BTI – Bailador Technology Investments

Bailador is having a good year. As a LIC, it has different characteristics than many others, being

  • High Conviction (currently 8 investments plus cash)
  • Technology focused
  • Seeking growth stage investment.

Companies BTI invests in typically share the following characteristics:
• Run by the Founders
• Two to six years in operation
• Proven business model with attractive unit economics
• International revenue generation
• Huge market opportunity
• Ability to generate repeat revenue

The market cap is $178 million, with the latest NTA per share (pre-tax) of $1.51; post tax, which is more relevant considering the growth/ cash realisation, is $1.34. So it is not really trading at a discount. And it can be lumpy; recently one asset was exited for cash, another had a 49% uplift on revaluation. But it is the imprecise nature of pricing, whether by new equity to the holding, or a comparable company being repriced.

It is start-up tech world; if you want exposure to SiteMinder, instacluster, Straker, Stackla, Lendi, Rezdy, Brosa, DocsCorp and Standard Media Index (whoa there; no spell check(!!) ) with a clip (MER), then this could be a way to diversify the risk.

Daily for last 15 months: