With opportunities in the US thinning out a little because of the economic slow down, Baird Private Equity has become the latest PE Fund management company to look toward China for new investment options.

The Chicago-based firm is starting a seven-person investment team in Shanghai to identify potential investments, according to Chicago Business. The paper said that Baird Capital Partners Asia expects to complete its first investment in the next two months.

The company already has five funds in the U.S., U.K. and Germany with $1.1 billion under management. Baird plans to focus on small companies with profits of $3 million to $5 million.

Baird is not completely new to China. It has had some involvement there since at least 2003.