| Investment Criteria |
| Industry Focus: | PSMB will invest in companies within Piper Sandler’s established areas of expertise which include: (i) healthcare, (ii) software, (iii) financial technology & services and (iv) consumer |
| Commercial Stage Focus: | Companies with meaningful revenue streams and a referenceable client base |
| High Growth Companies: | High growth companies with high gross margins and operating leverage |
| Leading Market Players: | Companies that have built top tier positions within emerging sub-market verticals |
| Strong Management: | Talented management teams capable of executing business plans with aligned equity incentives |
| Transaction Type: | Late-stage minority growth financings, secondary purchases and growth company control transactions |
| Active Involvement: | Lead most transactions and active at the board level to guide value creation |
| Aligned Owners: | Partner with founders and institutional investors that have aligned objectives with PSMB |
