Piper Jaffray raises $130m

The middle-market investment bank has made three investments since Fund II's initial close in late 2017.

Piper Jaffray & Co. has held a final close of Piper Jaffray Merchant Banking Fund II at $130 million. The late-stage growth equity fund will invest in commercial-stage businesses and talent management teams.

Fund II will focus on the healthcare, technology, business services, financial technology and consumer sectors, while making senior equity and equity-linked investments of up to $15 per company. The fund’s portfolio companies will typically have a three- to five-year path to liquidity.

The fund will be managed by the Piper Jaffray Merchant Banking team.