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Exhibit 21.1

List of Subsidiaries of Cowen, Inc.

(as of December 31, 2022)

Name of Subsidiary						Jurisdiction
8995 Collins LLC						Delaware
ACN Co-Investment LLC						Delaware
Algorithmic Trading Management, LLC						Delaware
ATM Execution LLC						New York
BNS Co-Investment LLC						Delaware
CA Co-Investment LLC						Delaware
CA2 Co-Investment LLC						Delaware
CB Co-Investment LLC						Delaware
CDIG DP Investment LLC						Delaware
CDIG RD Investment LLC						Delaware
CDIG DL Investment LLC						Delaware
CDIG Management Co. LLC						Delaware
CDIG NF Investment LLC						Delaware
CDIG PC Investment LLC						Delaware
CH Co-Investment LLC, Delaware						Delaware
CHI Advisors LLC						Delaware
CHI EF II LP						Delaware
CHI EF III LP						Delaware
CHI EF IV LP						Delaware
CHI IV Public Investments LP,						Delaware
Cowen AC Corp.						Delaware
Cowen AC II Corp.						Delaware
Cowen AC III Corp.						Delaware
Cowen Alternative Investments, LLC						Delaware
Cowen and Company (Asia) Limited						Hong Kong
Cowen and Company, LLC						Delaware
Cowen Asia Limited						Hong Kong
Cowen Auto LLC						Delaware
Cowen Capital Partners II, LLC						Delaware
Cowen CV Acquisition LLC						Delaware
Cowen C3 Co-Investment LLC						Delaware
Cowen DAVE LLC						Delaware
Cowen Digital Asset Investment Company LLC						Delaware
Cowen Digital Holdings LLC						Delaware
Cowen Digital LLC						Delaware
Cowen Europe AG						Switzerland
Cowen Execution Holdco LLC						Delaware
Cowen Execution Services Limited						England
Cowen Finance Company LLC						Delaware
Cowen Finance Holdings LLC						Delaware
Cowen Financial Products LLC						Delaware
Cowen Financial Technology LLC						Delaware
Cowen Germany AG						Germany
Cowen Healthcare Investments II GP LLC						Delaware
Cowen Healthcare Investments II LP						Delaware

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Exhibit 21.1

List of Subsidiaries of Cowen, Inc.

(as of December 31, 2022)

(continued)

Name of Subsidiary						Jurisdiction
Cowen Healthcare Investments III GP LLC						Delaware
Cowen Healthcare Investments III LP						Delaware
Cowen Healthcare Investments IV GP LLC						Delaware
Cowen Healthcare Investments IV LP,						Delaware
Cowen Holdings, Inc.						Delaware
Cowen International Limited						England and Wales
Cowen Investment Advisors LLC (dba Ramius Advisors, LLC)						Delaware
Cowen Investments II LLC						Delaware
Cowen Investment Management LLC						Delaware
Cowen Investments LLC						Delaware
Cowen Israel Ltd.						Israel
Cowen Lagunita Investment LLC						Delaware
Cowen Latitude Capital Group, LLC						Delaware
Cowen Malta Holdings Limited						Malta
Cowen OJ Investment LLC						Delaware
Cowen Overseas Investment LP						Cayman Islands
Cowen PB Holdings LLC						Delaware
Cowen PC Acquisition LLC						Delaware
Cowen Prime Advisors LLC						Delaware
Cowen Reinsurance S.A. (f/k/a Hollenfels Re SA)						Luxembourg
Cowen Services Company, LLC						Delaware
Cowen Special Investments LLC						Delaware
Cowen Structured Holdings Inc.						Delaware
Cowen Structured Holdings LLC						Delaware
Cowen Sustainable Advisors LLC						Delaware
Cowen Sustainable Investments Offshore I LP						Cayman Islands
Cowen Switzerland AG						Switzerland
Cowen Trading Strategies LLC						Delaware
CSI Crown Co-Investment LP						Delaware
CSI I Bubbles Holdco LP						Delaware
CSI I Crown Holdco LP,						Delaware
CSI GP I LLC						Delaware
CSI I Coral Blue Co-Investment I LP						Delaware
CSI I Golden Holdco LP						Delaware
CSI I Intermediate (Cayman) LP						Cayman Islands
CSI I Master Fund B LP						Cayman Islands
CSI Intermediate (US) LP						Delaware
CSI Master Fund C LP						Cayman Islands
CSI Master Fund LP						Cayman Islands
CSI Prodigy Co-Investment LP						Delaware
CSI I Prodigy Holdco LP						Delaware
CSI PRTA Co-Investment LP						Delaware
DCL Co-Investment LLC						Delaware
ES Partners Holdco LP						Delaware

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Exhibit 21.1

List of Subsidiaries of Cowen, Inc.

