Victorian Liberal president Michael Kroger has credited Malcolm Turnbull with a dramatic turnaround in the party's fortunes, telling an exclusive party fundraiser the switch of leader meant just one federal seat - rather than six under Tony Abbott - was now at risk.

And Victorian Liberals have opened their arms - and their wallets - to welcome the new Prime Minister at an Enterprise Victoria fundraising dinner, with an estimated $400,000 raised for the party on Tuesday night.

Mr Kroger also told the 400 guests at the event, which coincided with a cabinet meeting in Melbourne and was held at Zinc in Melbourne's Federation Square, that former MP Sophie Mirabella was now a chance to regain the seat of Indi from independent Cathy McGowan and a third senate seat was now in play.

He identified four Labor-held seats - Bruce, Chisholm, Bendigo and McEwen - where the Liberal Party was making gains.