| 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, (iv) consumer and (v) tech-enabled business services |
| Investment Stage: | Commercial-stage companies with strong, referenceable client bases |
| High-Growth Companies: | High-growth companies with high gross margins and operating leverage |
| Proven Leadership: | Talented leadership teams capable of executing business plans with aligned equity incentives |
| Transaction Type: | Minority growth financings, secondary purchases and participation in 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 |
