Seek has marked down the value of the venture capital fund run by the employment platform’s founder, Andrew Bassat, by $210 million as higher financing costs and sluggish dealmaking pushed the valuations of technology start-ups down.

But Ian Narev, Seek’s chief executive, said the lower valuations did not reflect the performance of the businesses in the Seek Growth Fund’s portfolio. The ASX-listed jobs giant owns 84 per cent of the venture capital fund, which was spun out of Seek in 2021 and owns stakes in high-profile software firms such as Go1 and Employment Hero.