Innovation funds elusive.

The article reports on the unrealized $120 million promise of Australia's federal government to three new venture capital funds under its established Innovation Investment Fund. None of the venture capital firm fund managers such as Yuuwa Capital, OneVentures and IB Australian Bioscience Fund has incurred any cent from government coffers. A condition states that each of the three funds should raise $20 million in private investments in order for the government to equate them with $20 million.