Baird Venture Partners is expected to announce the formal close of its $170 million third fund, although the firm has already made a pair of investments from the new vehicle. BVP III dwarfs the size of Baird's previous fund, the $70 million BVP II launched in 2004. Partner Devin Mathews says the firm was aiming to raise $150 million for the new fund, but received enough interest to lift its ceiling to $170 million.
Although Baird more frequently acts as a minority investor in rounds led by other venture capital firms, Mathews (pictured) says the larger fund will enable it to lead more often in the future. The firm will invest in four to six companies annually, totaling about 20 investments spread over four years, with up to $10 million in capital committed to each. About half its investments will be in Midwestern companies, with the remainder split between the East and West Coasts. The firm also welcomed several new limited partners in the new fund.
From its new fund, Baird has taken stakes in international transaction processor LatinVest Investment Co. II Ltd. of Atlanta and education startup InsideTrack Inc. of San Francisco.
-- Paul BonanosSee full story on
TheDeal.com
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