Piper Jaffray Companies to Transition Venture Capital Business to Key Principals
14 October 2004 - 1:07AM
PR Newswire (US)
Piper Jaffray Companies to Transition Venture Capital Business to
Key Principals New Firm to Be Named 'Sightline Partners'
MINNEAPOLIS, Oct. 13 /PRNewswire-FirstCall/ -- Piper Jaffray
Companies (NYSE:PJC) today announced plans to transition its
venture capital business to an independent firm, effective in the
fourth quarter of 2004, subject to receipt of approvals from
regulators and the funds' limited partners. The key principals from
its subsidiary, Piper Jaffray Ventures, will form a new entity
named Sightline Partners. The new entity will be led by Buzz
Benson, a 16-year veteran of the private equity sector and a Piper
Jaffray Ventures managing director, and will have offices in
Minneapolis and San Francisco. Sightline Partners will manage each
of the four Piper Jaffray Ventures Healthcare Funds, comprising
$225 million of committed capital, which will be renamed "Sightline
Healthcare Funds." Future health care-focused funds will be raised
independently from Piper Jaffray. "This transition will enable
Piper Jaffray Ventures' clients to continue to be well served,"
said Andrew Duff, chairman and chief executive officer of Piper
Jaffray Companies. "It will be seamless to investors and portfolio
companies as they will continue to work with the same team of
professionals." "Piper Jaffray Ventures has historically raised a
majority of the capital for its health care funds from sources
independent of Piper Jaffray," said Benson. "We believe our
progression to full independence is in the best interests of our
limited partners and look forward to continuing a positive
relationship with Piper Jaffray going forward." About Piper Jaffray
Companies Piper Jaffray Companies (NYSE:PJC) is a focused
securities firm dedicated to delivering superior financial advice,
investment products and transaction execution within selected
sectors of the financial services marketplace. The company operates
through two primary revenue-generating segments: Capital Markets
and Private Client Services. Investment Research, an independent
group reporting to the CEO, supports clients of both segments.
Through its chief operating subsidiary, Piper Jaffray & Co.,
the firm has served corporations, government and non-profit
entities, institutional investors and the financial advisory needs
of private individuals since 1895. Headquartered in Minneapolis,
Piper Jaffray has approximately 3,000 employees in 111 offices in
23 states across the country and in London. For more information
about Piper Jaffray, visit us online at
http://www.piperjaffray.com/ . Since 1895. Member SIPC and NYSE.
About Piper Jaffray Ventures Founded in 1992, Piper Jaffray
Ventures manages over $225 million in capital dedicated exclusively
to funding innovative, emerging growth companies in the medical
technology, biotechnology and healthcare services sectors. The
Piper Jaffray Ventures investment team has a successful track
record of providing value added assistance to entrepreneurs through
active board representation, access to an extensive network of
industry contacts and expert assistance with strategic and
financing alternatives. DATASOURCE: Piper Jaffray Companies
CONTACT: Dana Wade, Media Relations of Piper Jaffray,
+1-415-277-1556 Web site: http://www.piperjaffray.com/
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