Baird Venture Partners raising $185 million

New fund formed to invest in early-stage companies

Robert W. Baird & Co. Inc.'s headquarters is in the U.S. Bank Center in downtown Milwaukee.

An affiliate of Milwaukee-based Robert W. Baird & Co. Inc. is raising a $185 million venture capital fund, according to a new SEC filing.

Robert W. Baird & Co. Inc.’s headquarters is in the U.S. Bank Center in downtown Milwaukee.

Baird Venture Partners V LP is raising the capital for private equity use, according to the filing. The total offering amount is aggregated with BVP V Special Affiliates LP and BVP V Affiliates Fund LP. The first sale had not yet occurred as of the Dec. 27 filing.

Baird Venture Partners is the U.S. venture capital fund of Baird Capital, Robert W. Baird’s direct investment division. It invests in early-stage and expansion-stage companies in the health care, technology and services, and industrial solutions sectors. Since 1989, Baird Capital has invested in about 300 companies, including Milwaukee-based Alpha Source Inc., Brookfield-based Pinstripe Inc., Madison-based TomoTherapy Inc. and Madison-based Promega Corp.

Baird Capital in 2017 closed on a $310 million Global Fund, to invest in companies in the U.S., U.K. and Asia. In 2016, the Global Fund invested an undisclosed amount in Baltimore-based digital marketing agency R2Integrated and in 2017, it made an undisclosed investment in London-based aviation and aerospace ice protection and drag reduction firm CAV Ice Protection Ltd. and CAV Advanced Technologies Ltd.

Baird Venture Partners in 2014 raised $150 million under Baird Venture Partners IV LP, according to an SEC filing.

Baird Capital representatives did not respond to requests for comment about the new fund.

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Molly Dill, former BizTimes Milwaukee managing editor.

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