The Victorian government’s $2 billion venture capital fund recorded its first loss since inception last financial year, despite adding more than $190 million in new investments to its portfolio.
The small $3 million loss compares with a $58.7 million profit for the year ending June 30, 2023, and comes as the government stares down criticism of the state-backed VC firm.
But returns have started to pick up, with investment income from Breakthrough Victoria’s $261.8 million portfolio growing almost 60 per cent last year, while direct operational costs have also fallen with fewer staff employed.
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