Piper Jaffray Companies Announces Transition of Private Capital Business
MINNEAPOLIS, Oct 12, 2010 (BUSINESS WIRE) --
Piper Jaffray (NYSE: PJC) announced today that it will transition its private capital business to become an independent firm. The transition is expected to be effective on December 1, 2010.
This fund of funds business will transition to the key principals of the private capital subsidiary, who will rename the independent company North Sky Capital. The entity will be led by Scott Barrington, an 11-year veteran of the private equity business and a Piper Jaffray & Co. managing director.
North Sky Capital will manage each of the funds raised by Piper Jaffray Private Capital, comprising approximately $700 million of committed capital. In connection with the transition, the existing funds will be rebranded with the North Sky name. Piper Jaffray will continue its current capital commitments to the funds. The move should be seamless to investors as they will continue to work with the same team of professionals.
About Piper Jaffray
Piper Jaffray Companies (NYSE: PJC) is a leading, international investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, nonprofit clients and institutional investors. Founded in 1895, Piper Jaffray provides a broad set of products and services, including equity and debt capital markets products; public finance services; financial advisory services; equity and fixed-income institutional brokerage; equity research and fixed income analytics; and asset management services. Piper Jaffray headquarters are located in Minneapolis, Minnesota, with offices across the U.S. and in London and Hong Kong. Piper Jaffray & Co. is the firm's principal operating subsidiary. (www.piperjaffray.com)
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SOURCE: Piper Jaffray Companies
Piper Jaffray Companies
Jennifer A. Olson-Goude, 612 303-6277
Investor and Media Relations