Exhibit 21.1
SUBSIDIARIES OF PIPER JAFFRAY COMPANIES
(as of February 5, 2009)
(as of February 5, 2009)
| Name* | State or Jurisdiction of Entity | |
| Piper Jaffray & Co. | Delaware | |
| PJI Arizona, Inc. | Arizona | |
| Piper Jaffray Ltd. | United Kingdom | |
| PJC Nominees Ltd. | United Kingdom | |
| Piper Jaffray Financial Products Inc. | Delaware | |
| Piper Jaffray Financial Products II Inc. | Delaware | |
| Piper Jaffray Financial Products III Inc. | Delaware | |
| Piper Jaffray Funding LLC | Delaware | |
| Piper Jaffray Lending LLC | Delaware | |
| Piper Jaffray Private Capital Inc. | Delaware | |
| Piper Jaffray Private Capital LLC | Delaware | |
| Piper Jaffray Private Equity Funds Group I, LLC | Delaware | |
| Piper Jaffray Ventures Inc. | Delaware | |
| Piper Ventures Capital Inc. | Delaware | |
| PJC Capital LLC | Delaware | |
| Piper Jaffray Foundation | Delaware | |
| Piper Jaffray Investment Management Inc. | Delaware | |
| Piper Jaffray Investment Management LLC | Delaware | |
| Fiduciary Asset Management, LLC | Missouri | |
| Piper Jaffray MENA (LP) Inc. | Delaware | |
| PJC Consumer Partners Acquisition I, LLC | Delaware | |
| PJC Capital Management LLC | Delaware | |
| Piper Jaffray Green Fund LLC | Delaware | |
| PJC Merchant Banking Partners I, LLC | Delaware | |
| Piper Jaffray Asia Holdings Limited | Hong Kong |
| Name* | State or Jurisdiction of Entity | |
| Piper Jaffray Asia Limited | Hong Kong | |
| Piper Jaffray Asia Securities Limited | Hong Kong | |
| Piper Jaffray Asia Futures Limited | Hong Kong | |
| Piper Jaffray Asia Management Services Limited | Hong Kong | |
| Piper Jaffray Value Creation Fund | Cayman Islands | |
| Piper Jaffray Asia Asset Management Limited | Hong Kong | |
| Goldbond Fund Management (Cayman) Limited | Cayman Islands | |
| Grandward Investments Limited | Hong Kong | |
| Goldbond Capital (China) Limited | Hong Kong | |
| Goldbond Hualu Investment Consultants Limited | Hong Kong |
| * | Indentation indicates the principal parent of each subsidiary. |