The spoils were split, as Chiefs hitman Kingston Nkhatha controversially cancelled out Kermit Eramus's 10th minute opener, with the former netting from an offside position shortly before the break at FNB Stadium.
Baxter said afterwards: "I thought for the crowd it was an interesting derby but for the two technical benches it was a frustrating one.
"Neither team took advantage of periods of the game where they were dominating.
"Pirates took the lead when we sat back. And while we showed character to get back into the game, in the second half we didn't capitalise on that.
"I think with a little more composure and concentration we could have won the game.
"I think if any team had the bravery to crack on they could have won it," concluded the Briton.