The head of Breakthrough Victoria has rejected claims of excessively high operating costs at the state’s $2 billion investment fund, saying the expenses are almost identical to that of private venture capital firms.
The rearguard action follows recent criticism levelled at the fund chaired by former Victorian premier John Brumby, which seeks to foster research and innovation, on the eve of its three-year anniversary.
Last week, the Australian Financial Review, prompted by the imminent departure of three board members, reported that Breakthrough Victoria’s expenses were the equivalent of 30 per cent of its invested capital last year.
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