Three directors of the $2 billion Breakthrough Victoria fund are departing, amid calls for the “unnecessary” John Brumby-led venture capital player to be wound up, despite the state government insisting it is working well.

The latest annual report shows the fund employs more than 50 staff, including former Victoria public servants and political staffers, at a cost of almost $9.9 million a year. The fund also spent more than $1.55 million on consultants, including PwC and EY, last financial year.