Piper Jaffray announced on Tuesday that it will transition its private capital business to become an independent firm. It expects the transition to take effect Dec. 1.

This fund-of-funds business will transition to the key principals of the private capital subsidiary, who will rename the independent company North Sky Capital. Scott Barrington, an 11-year veteran of the private equity business and a Piper Jaffray & Co. managing director, will lead the concern.

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