Breakthrough Victoria CEO to step down: AFR
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The news: Grant Dooley, the chief executive of state venture capital fund Breakthrough Victoria has resigned, the Australian Financial Review reported.
The numbers: Dooley had been CEO of the fund since November 2021. He previously held senior positions at Hastings Fund Management and ARA Infrastructure. Breakthrough Victoria, chaired by former premier John Brumby, manages 31 companies and employs 42 staff.
The context: The report quoted Dooley saying he had decided to step down because it was time for the fund’s next phase.
Victorian Treasurer Tim Pallas announced in May the government would strip $360 million from the venture fund and extend its investment horizon from 10 to 15 years, amid a changing market.
Breakthrough Victoria last year spent $10 million to invest $74 million, a rate venture capitalists warned was wasteful and uncommercial, the report said. It led to the state Liberals referring the venture capital fund to the auditor-general.
The source: AFR
