| Investment Criteria |
| Healthcare Industry Focus: | Healthcare companies within Piper Sandler’s established areas of advisory expertise and research coverage |
| Late-Stage and Crossover Focus: | Last round of private investment for companies that have near or mid-term potential liquidity paths available to them |
| Differentiated Technologies or Services: | Healthcare companies that possess technology, IP, processes, know-how or other proprietary attributes that are innovative and disruptive, which also give them the potential lead position in the market |
| Strong Management: | Talented management teams, with strong performance incentives, capable of executing clinical, development and business plans while adapting to anticipated and unanticipated challenges |
| Foundational Investor Support: | Meaningful investment and governance guidance from leading venture capital investors who have strong incentives to continue to support the company |
| Respected Investor Syndicate: | Insiders or highly-respected outside investors that have an exceptional track-record of investing in sector-specific healthcare companies in both private and public equity opportunities |
| Aligned Perspective: | Align investments with Piper Sandler investment banking, equity research and capital markets – to ensure a unified and positive perspective of market potential for the technology or service offerings from our target portfolio investments |
