Last summer, Blackbird, one of Australia’s largest venture operations, marked down the value of one of its most prized stakes, in the Sydney-based design platform Canva. Valued at $40 billion by investors in a $200 million round in the fall of 2021, Blackbird adjusted its own valuation of the company 36% to $25.6 billion.
Now, T. Rowe Price — the mutual fund Goliath that began investing aggressively into late-stage startups nearly a decade ago, continued to fund them throughout the pandemic, and led the $40 billion round in 2021 — has marked down the value of its stake in Canva even more dramatically, adjusting it by a whopping 67.6%. (T. Rowe’s Blue Chip Growth Fund, which owns several classes of Canva shares but predominantly Series A shares, has to date invested $99.1 million in Canva and states in its most recent prospectus, dated …
