Cowen Healthcare Royalty Partners and Cowen Group, Inc. Announce Closing of Fund

Over $500 Million to be Invested in Commercial Stage Healthcare Companies

Represents One of the Largest Inaugural Healthcare Funds Ever Raised

Jul 21, 2008, 01:00 ET from Cowen Healthcare Royalty Partners

    STAMFORD, Conn., and NEW YORK, July 21 /PRNewswire-FirstCall/ -- Cowen
 Healthcare Royalty Partners ("CHRP") and Cowen Group, Inc. (Nasdaq:   COWN)
 today announced the closing of Cowen Healthcare Royalty Partners, L.P. (the
 "Fund") with capital commitments in excess of $500 million, reaching the
 Fund's cap. This is the first investment fund raised by CHRP since the firm
 was launched in January 2007. The Fund was significantly oversubscribed,
 and substantially exceeded its initial target size of $350 million,
 representing one of the largest inaugural healthcare-focused private equity
 funds ever raised.
     CHRP makes long-term investments in commercial and near-commercial
 stage healthcare products and companies worldwide through the purchase and
 monetization of passive royalties, the creation of Synthetic Royalties(SM),
 and investments in royalties combined with equity or debt securities. The
 Fund targets investments between $20 - $100 million across a diversified
 portfolio of products and therapeutic areas. CHRP's unique investment
 approach and flexible fund structure enable the Fund to offer healthcare
 companies a variety of financial options in order to fund a commercial
 product launch or a new development opportunity; acquire a new product or
 technology; or otherwise unlock unrealized value.
     The CHRP team is led by Gregory Brown, M.D., Todd C. Davis and Clarke
 B. Futch, three experienced healthcare and investment professionals who
 have invested close to $600 million together, including more than $80
 million on behalf of the Fund in the first half of 2008. This leadership
 team has a proven track record of structuring long-term strategic financing
 partnerships with leading biopharmaceutical and medical device companies.
     In addition to an anchor commitment by Cowen Group, Inc. the Fund's
 limited partner base consists of a world-class list of investors, including
 public and corporate pension funds, financial institutions, insurance
 companies, funds-of-funds and university endowments. Eleven of the Fund's
 investors collectively account for more than $470 million in commitments.
 Selected investors include affiliates of OMERS Capital Partners, Crestline
 Management, Nordea, Strategic Investment Group, New York Life Insurance
 Company, and The Travelers Companies.
     CHRP was advised by Credit Suisse Securities (USA) LLC as financial
 advisor/placement agent and Goodwin Procter LLP as legal counsel.
     About Cowen Group Inc.
     Cowen Group, Inc., through its operating subsidiaries, provides
 investment banking, equity research, sales and trading, asset management
 and alternative asset management services to companies and institutional
 investor clients in the healthcare, technology, telecommunications,
 aerospace and defense, consumer and alternative energy sectors. Our asset
 management business includes teams based in the U.S. and the U.K. Our U.S.
 team focuses on a growth-oriented investment style centered on small and
 mid-sized companies based primarily in North America. Our U.K. team
 provides traditional asset management products, focusing on a global equity
 strategy. Our alternative asset management business consists of Cowen
 Healthcare Royalty Partners, which invests principally in commercial-stage
 biopharmaceutical products and companies, and Cowen Capital Partners, which
 manages a portfolio of middle market private equity investments for third
 party investors.
     About Cowen Healthcare Royalty Partners
     Cowen Healthcare Royalty Partners (CHRP), an affiliate of Cowen Group,
 Inc., is a healthcare private equity firm with over $500 million under
 management. The firm invests principally in commercial-stage
 biopharmaceutical and medical device companies through the purchase of
 royalty or Synthetic Royalty(SM) interests, debt and equity. CHRP's
 investment team has over 90 years of healthcare related experience
 including principal investing, structured finance, healthcare industry
 senior management, Wall Street research and consulting, scientific and
 clinical experience. For more information visit
Media Contacts: For CHRP: Kellie Walsh 914-315-6072 For Cowen Group, Inc.: Jean Calleja 646-562-1888

SOURCE Cowen Healthcare Royalty Partners