Exhibit 21.1
SUBSIDIARIES OF PIPER JAFFRAY COMPANIES
(as of January 10, 2016)
| Name* | State or Jurisdiction of Entity | |
| Piper Jaffray & Co. | Delaware | |
| Piper Jaffray EVP, LLC | Delaware | |
| Piper Jaffray Ltd. | United Kingdom | |
| Edgeview Partners, L.P. | Delaware | |
| Piper Jaffray Financial Products Inc. | Delaware | |
| Piper Jaffray Financial Products II Inc. | Delaware | |
| Piper Jaffray Financial Products III Inc. | Delaware | |
| Piper Jaffray Foundation | Delaware | |
| Piper Jaffray Lending Inc. | Delaware | |
| Piper Jaffray Lending LLC | Delaware | |
| Piper Jaffray Private Capital Inc. | Delaware | |
| Piper Jaffray Ventures Inc. | Delaware | |
| Piper Ventures Capital Inc. | Delaware | |
| PJC Capital LLC | Delaware | |
| PJC Consumer Partners Acquisition I, LLC | Delaware | |
| Piper Jaffray Asset Management Inc. | Delaware | |
| Advisory Research, Inc. | Delaware | |
| Piper Jaffray Investment Group Inc. | Delaware | |
| Piper Jaffray Investment Management LLC | Delaware | |
| Piper Jaffray Municipal Opportunities Fund, L.P. | Delaware | |
| Piper Jaffray Funds Management LLC | Delaware | |
| Piper Jaffray Municipal Opportunities Fund II, L.P. | Delaware | |
| Piper Jaffray Senior Living, LLC | Delaware | |
| Piper Jaffray Senior Living Fund I, L.P. | Delaware | |
| PJC Capital Management LLC | Delaware | |
| Piper Jaffray Merchant Banking Fund I, L.P. | Delaware | |
| PJC Merchant Banking Partners I, LLC | Delaware | |
| PJC Merchant Banking Partners II, LLC | Delaware | |
| PJC Merchant Banking Partners III, LLC | Delaware | |
| PJC Merchant Banking Partners IV, LLC | Delaware | |
| PJC Capital Partners LLC | Delaware | |
| Piper Jaffray Hong Kong Limited | Hong Kong | |
* Indentation indicates the principal parent of each subsidiary.