Baird Venture Raises Third Fund

Baird Venture Partners has closed its third fund with over $170 million in capital commitments. Limited partners include State of Wisconsin Investment Board, Lurie Investments, A. O. Smith Retirement Plan, Northwestern Mutual, Marshall & Ilsley Corp., American Family Insurance, Thrivent Financial for Lutherans, Sentry Insurance and the State of Illinois Treasurer's Office of Technology Development Account.

 

PRESS RELEASE

Baird Venture Partners (BVP), the U.S.-based venture capital group of Baird Private Equity, announced the final close for its third venture fund (BVP III) with a total of over $170 million in committed capital.  BVP III exceeded its target of $150 million, anchored by support from a number of well respected institutions, foundations and family offices. 

“BVP's success is a testament to the strength of our global private equity platform,” said Paul J. Carbone, Director of Baird Private Equity and BVP Managing Partner.  “We are pleased to have received such strong support from our existing investors as well as many new limited partners.”

Select institutional investors include returning investors State of Wisconsin Investment Board (SWIB), Lurie Investments, A. O. Smith Retirement Plan, Northwestern Mutual, and Marshall & Ilsley Corporation, as well as new investors American Family Insurance, Thrivent Financial for Lutherans, Sentry Insurance, and the State of Illinois Treasurer's Office of Technology Development Account.

“Our strict sector focus and our global platform are key advantages in sourcing investment opportunities,” added Devin Mathews, BVP Partner.  “By partnering with experienced executives, such as in our first BVP III investment in LatinVest, we are able to source investments that few other firms see.”

 To date, BVP III has invested in two companies:

  • LatinVest Investment Company II, LLC (“LatinVest”) is an Atlanta-based transaction processing company that provides funds transfer services that allows consumers to wire money to friends and family around the world. LatinVest CEO Mario Trujillo is a successful entrepreneur in the funds transfer industry and has been a member of BVP's Advisory Board since 2005.
  • InsideTrack, Inc. is a San Francisco-based provider of student coaching services to colleges and universities. Before investing, BVP followed InsideTrack's management team for over two years as part of its proactive sourcing effort in the education services sector.

“Our past success and domain experience in the medical devices and research tools/diagnostics space have enabled us to become a more significant investor in these areas,” said Pete Shagory, BVP Partner.  “With the added capacity of Fund III and the breadth of Baird's healthcare resources, we can take a more meaningful stake in our life sciences investments going forward and continue to grow our national presence in these important sub-sectors.”

Strong Track Record of Success

Established in 2000, BVP focuses on investing in early- and expansion-stage companies with experienced management teams and innovative, capital-efficient business models.  Focused on the Business Services and Life Sciences sectors, BVP invests up to $10 million in equity over the life of an investment. Its strict sector focus, deep executive relationships and operating talent around the world help BVP partner with management teams to build industry-leading companies.

“Over the last eighteen months we have had several attractive realizations in our prior funds,” said Bill Filip, BVP Partner. “Exceeding our capital commitment target in this fund is a credit to our team and the entrepreneurs with whom we have partnered.”

Some recent exits include:

HireRight, Inc. (NASDAQ:HIRE)