Lower middle market private equity firm (the private equity arm of Baird)
Baird Capital
- HeadquartersChicago, IL S5
- Founded1989 S3
- Websitebairdcapital.com
- Last verifiedOctober 22, 2026
At a glance
| Assets under management | $1.3B (as of Oct 2026) S3 |
|---|---|
| Latest fund | Baird Capital Global Fund III, $450M (Apr 2026) S4 |
| Revenue range | $10M to $100M S4 |
| Check size | $25M to $75M S4 |
| Deal types | Platform, Add-on, Minority, Growth S2 |
| Geography | North America, United Kingdom S2 |
| Sectors | IT Services & MSP, Software & SaaS, Accounting & Professional Services, Industrial & Manufacturing |
What Baird Capital buys
Baird Capital is the private equity arm of Baird, the employee-owned financial services firm, and has invested since 1989 from offices in Chicago and London. Its Global Private Equity team backs founder-led companies that sell to other businesses in North America and the United Kingdom. It works in three themes: technology and services (data and AI services, digital transformation, IT services and cybersecurity), industrial technology and sustainability (water, energy resilience, worker safety), and outsourced services for drug and biotech companies. It is often the first outside investor a founder takes on.
Global Fund III, a $450 million fund closed in April 2026, puts $25 million to $75 million into each company, aimed at businesses with $10 million to $100 million of revenue. Baird Capital will buy a majority, take a structured minority stake or make a growth investment, aiming for 30% to 70% ownership, and it backs add-on acquisitions. A smaller company is most likely to meet it as an add-on to a holding such as Newmarket Strategy. Baird's separate venture capital team is not covered here.
Recent deals
Announced in the 24 months before October 22, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2026 | Vega Global GroupAsian workplace audiovisual and collaboration integrator sold to Forte | Exit | Source | |
| Aug 2026 | Cleanwater1Water and wastewater treatment systems maker sold to Veralto after four add-ons; the firm called it its largest dollar distribution from a sale | Exit | Industrial & Manufacturing | Source |
| May 2026 | Blue MatterContinuation fund led by Ares Secondaries, with a new investment from Global Fund III; management kept majority ownership of the life sciences consultancy | Investment | Accounting & Professional Services | Source |
| Apr 2026 | Baird Capital Global Fund IIIClosed at its $450 million hard cap, more than 30% larger than the prior fund | Fund close | Source | |
| Apr 2026 | Visible AnalyticsHealth economics and data analytics consultancy added to Newmarket Strategy | Add-on | Accounting & Professional Services | Source |
| Feb 2026 | autoLOTOMajority investment in an Idaho worker safety software company for lockout and tagout procedures | Platform | Software & SaaS | Source |
| Feb 2026 | Rapid EnergyUK provider of emergency and planned heating and cooling equipment hire; the leadership team stays in place | Investment | Source | |
| Sep 2025 | PureAir FiltrationAir purification and gas filtration maker added to Cleanwater1 | Add-on | Industrial & Manufacturing | Source |
| Sep 2025 | EvoluteIQ$53 million investment in a London AI process automation platform | Growth | Software & SaaS | Source |
| Aug 2025 | PCAAsia-based retail visual identity design and installation company sold after nearly seven years | Exit | Source | |
| Mar 2025 | Collage Rehabilitation PartnersNational post-acute rehabilitation provider sold after five add-ons over seven years | Exit | Healthcare Services | Source |
| Feb 2025 | Integrity Municipal SystemsLime, odor control and chemical feed systems maker added to Cleanwater1 | Add-on | Industrial & Manufacturing | Source |
| Jan 2025 | Newmarket StrategyGrowth investment in a London life sciences market access consultancy; the founders wanted a minority partner | Minority | Accounting & Professional Services | Source |
| Dec 2024 | Subsea Technology & Rentals (STR)Subsea sensor equipment rental company sold to Star Capital | Exit | Source |
Portfolio by sector
From the firm's portfolio page S3.
Global Private Equity (Asia)
- Nirvana Asia
Global Private Equity (U.K.)
- Aura
- The SR Group
Industrial Tech & Sustainability (U.K.)
- Rapid Energy
Industrial Tech & Sustainability (U.S.)
- autoLOTO
Pharma Services (U.K.)
- Newmarket Strategy
- Prescient Healthcare Group
Pharma Services (U.S.)
- Blue Matter
Technology & Services (U.K.)
- EvoluteIQ
- Freemarket
- JMAN Group
Past investments: Cleanwater1, Vega Global Group, Collage Rehabilitation Partners, Subsea Technology & Rentals (STR)
Greymont’s take
How Baird Capital fits a seller
Baird Capital suits the founder of a business-to-business services or software company with roughly $10 million to $100 million of revenue who wants growth capital or a partial sale without giving up full control. Its 30% to 70% ownership target leaves room for the founder to keep a large stake: Newmarket's founders picked Baird in 2025 because they wanted a minority partner, and Blue Matter's management kept majority ownership in its 2026 deal. Businesses with plans to grow between the US and the UK get the most from its two-office setup.
Recent exits went both to strategic buyers, such as Veralto for Cleanwater1, and to other investors, such as Star Capital for STR. An owner should ask what board and veto rights come with a minority stake, and whether the deal would come from Global Fund III or the separate venture team, which has different size limits.
Questions owners ask
Does Baird Capital invest in IT services companies?
Yes. Its Global Private Equity team publishes an IT services thesis covering managed service providers, digital transformation consultancies, outsourced software development and tech-enabled outsourcing, with a stated preference for US and UK platforms that use offshore delivery. Its current holding JMAN Group, a London data consultancy, was made under that thesis.
How large does a company need to be for Baird Capital?
Global Fund III targets companies with $10 million to $100 million of revenue and puts $25 million to $75 million into each one. The firm's private equity strategy page describes a slightly wider range of $20 million to $80 million of capital.
Will Baird Capital take a minority stake?
Yes. It aims for 30% to 70% ownership and offers growth equity, structured minority investments and majority buyouts. Its January 2025 Newmarket Strategy deal was a minority growth investment, and Blue Matter's management kept majority ownership in the May 2026 continuation fund deal.
Who has Baird Capital sold companies to recently?
In August 2026 it sold Cleanwater1 to Veralto, a public water quality company, and Vega to the audiovisual integrator Forte. In December 2024 it sold STR to Star Capital, and in 2025 it also exited Collage Rehabilitation Partners and PCA.
Sources
- S1Baird Capital home page Accessed October 22, 2026
- S2Baird Capital: Global Private Equity investment criteria Accessed October 22, 2026
- S3Baird Capital: Portfolio (inception year, active AUM, holdings with team and status) Accessed October 22, 2026
- S4Baird Capital Exceeds Target, Closes Third Global Fund at $450M (April 21, 2026) Accessed October 22, 2026
- S5Baird Capital: Contact and office locations Accessed October 22, 2026
- S6Baird Capital: Our IT Services Investment Thesis Accessed October 22, 2026
- S7Baird Capital: Working with Baird Capital Accessed October 22, 2026
- S8Baird Capital portfolio: Newmarket Strategy Accessed October 22, 2026
- S9Baird Capital Closes Oversubscribed Continuation Fund to Fuel Growth of Blue Matter (May 5, 2026) Accessed October 22, 2026
- S10Baird Capital: Tech Services & Software Overview Accessed October 22, 2026
- S11Baird Capital: Venture Capital strategy (excluded from this profile) Accessed October 22, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Baird Capital. Figures are as reported on the dates shown and may have changed. Request a correction