Ask Lois Quam

Lois Quam, Managing Director, Alternative Investments, Piper Jaffray Companies

Lois Quam’s new job is to scope out alternative investment opportunities for Minneapolis-based Piper Jaffray Companies. In early January, her work sent her to Norway and to China, where Piper has acquired an investment bank and has invested in a dozen or so solar-energy technologies. Quam left her high-profile position as CEO of UnitedHealth Group’s Ovations business (Medicare and long-term care insurance) to join Piper in November.

Q: After working several years for the U.S. subsidiary of a Norwegian company, I was always amazed at their generous holiday and other time off, and fewer work hours. Does the better life balance mean better productivity over time?
   Jeff Baumer
   Amp Performance, LLC

A: As a Norwegian American, I know there are many things we can learn from Norway. The Norwegian economy has been very successful as a result of oil exploration and a diversified economic base. I have been to Norway twice this winter, and visited my cousin during my trip in January. I witnessed firsthand how much time she was able to spend with her three young children while having an exciting career. Norwegian companies have allowed parents to fully participate in the economy, while being active parents. That can only be good for innovation and growth.

Q: What are the total funds currently under management by your group at Piper Jaffray?
   Sven Wehrwein
   Corporate Director

A: I am fortunate to work with the Piper Jaffray Private Capital team led by Scott Barrington. This team manages approximately $500 million, and in 2007, closed on Private Equity Partners III, a broadly diversified fund of funds. The fund was raised simultaneously with the firm’s clean-tech fund of funds ($62.5 million), which was the first of its kind in the United States.

Since joining Piper Jaffray, my focus has been on learning our capabilities. My trip to China in January underscored the significance of our activity in the region and our expertise in select growth-oriented sectors, including clean technology and renewable energy.

I am also looking at ways Piper Jaffray can have a greater impact in the future. I would like to see Minnesota and the Upper Midwest lead in renewable energy and clean technology in a way similar to that in which Silicon Valley led in the technology boom.

Q: Are there any funds based in Minnesota that feature the environmental focus you’ve indicated is a high priority?
   Sven Wehrwein

A: We aim to select the best of the best managers on a global basis. We do not currently have a clean-tech manager based in Minnesota.

Q: How would you redesign the current health care delivery system in the United States, and how should we pay for it?
   Patrick Tillemans

A: I would build on the strengths of our current health care system, including high-quality medical care, as evidenced by centers like the Mayo Clinic in Minnesota, and the innovation of many organizations, including Minnesota’s biomedical technology companies. These systems have created previously unimaginable opportunities for improving people’s lives.

There are real problems in American health care, but we can make health care more affordable by getting better value out of the current system of employer-based coverage and government-based programs, like Medicare.

Q: If you were in a public-policy position, how would you prepare Minnesota for the ‘age wave’? Specifically, how would you make it possible for seniors to live as independently as possible for as long as possible?
   Eric Schubert
   Ecumen

A: Long-term illness prevents seniors from staying in their homes, and many seniors have children who live in other parts of the country so they can’t help them on a daily basis. We can prepare for the ‘age wave’ by working with local organizations and churches to provide support when families are far away. In particular, improving the health of older people with multiple long-term conditions and disabilities is critical and possible. Organizations like the Block Nurse Program and companies like Evercare, which I worked with at UnitedHealth Group, have proven records of doing this well.

Q: Are you providing advice to any of the presidential candidates on health care reform?
   Frank Jaskulke
   LifeScience Alley

A: I believe that each of us, as citizens, has a responsibility to advise public officials whenever asked. I have done this and will continue to do so. In particular, I draw on my experience chairing the Minnesota Health Care Access Commission for the uninsured, and leading successful national companies in health care.

Comments

[Patrick Tillemans]

Lois,

How would you redesign the current healthcare delivery system in the US, and how should we pay for it?

[Dennis Weringa]

When do you think the US will adapt the Koyoto agreement ? If the US does not sign the agreement, we can still adopt the methods for credits. The second question is do you agree with the carbon credit market awarding heavy polluters more than greener companies ?