Baird Capital Closes Oversubscribed Continuation Fund to Fuel Growth of Blue Matter
CHICAGO/LONDON (May 5, 2026) – Baird Capital today announced the successful closing of a continuation vehicle to support Blue Matter Consulting LLC (“Blue Matter”), a leading strategic consulting firm serving the life sciences industry. The transaction was led by Ares Secondaries funds and other investors. Baird Capital Global Fund III, the $450 million global fund that Baird Capital closed in April 2026, also made a new investment in the business. Blue Matter’s management team retained a majority stake in the business, and the transaction provides Baird Capital with strategic flexibility to support Blue Matter’s continued growth while offering liquidity to existing investors at a significant return.
Since Baird Capital’s initial investment in 2020, Blue Matter has expanded its platform, delivered approximately 25% organic CAGR growth, executed three add‑on acquisitions, and more than tripled its revenue.
The continuation vehicle enables Baird Capital and its investors to further support Blue Matter’s strategic priorities. Specifically, Blue Matter is focused on scaling and deepening its capabilities in medical communications, market access communications, patient services, and market research and analytics to supplement its core strategy consulting business. This transaction also allows Blue Matter to continue investing in the latest technologies to improve its delivery model to best serve life science clients globally.
“This transaction underscores our continued confidence in the life sciences industry, and Blue Matter’s highly differentiated position within it,” said Michael Holgate, Partner at Baird Capital. “This is our third time working with the Blue Matter founders and team and we believe they have built a best-in-class transatlantic business focused on the most attractive segments of pharmaceutical commercialization. We are excited to support the company as they continue to further scale the business and strengthen their leadership position globally.”
“Baird Capital has been a highly committed and trusted partner to Blue Matter throughout our growth journey,” said Ashwin Dandekar, founder and CEO of Blue Matter. “The continuation of our relationship through this transaction reflects our shared long-term vision to build Blue Matter into the premier strategic consulting partner for life sciences companies commercializing innovations that meaningfully extend and improve human life. With Baird Capital’s continued support, and our ability to maintain majority ownership, we are exceptionally well positioned to accelerate our next phase of growth and expand the value we deliver to clients worldwide.”
Baird Capital was advised by Evercore.
About Blue Matter
Blue Matter is a strategic consulting firm serving the life sciences industry. From its offices in North America, Europe and Asia, Blue Matter serves pharmaceutical and biotech companies from around the globe. The firm helps clients maximize value at the product, portfolio, and organization levels. It has broad therapeutic expertise with a focus on complex markets such as oncology, CNS, and rare diseases. For more information, visit www.bluematter.com.
About Ares Management Corporation
Ares Management Corporation is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2025, Ares Management Corporation’s global platform had nearly $623 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
About Baird Capital
Baird Capital invests in B2B technology and services companies across North America and the UK, partnering with entrepreneurs to build exceptional companies. With deep operational expertise, an engaged portfolio operations team and an extensive global relationship network, Baird Capital works closely with its portfolio companies to enhance shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. Committed to being a great place to work, Baird ranked No. 16 on the 2026 Fortune 100 Best Companies to Work For® list—its 23rd consecutive year of recognition. For more information, please visit BairdCapital.com.
This announcement does not constitute an offer or invitation to invest. Any references to past performance are not indicative of future results.
For more information contact:
Baird Public Relations
publicrelations@rwbaird.com
+1-414-765-7250
