Dave Therkelsen
Senior Research Analyst
and Principal

Dave Therkelsen is a senior research analyst and principal for First Light. As a senior research analyst, he plays a significant role in the execution of the firm’s investment processes, including identifying and analyzing prospective and existing portfolio investments.

Therkelsen is a 21-year veteran of health care investing with experience across various types of investment strategies and both buy- and sell-side investment firms. Before joining First Light, he was managing director of principal investing for Piper Jaffray. Prior to this position, he was a senior investment analyst for Waterstone Capital Management where he was responsible for investments spanning the corporate capital structure, including equity, debt and convertible securities. Therkelsen also was a senior equity research analyst following the health care sector for Thrivent Asset Management; a managing director and health care portfolio manager for Cargill’s Black River Asset Management where his responsibilities included managing a health care “market neutral” strategy; and a partner and health care research analyst for Redsky Partners. He began his career at RBC Capital Markets, where he was last a principal and senior equity research analyst following the medical technology industry. He earned a master of business administration (MBA) degree and a bachelor of science degree in finance from the University of Minnesota.