Bailador Boosts Portfolio Value with 33% FY25 Return Outlook
Bailador Technology Investments has updated its portfolio valuations, revealing strong gains in key holdings and a projected gross return of 32.8% for FY25. However, one investment saw a significant decline, tempering overall optimism.
- Updoc valuation rises 24% following strong revenue growth
- Access Telehealth achieves 20.8% uplift and run-rate profitability
- Hapana valuation surges 50% driven by international expansion
- Nosto valuation falls sharply by 63%, now under 1% of portfolio
- Overall portfolio uplift adds $0.093 per share to pre-tax NTA
Portfolio Valuations Reflect Robust Growth
Bailador Technology Investments Limited (ASX, BTI), a specialist technology expansion capital fund, has announced a series of valuation updates across its private portfolio as of June 2025. The latest figures highlight significant uplifts in several key investments, underpinning a strong performance outlook for the financial year.
The standout performers include Updoc, Access Telehealth, and Hapana, each demonstrating impressive growth trajectories and operational milestones. Updoc’s valuation increased by 24% to $37.2 million, reflecting an 86% uplift over FY25, driven by high-quality revenue growth and sustained profitability. Access Telehealth’s valuation rose 20.8% to $32.2 million, buoyed by robust revenue expansion and the achievement of run-rate profitability by year-end. Hapana’s valuation surged 50% to $11.6 million, supported by rapid international market traction and securing major global customers.
A Notable Setback in Nosto
Contrasting the positive momentum, Nosto experienced a significant valuation decline of 63%, dropping from $4.2 million to $1.6 million. This decrease follows softer trading results and now represents less than 1% of Bailador’s portfolio. While the setback is notable, it appears isolated within an otherwise strong portfolio performance.
Impact on Net Tangible Assets and Returns
Collectively, these valuation changes contribute an uplift of $0.093 per share to Bailador’s net tangible assets (NTA) on a pre-tax basis. Adjusted for previously announced gains in DASH, the company’s May 2025 pro-forma NTA per share stands at $1.81 pre-tax and $1.65 post-tax, up from $1.65 and $1.54 respectively. This translates into a projected gross return of 32.8% for FY25 across the private portfolio.
David Kirk, Co-founder and Managing Partner, praised the portfolio companies’ teams for their performance, emphasizing that the private investments remain the core drivers of value creation. The company’s strategy of backing high-growth technology firms appears to be paying dividends, despite the occasional volatility inherent in early-stage investments.
Looking Ahead
Bailador plans to incorporate these valuation adjustments into its upcoming June 2025 shareholder update, expected in July. While the figures are currently unaudited, they provide a promising snapshot of the fund’s trajectory. Investors will be watching closely for confirmation of these gains and further insights into the factors behind Nosto’s decline.
Bottom Line?
Bailador’s portfolio shows strong growth momentum, but investors should watch for upcoming audited results and the impact of isolated setbacks.
Questions in the middle?
- What are the underlying causes of Nosto’s sharp valuation decline?
- How sustainable is the rapid growth seen in Updoc and Hapana over the longer term?
- Will Bailador’s portfolio continue to deliver above-market returns amid evolving tech sector dynamics?
