Baird Capital Partners Europe II fund is about 70 percent invested with further transactions expected this year, it is understood. The firm is expected to start fundraising for its successor vehicle next year.
The 2013-vintage, £60 million ($94 million; €83 million) fund has made five investments. In March, the firm announced that it had acquired a majority interest in UK water treatment company Clearwater Group.
The fund targets profitable small and medium UK-based companies with an annual turnover of £10 million to £100 million and an equity requirement of £5 million to £20 million, according to its website. It pursues deals in the range of £10 million to £50 million in the healthcare, technology and services sectors, including staffing, financial technology and marketing, as well as manufacturing.
Baird Capital is the private equity arm of Robert W. Baird & Co, a US-based wealth and asset management firm with $145 billion in client assets. Baird is understood to be a significant investor in its own private equity funds.