What Heights Capital Management does

Heights Capital Management is a private investment firm established in 1996 as an affiliate of Susquehanna International Group LLP, a privately-held global financial services firm founded in 1987 with 3,500+ employees. Heights Capital manages the direct investment of Susquehanna's internal capital through equity and equity-linked instruments in publicly listed companies worldwide, focusing on high-growth firms across biotech, healthcare, technology, financial services, media, energy services, and natural resources. The firm operates as a single direct-investment platform rather than a multi-product manager, with no external limited partners, no fund redemptions, no fundraising pressure, and no sunset dates — a structural feature of the proprietary-capital model.

Operating from offices in San Francisco, the Philadelphia area, Dublin, London, and Hong Kong, Heights Capital deploys capital through direct equity placements, convertible bond financing, and warrant-based equity-linked instruments. The firm invests as a principal, not a fund manager, and targets post-IPO growth companies across the U.S., Europe, and Asia, with affiliated Susquehanna entities providing exchange memberships, market-making infrastructure, and analytical support. Distribution is purely direct: investments are sourced through proprietary deal flow and executed without intermediaries.

Recent deployment illustrates the breadth and scale of the platform. In the 2025-2026 window, Heights Capital led a $200 million combined equity offering and a subsequent $125 million registered direct offering for SEALSQ Corp (post-quantum and quantum security technology), provided €22.5 million in convertible bonds to Nyxoah SA (Belgian medical devices), anchored a €35 million convertible bond arrangement with Faron Pharmaceuticals that grew into a 24.17% voting-rights position via CVI Investments, and participated in financings for GenSight Biologics, IDEX Biometrics, ImmunityBio, and a SPAC stake in Crown Reserve Acquisition Corp. I. The firm has executed hundreds of equity and equity-linked investments in listed companies since inception.

Name

Heights Capital Management

Legal name

Heights Capital Management, Inc.

Website

https://heightscapital.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

Heights Capital Management is a private investment firm established in 1996 as a Susquehanna International Group affiliate, deploying the parent's proprietary capital into direct equity and equity-linked instruments (including convertible bonds) in high-growth publicly listed companies across biotech, healthcare, technology, and other sectors globally.

Ownership category

akta.pro rank

Product category

Private Equity / Growth Capital Investment

NAICS

Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Venture Debt Providers (FSANAAAL)

Keywords

• Private equity investments
• Convertible bond financing
• Equity-linked investments
• Growth capital funding
• Public company investments

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Investment Returns and Capital Gains: Heights Capital generates returns through direct equity investments, convertible bonds, and equity-linked instruments in high-growth listed companies worldwide. Returns are realized through capital appreciation, interest payments on convertible bonds, and equity-linked returns.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Heights Capital Management deploys Susquehanna's proprietary capital into publicly listed high-growth companies worldwide through direct equity investments, convertible bond financing, and equity-linked instruments. The firm focuses on sectors including biotech, healthcare, technology, financial services, media, energy services, and natural resources, providing flexible permanent capital without sunset dates, fund redemptions, or LP fundraising pressure.

Product overview

Heights Capital Management (HCM) is a private investment firm established in 1996 as an affiliate of Susquehanna International Group LLP. The company manages direct equity and equity-linked investments (including convertible bonds) in high-growth public companies across sectors including biotech, healthcare, technology, financial services, media, energy services, and natural resources. HCM operates as a single investment platform with no distinct product modules—the firm provides flexible, permanent capital to growth-stage companies through various investment structures including equity placements, convertible bond arrangements, and warrant financing. The company has offices in San Francisco, Dublin, London, and Hong Kong serving U.S., European, and Asian markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Direct Equity Investments Direct purchases of publicly traded equity in high-growth firms across biotech, healthcare, technology, financial services, media, energy services, and natural resources. Used by publicly listed companies seeking flexible, permanent capital without activist control.
• Convertible Bond Financing Convertible bond issuances provided to publicly listed companies, typically with multi-year maturities and defined interest rates. Used by growth-stage public companies seeking non-dilutive or staged capital that converts into equity.
• Equity-Linked Investments (Warrants and Pre-Funded Warrants) Warrants and pre-funded warrants issued as part of structured equity offerings alongside direct equity or convertible bond placements. Used by publicly listed companies to provide additional upside participation to the investor while supporting the financing round.

Named customers6 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hercules Capital: Largest publicly traded specialty finance company focused on venture debt to growth-stage, often venture-backed, technology and life-sciences companies; comparable to Heights' growth-stage debt-and-equity-linked capital deployment model.
• Horizon Technology Finance: Specialty venture lending platform providing structured debt to development-stage technology, life-sciences, and healthcare companies, comparable in product structure to Heights Capital's convertible bond financings for growth-stage issuers.
• Trinity Capital: Specialty venture debt provider that supplies senior and convertible debt to growth-stage companies, comparable to Heights Capital's convertible bond financings (e.g., €22.5M for Nyxoah) at a slightly more traditional venture-debt product mix.
• Perceptive Advisors: Healthcare-focused investment firm that provides PIPE financing and venture debt to biotech and medical-device companies, directly comparable to Heights Capital's biotech-heavy book (Faron, Nyxoah, GenSight, ImmunityBio).
• RA Capital Management: Crossover fund focused on public and late-stage private healthcare and biotech investments, frequently leading PIPE and convertible financings — overlapping directly with Heights Capital's growth-stage life-sciences investment strategy.
• K2 HealthVentures: Specialty healthcare investor providing structured equity and equity-linked capital to public and pre-public life-sciences companies, comparable to Heights' convertible bond and equity-linked financings for emerging biotech and medical-device issuers.
• Hudson Bay Capital Management: Multi-strategy fund that is a large, active participant in PIPE and equity-linked investments in growth-stage public companies — closely mirroring Heights Capital's core activity of deploying proprietary capital into convertible bonds and equity placements post-IPO.

Broad incumbents

• TD Cowen: Investment bank with a dedicated healthcare and growth-company equity capital markets practice that structures and participates in PIPEs and equity-linked offerings, comparable to Heights Capital's PIPE and equity-linked issuance activity in biotech and tech.
• B. Riley Financial: Diversified financial services firm with a substantial capital markets franchise that arranges and participates in PIPE and registered direct offerings for small- and mid-cap issuers, overlapping with Heights' lead role in SEALSQ's $125M and $200M placements.
• Piper Sandler: U.S. investment bank with a strong healthcare and growth-company capital markets franchise that arranges and participates in PIPE and registered direct offerings, comparable to Heights' role as a principal capital provider and lead investor in primary placements.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments34 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Heights Capital Management