Innovation Victoria surges 36% as Liberals pledge shutdown
The $824.2 million fund grew assets 36% in a year but faces closure if Liberals win November 28.
Innovation Victoria ended the year with $824.2 million in assets, a big jump from earlier losses. Assets under management grew 41% while costs fell 32%.
Two exits proved profitable: quantum computing firm Infleqtion and balloon maker World View. Sale prices were not revealed.
Opposition leader Jess Wilson pledged to shut down the fund and sell the portfolio to pay for surgery. Labor created the fund in 2021 to back research start-ups and early-stage companies.
Over five years it invested $529.3 million across 103 companies. The portfolio returned 21.9%, beating typical venture funds in Australia, the US and Europe.
- 824.2 million dollars
- Assets under management
- 36 percent
- Annual asset growth
- 529.3 million across 103 companies
- Five-year investments
- 21.9 percent
- Portfolio internal rate of return
Why it mattersA Liberal win could force the sale of investments at a discount, potentially costing Victorian taxpayers significant capital gains.
AustraliaIf the fund closes, Victoria loses its primary early-stage venture capital vehicle. The startup sector employs over 68,000 people in the state.
✓ Claims checked against the source. checked 3 h ago
