nolan didn't move there to be quiet. He moved there to build.
Watch for more cross-pollination between "traditional" family-owned businesses and high-growth tech firms. We are likely to see more tech founders diversifying their wealth into industrial sectors, and more "old money" families taking direct stakes in AI and software.
The era of the "siloed" tech banker is over. The era of the multi-asset, long-term advisor—epitomized by Nolan’s career shift—is just beginning.
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Understand that the "exit" is no longer the end of the story; it's just a restructuring. If you are building a company, don't just look for a bank that can run a process. Look for a partner who understands the legal, financial, and strategic complexities of a world where AI is rewriting the rules of the game every single week.