Touch Ventures Limited reported a $4.6 million net loss for 2025, driven by investment impairments and foreign exchange impacts, while appointing Gannet Capital as its new investment manager to revamp its portfolio strategy.
- Net loss narrows to $4.6 million from $24.9 million in 2024
- Gannet Capital appointed as external investment manager in May 2025
- US$10 million investment in AE EventsCo Holdings LLC (Mari)
- Follow-on investment in Tixel reflects ongoing conviction
- Net Tangible Assets per share slightly down to $0.113 with strong cash reserves
A Year of Transition and Strategic Renewal
Touch Ventures Limited (ASX – TVL) closed its 2025 financial year with a net loss of $4.6 million, a significant improvement from the $24.9 million loss recorded in 2024. This reduction was largely due to a more disciplined approach to portfolio management and a strategic pivot marked by the appointment of Gannet Capital Pty Ltd as the Company’s external investment manager in May 2025.
The year was characterised by a dual focus – managing legacy investments while selectively deploying capital into new, high-quality opportunities. The appointment of Gannet Capital, led by Glenn Poswell, brought fresh expertise and access to a global network of founders and investors, enabling Touch Ventures to tap into proprietary, often off-market deals that are typically out of reach for Australian-listed investment vehicles.
Key Investments and Portfolio Developments
Among the notable investments during the year was a US$10 million stake in AE EventsCo Holdings LLC, known as Mari, a global events and experiences platform valued at over US$2 billion. This investment exemplifies the calibre of opportunities now accessible through Gannet Capital’s network.
Touch Ventures also made a follow-on investment in Tixel Pty Ltd, reinforcing its confidence in the company’s long-term growth potential within the live entertainment and ticketing sector. Despite these positive moves, some legacy portfolio companies faced valuation pressures and execution challenges, contributing to the overall loss.
Financial Position and Outlook
The Company ended the year with Net Tangible Assets (NTA) of approximately $79.8 million, translating to $0.113 per share, down slightly from $0.119 per share in 2024. Importantly, Touch Ventures maintains a robust cash position of around $29.7 million, representing about 37% of its net assets, providing both resilience and flexibility for future investments.
No dividends were declared, reflecting a focus on capital preservation and reinvestment. The Board remains committed to enhancing portfolio quality by backing exceptional founders and scalable businesses, aiming for sustainable long-term value creation.
Governance and Leadership Changes
The year also saw a change in the Board, with Jim Davis, founder of Woodson Capital and a long-serving director, resigning in June 2025. Woodson Capital remains a significant shareholder, underscoring ongoing support. The Board’s composition and governance structures are aligned to support the Company’s refreshed strategy under Gannet Capital’s stewardship.
Looking ahead, Touch Ventures plans to continue balancing active management of its legacy portfolio with disciplined capital deployment into new, high-conviction opportunities sourced through its enhanced global networks.
Bottom Line?
Touch Ventures’ strategic shift under Gannet Capital sets the stage for a more focused portfolio and potential value recovery in coming years.
Questions in the middle?
- How will Gannet Capital’s global network influence the pace and scale of new investments?
- What is the timeline and strategy for realising value from legacy portfolio holdings?
- How might market conditions and foreign exchange volatility impact Touch Ventures’ portfolio in 2026?