Baird Principal Group Management Company LLC

Item 5.    Fees and Compensation

          A summary of the Partnership’s fees and expenses follows, but investors should review the Partnership’s limited partnership
agreement (the “Partnership Agreement”) for details regarding the Partnership’s fee structure and expenses. Terms used, but not defined
herein are defined in the Partnership Agreement.
            With respect to the Partnership, the Adviser will receive an annual management fee and a carried interest. Commencing as
of the effective date, as defined in the Partnership Agreement (the “Effective Date”) and during the investment period, as defined in
the Partnership Agreement (the “Investment Period”), the Partnership will pay the Adviser an annual management fee (the
“Management Fee”), payable quarterly in advance, equal to 1.0% of aggregate commitments. Commencing with the 12-month period
beginning on the first Management Fee due date after the expiration of the Investment Period or earlier upon the occurrence of certain
events as set forth in the Partnership Agreement, and for each succeeding 12-month period, the Management Fee will be reduced to
90% of the Management Fee for the immediately preceding 12-month period (calculated without giving effect to any reduction in the
Management Fee on account of fees received by the Adviser); provided that, commencing with the first Management Fee due date after
the expiration of the Partnership’s initial 10-year term, the Management Fee will equal 1.0% per annum of the aggregate amount of
investment contributions with respect to the portion of each investment that has not been disposed of or completely written off; provided
further that investments in a portfolio company that have been disposed of or completely written-off will be treated as such only to the
extent that, as of the date of any such disposition or write-off, the aggregate fair market value of all remaining Partnership investments
in such portfolio company is less than the Partnership’s aggregate investment contributions made with respect to such portfolio
company. In addition, the Management Fee will be reduced by: (i) 100% of any director’s fees, financial consulting fees or advisory
fees earned by the Adviser from portfolio companies; (ii) 100% of any transaction fees paid by portfolio companies to the Adviser; and
(iii) 100% of any break-up fees from transactions not completed that are paid to the Adviser; but not including, in any event, any
amount received by the Adviser or other person from a portfolio company as reimbursement for expenses directly related to such
portfolio company or a prospective investment, as payment for services provided to any portfolio company in the ordinary course of
such portfolio company’s business or as compensation for services provided by the Adviser or other person as an employee of or in a
similar capacity for such portfolio company or any of its subsidiaries. For the avoidance of confusion, as further described in the
Partnership Agreement, the Management Fee will not be reduced by any compensation received by any operating partner, senior
advisor, venture partner or an individual serving in a similar capacity (“Operating Partner”), and none of such persons will be subject
to the provisions of the Partnership Agreement that apply to specified persons associated with the Adviser, including members of the
Adviser’s management team, associates of the Adviser, affiliated persons, or employees of Robert W. Baird & Co. Incorporated or an
affiliate thereof (as each of such associations and affiliates are further detailed in the Partnership Agreement). Furthermore, Operating
Partners are not employees or otherwise dedicated resources of Baird or its affiliates, can invest in portfolio companies. In addition,
Operating Partners are permitted to receive compensation from the Adviser and from the portfolio companies. Such compensation
may be a retainer paid by the Adviser for fund-level strategic advice, investment sourcing assistance, and investment due diligence
assistance from an operational perspective; and portfolio companies for services provided directly to the respective company or
companies (e.g., board participation, mentoring and advising management and industry expertise). Compensation paid by portfolio
companies to Operating Partners may include, but may not be limited to, the following forms of compensation: board or director
participation fees; stock options, equity securities or other non-cash compensation and other cash compensation, such as consulting
fees. As of the date of this brochure, the Adviser has not engaged any Operating Partners.

Baird Principal Group Management Company, LLC                                                              March 2026

           In addition, after the Adviser has achieved an 8% compounded annually preferred return, the Adviser will receive a carried
interest or performance fee from investors in the Partnership, other than Affiliated Partners who are defined as the Adviser, any investor
who is an employee of Baird and a member of the Baird Global Investment Banking group, and any other investor to the extent
designated as an “Affiliated Partner” by the Adviser, equal to 10% of distributions, including distributions of net cash proceeds from
the sale of securities and distributions of securities in kind, together with dividends and interest income received with respect to
investments in portfolio companies (as more fully described in the Partnership Agreement).

          The Partnership and other Funds invest on a long-term basis. Accordingly, investment advisory and other fees are paid during
the term of each Fund and investors generally are not permitted to withdraw or redeem interests in a Fund. If the investor has specified
an account at Baird, after the Adviser gives notice to the investor, Baird will deduct the Management Fee and other expenses from the
...

Item 7.     Types of Clients

           The Adviser provides investment advice to the Partnership, which is an employee securities company exempt from registration
as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) pursuant to an
application for an exemption granted by the SEC. The Adviser also may provide investment advice to other Funds, including private
investment funds that are investment partnerships or other investment entities formed under domestic or foreign laws and operated as
exempt investment pools under the Investment Company Act. The investors participating in the Partnerships may include individuals,
trusts and estates. The minimum commitment of an investor is $50,000, although individual investor commitments of lesser amounts may
be accepted at the discretion of the General Partner.