Private equity firm Doughty Hanson said it would avoid raising a new venture capital firm under its team co-led by former Intel Capital directors.

Nigel Grierson (pictured) and George Powlick, co-heads of Doughty Hanson Technology Ventures, co-founded the private equity firm’s venture unit in 2000 after previously working at chip maker Intel’s corporate venturing unit in Europe.

Stephen Marquardt, chief executive of Doughty Hanson, said: “While we have had notable successes in both Real Estate and Technology Ventures, the real heritage of Doughty Hanson lies in its private equity business.

“We are not planning to make changes to our Real Estate or Technology Ventures teams, which will continue to manage their existing funds as before and will focus on generating returns for our investors.  However, we will not be establishing any new funds in these sectors.”

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