Bailador Posts 33% Gross IRR, $20m Realised, and 3.6c Dividend in FY25
Bailador Technology Investments reported a robust FY25 with a 33% gross IRR from its private portfolio, $41 million deployed in new and follow-on investments, and a strong final dividend of 3.6 cents per share.
- 33% gross IRR from private portfolio investments
- $41 million invested in new and follow-on deals during FY25
- $20 million realised from SiteMinder investment at nearly 38% IRR
- Portfolio revenue growth averaged 47% with 87% recurring revenue
- Final dividend declared at 3.6 cents per share, yielding 8.1% grossed-up
Strong FY25 Performance Amid Expansion-Stage Focus
Bailador Technology Investments Limited (ASX, BTI) has showcased solid financial and operational results for the fiscal year ending June 2025, reinforcing its position as a specialist growth capital fund targeting expansion-stage technology companies. The company’s strategy of investing in businesses that are scaling internationally continues to deliver premium returns, with a reported 33% gross internal rate of return (IRR) from its private portfolio.
During FY25, Bailador deployed $41 million across new and follow-on investments, reflecting an active approach to nurturing portfolio growth. This was balanced by $20 million in realisations, notably from its stake in SiteMinder, which generated an IRR of 37.9%, underscoring the fund’s ability to convert paper gains into tangible cash returns for shareholders.
Portfolio Growth and Valuation Uplifts
The portfolio companies demonstrated robust underlying performance, with weighted average revenue growth of 47% and a high recurring revenue proportion of 87%. Key investments such as Hapana, a fitness studio management platform, and PropHero, an AI-driven property investment platform, saw significant valuation uplifts of 50% and rapid revenue growth shortly after investment.
Bailador’s concentrated portfolio approach allows it to work closely with management teams, providing operational support beyond capital. This hands-on involvement appears to be paying off, with multiple portfolio companies achieving strong valuation increases and operational milestones during the year.
Financial Position and Shareholder Returns
Despite a reduction in cash reserves due to active investing and dividend payments, Bailador maintains a strong balance sheet with financial assets valued at $193 million. The company declared a final dividend of 3.6 cents per share, bringing total dividends for FY25 to 7.3 cents per share and delivering a grossed-up yield of 8.1%, reflecting its commitment to returning capital to shareholders.
Profit after tax for FY25 stood at $19.3 million, supported by a $38 million increase in portfolio asset values. Management and performance fees remained stable and aligned with the fund’s performance, indicating disciplined cost management amid growth.
Sustainability and ESG Commitment
Bailador continues to integrate environmental, social, and governance (ESG) principles into its investment cycle. The company fully offsets its carbon emissions across all scopes and maintains a sustainability framework aimed at mitigating its environmental impact. While not yet subject to mandatory climate-related disclosures, Bailador’s proactive ESG reporting signals a forward-looking approach aligned with investor expectations.
Looking ahead, Bailador’s focus remains on expansion-stage technology companies with strong growth prospects and scalable business models, positioning it well to capitalize on evolving market opportunities.
Bottom Line?
Bailador’s FY25 results affirm its growth capital strategy, but sustaining high returns will depend on continued portfolio momentum and timely realisations.
Questions in the middle?
- How will Bailador balance further investments with maintaining cash reserves amid market uncertainties?
- What are the prospects for additional realisations beyond SiteMinder to support dividends?
- How will evolving ESG expectations influence Bailador’s investment and reporting practices?