Piper Jaffray has announced that it will transfer its private capital business to an independent fund manager as of Dec. 1.

The fund-of-funds business will go to the key principals of the private capital subsidiary, who will rename the independent company North Sky Capital, Piper said on Tuesday. North Sky Capital is to manage each fund raised by Piper Jaffray Private Capital, about $700 million of committed capital. In connection with the transition, the existing funds are to be rebranded with the North Sky name.

Piper Jaffray, a Minneapolis investment bank, said it will maintain its capital commitments to the funds.

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