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Piper Jaffray’s private capital business to become independent

Piper Jaffray will transition its private capital business to become an independent firm.

The transition is expected to be effective on 1 December 2010.

The 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 managing director.

North Sky Capital will manage each of the funds raised by Piper Jaffray Private Capital, comprising approximately USD700m 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.

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