Baird Capital has closed on $218 million for its sixth U.S. venture capital fund and has already invested in three companies, Baird announced Monday. It's the firm's largest venture fund to date.
The fund has invested a total of $34.5 million in three companies so far, leading venture financing rounds alongside other investors.
From the new fund, Baird Capital led a $31.5 million series C round for Indianapolis-based software-as-a-service (SaaS) management firm Zylo Inc.; a $25 million series B for Austin, Texas-based data privacy management software firm Osano Inc.; and a $12 million series B for Minnesota-based predictive forecasting and capacity planning software firm Parallax, whose legal name is Right Team Inc.
The fund is led by investment partners Joanna Arras, Mark Donnelly, Jim Pavlik and Benedict Rocchio.
“I am incredibly proud of the team for raising this fund in such a challenging market,” Baird Capital president Gordon Pan said in a statement. “It’s a testament to our track record and strategy that we received such strong support.”
Investors in the fund included Baird, as well as both new and previous investor institutions, foundations, family offices and industry executives, according to a news release.
Baird Capital is the Chicago-based venture capital and private equity arm of Milwaukee's Robert W. Baird & Co. Inc.
Its venture funds invest in mid-stage companies in the B2B technology and services markets. They invest $10 million to $20 million in companies with $2 million to $15 million in revenue.
Baird Capital's fifth U.S. venture fund was $215 million. Its fourth fund was $185 million, its third was $170 million, its second was $70 million and its first fund was $30 million.
Locally, Baird Capital's venture investments have included Milwaukee-based community software firm Forj and Delafield-based recruiting and hiring automation company Montage Talent Inc., both led by Kurt Heikkinen.
