MINNEAPOLIS--(BUSINESS WIRE)--Mar. 1, 2022-- Piper Sandler Companies (NYSE: PIPR), a leading investment bank, announced today the final closing of the Piper Heartland Healthcare Crossover Fund I (the “Fund”), with over $200 million in committed capital. The Fund has already made seven investments deploying approximately $40 million in capital.
The Fund is the first investment vehicle for Piper Heartland Healthcare Capital (“Piper Heartland Healthcare”), a dedicated healthcare investment platform within Piper Sandler, and will leverage the firm’s leading healthcare investment banking, capital markets and equity research capabilities. The Fund attracted premier investors from across the globe, including institutional investment firms, strategic investors, endowments and family offices.
“We are building a key capability in our long-term growth plan with the establishment of Piper Heartland Healthcare Capital and the launch of this fund,,” said Chad Abraham, Chairman and CEO of Piper Sandler. “Piper Heartland Healthcare demonstrates our ability to support healthcare companies at key moments in their growth path and allows us to pursue proprietary investment opportunities with the goal of delivering exceptional potential returns for investors.”
Building on the industry knowledge and capital markets expertise of Piper Sandler’s leading healthcare banking and research platforms, the Fund will invest primarily in biotech, med-tech, and healthcare information sectors. The Fund will focus on innovative companies with near-term public markets prospects, driven by experienced management teams and backed by highly respected investment partners.
Matt Hemsley, formerly a Managing Director in the healthcare investment banking group at Piper Sandler, will lead Piper Heartland Healthcare Capital as CEO and will be the fund manager for the Fund. Hemsley will continue to serve as the Chairman of the Heartland Summit, one of Wall Street’s most significant annual gatherings of healthcare CEOs, thought leaders and policymakers in the world.
“Innovative companies across all sectors in healthcare are needed now more than ever and are rapidly redefining the market landscape and market potential,” said Matt Hemsley, CEO of Piper Heartland Healthcare. “This fund will be the first step towards building out Piper Heartland Healthcare Capital to support companies across the life-sciences, helping them achieve their goals and ours.”
Foley & Lardner LLP acted as legal counsel to the Fund.
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Source: Piper Sandler Companies