Bailador’s Portfolio Valuation Uplifts Signal Growth but Raise Future Review Questions
Bailador Technology Investments has increased the valuations of its portfolio companies Updoc and PropHero, driving a notable uplift in net tangible assets per share and signaling strong early performance in FY26.
- Updoc valuation rises 20.5% to $44.8 million
- PropHero valuation surges 45.6% to $18.2 million
- Combined uplift adds $0.089 per share to pre-tax NTA
- Updoc flagged for further valuation review in June 2026
- PropHero shows rapid growth less than a year post-investment
Portfolio Valuations on the Rise
Bailador Technology Investments (ASX – BTI), a specialist technology expansion capital fund, has announced significant valuation uplifts for two of its key portfolio companies, Updoc and PropHero. These adjustments, approved by the board and effective immediately, reflect strong operational performance and growth momentum within the fund’s private technology holdings.
Updoc’s carrying value has been increased by 20.5%, from $37.2 million to $44.8 million. This marks a cumulative uplift of 124% since Bailador’s initial $20 million investment in May 2024. The company’s rapid revenue growth, profitability, and consistent delivery have underpinned this revaluation. Notably, Updoc has also contributed $0.7 million in cash dividends to Bailador this year, highlighting its cash-generative capacity.
PropHero’s Accelerated Growth
PropHero’s valuation has jumped by 45.6% to $18.2 million, despite being a relatively recent addition to the portfolio, with Bailador’s investment made only in February 2025. This swift revaluation reflects PropHero’s very high revenue growth and the fund’s confidence in its trajectory toward becoming a world-leading property investment platform. The materiality of this uplift prompted Bailador to adjust the valuation ahead of the typical twelve-month review cycle.
Impact on Bailador’s Net Tangible Assets
Collectively, these valuation increases translate into a $0.089 per share uplift in Bailador’s net tangible assets (NTA) on a pre-tax basis. This adjustment lifts the November 2025 NTA per share from $1.91 to $1.98 pre-tax, and from $1.72 to $1.76 post-tax, net of all fees. The fund’s management expressed satisfaction with the portfolio’s performance in the first half of FY26, building on strong results from FY25.
Looking ahead, Bailador has flagged a further valuation review for Updoc scheduled for June 2026, indicating ongoing confidence in the company’s growth potential. The fund’s active management approach and sector expertise continue to drive value creation in its portfolio of private technology companies with global market opportunities.
A Positive Signal for Technology Expansion Capital
These valuation uplifts underscore the resilience and growth potential of technology-focused expansion capital funds amid a competitive investment landscape. Bailador’s ability to identify and nurture high-growth private tech companies like Updoc and PropHero positions it well to deliver shareholder value over the medium term. Investors will be watching closely for the December 2025 shareholder update, which will incorporate these valuation changes and provide further insights into portfolio developments.
Bottom Line?
Bailador’s portfolio gains highlight robust growth in private tech investments, setting the stage for further value creation in 2026.
Questions in the middle?
- What specific growth drivers are fueling Updoc’s rapid revenue and profitability gains?
- How will PropHero’s business model evolve to sustain its accelerated growth trajectory?
- What risks could impact the upcoming June 2026 valuation review for Updoc?
