Flush with cash, the tech-focused listed investment company is hunting for its next ideas as valuations tumble.
Australia’s only listed venture capital business Bailador is hunting for opportunities in the tech sell-off, flush with cash after wins from exiting a significant proportion of its portfolio investments last financial year.
“The difference is that there is currently less capital chasing those companies, and valuations are more reasonable,” he said. “We have felt for some time that valuations generally were becoming aggressive, so our focus has been more on realising investments, and we have been particularly selective when making new investments,” the LIC said in its latest portfolio update.
The fund, which invests across public and private tech markets, wrote down the value of e-commerce platform Nosto and Access Telehealth by 20 per cent and 24 per cent respectively, while leaving the valuations of InstantScripts, Mosh and Rezdy untouched.ASX-listed holdings SiteMinder and Straker Translations have both fallen steeply in value, the former 40 per cent since IPO in November 2021, and the latter 32 per cent over the past year.
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