Baird Capital has closed on a $310 million fund to invest in lower middle market firms in the technology, health care and industrial solutions sectors.
The Global Fund was expected to raise $300 million, but surpassed its goal. Its venture capital growth equity and private equity investments will go to companies in the U.S., UK and Asia.
Pre-closing, the Global Fund has made two investments. In September, it invested an undisclosed amount to take a majority interest in Baltimore-based digital marketing agency R2Integrated. And earlier this month, it made an undisclosed investment to obtain a majority interest in London-based aviation and aerospace ice protection and drag reduction firm CAV Ice Protection Limited and CAV Advanced Technologies Ltd.
Baird Capital is the direct investment division of Milwaukee-based Robert W. Baird & Co. Inc. It has invested in about 300 companies since 1989. It currently has 130 companies in its portfolio, including Milwaukee-based Alpha Source Inc., Brookfield-based Pinstripe Inc., Madison-based TomoTherapy Inc. and Madison-based Promega Corp.
“In today’s highly competitive M&A environment, we believe that our global resources and ability to take a portfolio company global is a significant advantage,” said Gordon Pan, president of Baird Capital. “Our approach allows us to capitalize on the opportunities that exist across different geographies, while having a global team that reviews potential investments through a shared lens.”
“Our team of talented professionals operates as one global platform – sharing investment ideas, supporting our portfolio and collaborating to drive portfolio value – to help our portfolio companies compete in today’s international marketplace,” said Paul Purcell, chairman of Baird Capital and of Baird. “We don’t know of any other firm that is investing in lower middle market companies from a global fund. This is a very innovative approach that positions us well to maximize the value of our extensive capabilities.”