Not very pretty

A review from Independent Investment Research.
"Bailador Technology Investments (ASX:BTI) is trading at the largest discount to NTA, a material 25.2%. We believe a number of initial investors in the LIC have lost patience given a couple of major writedowns in individual portfolio holdings and the long lead time for realisations on individual investments. Private equity style investing requires patience and cashflows can be lumpy. Investors also need to understand that, in a portfolio of 10 private equity investments, it is not unusual for one or two investments to not perform to initial expectations. BTI continues to expect a number of realisations over the next 12 months with the potential to substantially increase NTA. The shares look cheap, but the discount may take some time to correct with the market waiting for further evidence of the realisations."