(as of December 31, 2022)

3

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(continued)

Name of Subsidiary						Jurisdiction
ES Management Holder LLC						Delaware
FA Co-Investment LLC						Delaware
FL Co-Investment LLC						Delaware
FS Co-Investment LLC						Delaware
HCAP Co-Investment LLC						Delaware
Healthcare Royalty Management, LLC						Delaware
Healthcare Royalty Partners IV, L.P.						Delaware
ION Co-Investment LLC						Delaware
Kelvin Re Limited						Guernsey
Kyber Aesthetic Data LLC						Delaware
Kyber Data Science LLC						Delaware
Kyber Data Sub LLC						Delaware
Kyber Health Data LLC						Delaware
Kyber Survey Data LLC						Delaware
MC 2021 Co-Investment LLC (f/k/a Cowen MC Co-Investment LLC)						Delaware
MC 2022 Co-Investment LLC						Delaware
Medallion Finance Group LLC						Delaware
Medallion Finance Holdings LLC LLC (n/k/a TriARtisan SOF GP LLC)						Delaware
Morish Insurance Company						New York
NCCII Co-Invest LLC						Delaware
NF Co-Investment LLC						Delaware
October LLC						Delaware
PA 2 Co-Investment LLC						Delaware
PA Co-Investment LLC						Delaware
Ramius Enterprise Investments Gibraltar Ltd						Gibraltar
Ramius Enterprise Luxembourg Holdco II SARL						Luxembourg
Ramius Enterprise Luxembourg Holdco SARL						Luxembourg
Ramius Enterprise LP						Delaware
Ramius Enterprise Master Fund Ltd						Cayman Islands
Ramius Merger Fund LLC						Delaware
Ramius Optimum Investments LLC						Delaware
Ramius UK Limited						England
Ramius V&O Holdings LLC						Delaware
RCG Insurance Company						New York
RCG IO Renergys S.a.r.l						Luxembourg
RCG Linkem II LLC						Delaware
RCG Linkem LLC						Delaware
RCG LV Pearl LLC						Delaware
RCG MFI Peachers Mills, LLC						Delaware
RCG RE Manager LLC						Delaware
RCL Linkem LLC						Delaware
RCL Linkem II LLC						Delaware
RD Co-Investment LLC						Delaware

Exhibit 21.1

4

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List of Subsidiaries of Cowen, Inc.

(as of December 31, 2022)

(continued)

Name of Subsidiary						Jurisdiction
RHR Co-Investment LLC						Delaware
RLS Co-Investment LLC						Delaware
Silver Strike Capital Inc.						British Columbia
Surfside Lender LLC						Delaware
Tramz Loan Partners, LLC						Delaware
TriArtisan Capital Advisors LLC						Delaware
TriArtisan Dionysus MM LLC						Delaware
TriArtisan Dionysus Partners LLC						Delaware
TriArtisan ES Partners LLC						Delaware
TriArtisan ES Partners II LP						Delaware
TriArtisan Orlando Partners LLC						Delaware
TriArtisan PFC Partners LLC						Delaware
TriArtisan SBE MM LLC (f/k/a TriArtisan Mint MM LLC						Delaware
TriArtisan SBE Partners LLC (f/k/a Triartisan Mint Partners LLC						Delaware
TriArtisan SOF GP LLC						Delaware
TriArtisan Special Opportunities Fund I LP						Delaware
TriArtisan TGIF Partners LLC						Delaware
VBS Financial LLC						Delaware
VBS Financial 5 LLC						Delaware
VSN Co-Investment LLC						Delaware
Westminster Research Associates LLC						Delaware

The foregoing does not constitute a complete list of all subsidiaries of the registrant. The subsidiaries that have been omitted do not, if considered in the aggregate as a single subsidiary, constitute a “Significant Subsidiary” as defined by the SEC.

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