The Victorian government will strip $360 million from its venture capital fund and extend the investment horizon from 10 to 15 years, as it seeks to make more “quality investments” amid a changing market.
Victorian Treasurer Tim Pallas revealed the changes to Breakthrough Victoria in the 2024 state Budget on Tuesday, just weeks after the Allan government rejected calls to wind up the $2 billion fund.
The decision comes at a time when the Commonwealth government is adopting an increasingly interventionalist approach to industry policy, investing large sums of money in companies as part of its Future Made in Australia plan, and as private VC funding falls.
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So where did the 27m go?