Milwaukee Company Raises $90 million VC Fund for Midwest
Projects
Laptop Battery By Mike Klein • 08/12/03
Now Largest Venture Capital Firm Based in Wisconsin
The company, founded in 1989, has more than 90 employees and is based in Milwaukee, Wis., with an office in Denver, Colo.
Thinkpad MILWAUKEE, WI- Baird Venture Partners (BVP) has raised and
closed an additional round of fund raising that increases the value
their fund to $90 million to support applied technology, life
sciences, healthcare and
business service with a
preference for companies located in Wisconsin and the Midwest.
Milwaukees Baird Venture Partners was picked this
year by the State of Wisconsin
Investment Board (SWIB) to expand the venture capital pool in
the state. Baird is now the largest VC in Wisconsin.
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Microsoft Baird and BVP have demonstrated a long-standing commitment to
supporting Wisconsins growth companies, said Monica A. Jaehnig,
portfolio manager for SWIB. There is a lot of untapped potential
here and BVP is dedicated to helping develop that potential.
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Laptop Computers Baird Venture Partners received a $30 million commitment from
SWIB, the 10th largest public pension fund in the United States, as
part of its initiative to identify investment opportunities in
early-stage technology companies in the state. BVD has raised an
additional $60 million from investors that include the Wisconsin
Alumni Research Foundation, Northwestern Mutual Life Insurance,
Lurie Investments, the Helen Bader Trusts, Johnson Financial Group,
Robert W. Baird & Co and select high net-worth individuals.
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Laptop Computer With the additional funds that we have raised, BVP has enhanced
its ability to invest in and support high-growth companies, said
Paul J. Carbone, co-director of Baird Private Equity and BVP
managing partner. Carbone also noted that BVP has added several
investment professionals to its staff to support the increased
level of venture activity.
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Desktop Computer We continue to be optimistic about the investment prospects in
Wisconsin, said Carbone. We see that the building blocks are in
place for a growing technology industry. With the both financial
and business resources that Baird has we are we are enthusiastic
about the state of the VC market and our ability to grow
companies,
Notebooks Providing money is only part of the story. Our expertise in
finance, marketing,
sales and distribution, and
strategic planning are part of the entire gamut of services we
offer our portfolio companies. Now is a good time to building up
a portfolio of VC investments, added Carbone.
Lenovo To date, BVP has made investments in two Wisconsin companies:
NimbleGen Systems, a life sciences company that provides
high-density, custom DNA microarrays and related services and
TomoTherapy, which provides an advanced and cost-effective
radiation treatment device, known as helical tomotheraphy systems,
for cancer patients. Both companies are headquartered in
Madison.
Hard Drive SWIB also approved an additional $60 million for the Frazier
Technology Ventures fund from a Seattle firm. Frazier is in the
process of opening a fully-staffed Madison office.
Travelstar SWIB chose both the Baird and Frazier funds this year to fuel
and expand the venture capital funds pool in the state.
Gateway According to the Associated Press, Roger Ganser, president of
the Wisconsin Venture and Growth Capital Association, said Bairds
fund would likely attract attention from investors elsewhere in the
nation.
Laptop Parts It will start putting Wisconsin on the map, said Ganser, who
also is a managing partner of Madisons Venture Investors.
Software John Byrnes, executive managing partner of investment firm Mason
Wells, said,It will be good to see Baird in the market actively
investing in deals. Baird brings a great network of business
contacts and a perspective on the public equity markets that will
be very helpful to the members of developing venture capital scene
in Wisconsin and the greater Midwest.
Hard Drives Wisconsin has struggled to encourage more venture investing,
which has been down nationwide.
Electronics Adam Bock, research manager for Early Stage Research said,
Wisconsin has significantly less in-state venture capital than
neighbors like Minnesota, Illinois, and Michigan. SWIB's commitment
to encouraging the formation of new funds, especially to support
venture investments in Wisconsin companies, is a fantastic boost to
the development of a vibrant venture financing community in the
state. It's good for start-up companies, it's good for the angels,
and in the long run, it's critical for a diverse and healthy state
economy.
Canon The announcement by Baird reflects the continued confidence of a
homegrown firm in Wisconsin, said Tom Still, president of the
Wisconsin Technology Council. It also illustrates that Wisconsin is
fertile ground for investors in search of technology that can be
profitably transferred to the marketplace.
Desktop Pc The Wisconsin Technology Council has long argued that our state
-- and our region has the research base necessary to spin out great
ideas. Now, thanks to the Baird fund, its co-investors, the efforts
of other venture capitalists and the investment of the State of
Wisconsin Investment Board, those great ideas stand a better chance
of being paired with money. There probably has never been a time in
the history of Wisconsin when more venture capital dollars were
available to invest in Wisconsin companies, said Still.
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