Foley & Lardner LLP acted as legal counsel to Piper Sandler, a leading investment bank, in the final closing of its Piper Heartland Healthcare Crossover Fund I (the “Fund”), with over $200 million in committed capital. The Fund has already made seven investments deploying approximately $40 million in capital.
The Fund is the first investment vehicle for Piper Heartland Healthcare Capital (“Piper Heartland Healthcare”), a dedicated health care investment platform within Piper Sandler. Building on the industry knowledge and capital markets expertise of Piper Sandler’s leading health care banking and research platforms, the Fund will invest primarily in biotech, med-tech, and health care information sectors. The Fund will focus on companies that possess technology, IP, processes, or other proprietary attributes that are innovative and disruptive, with near-term public markets prospects, driven by experienced management teams and backed by highly respected investment partners.
Matt Hemsley, formerly a Managing Director in the health care investment banking group at Piper Sandler, will lead Piper Heartland Healthcare Capital as CEO and will be the fund manager for the Fund.
Headquartered in Minneapolis, Piper Sandler enables growth and success for its clients through deep sector expertise, candid advice and a differentiated, highly productive culture. Piper Heartland Healthcare Capital, LLC aligns over 30 years of knowledge, expertise, and capital of the firm with the interests of their limited partnership investors and with innovative health care companies at key moments in their growth path. This combination allows Piper Heartland Healthcare Capital to pursue truly proprietary investment opportunities and deliver exceptional potential returns for investors.
The Foley team was led by Partner Stephen Meli with significant contributions by Associates Kevin McNiff, Leslie Pinney, and Gus Fahey. Tax Partner Raj Tanden and Associate Ashley May provided additional support.
