INTC Intel Corporation

By Deborah Gage 

Intel Capital is restructuring its investment team, but the firm has decided not to sell part of its venture-capital portfolio.

In a blog post Thursday, Intel Capital President Wendell Brooks said the group has completed a review of its portfolio and "despite what you may have read or heard, we are not planning any major changes to Intel Capital's portfolio. While, like all investors, we'll continue to actively manage our investments, I intend to keep and support the portfolio I inherited. We aim to build upon our strong track record and generate successful outcomes for our portfolio companies."

But Intel Capital, the venture capital arm of Silicon Valley chip maker Intel Corp., is restructuring to streamline its investment process and give startups wider exposure to Intel's business units, and departures are expected, Mr. Brooks said.

"Some team members will be shifting roles and a few may leave," he wrote. "While I hate to lose good people, some turnover and promotions for exceptional talent will be good for the organization. One thing that won't change is our relentless search for new technologies and market opportunities."

The movement has started. Former Intel Capital Vice President Lisa Lambert said Wednesday she is joining Silicon Valley venture firm Westly Group as a managing partner. She was managing director of Intel Capital's Software and Services Fund and the Intel Capital Diversity Fund. The Diversity Fund continues, and Intel has combined its Software and Services Fund with its security group, putting Managing Director Ken Elefant in charge of both.

Ms. Lambert said her departure has nothing to do with the changes at Intel. She wanted experience at a private venture firm, she said, and Westly Group approached her several months ago. "I wouldn't have traded my experience at Intel for anything," she said.

Intel was working with UBS Group AG and considering selling a part of its portfolio in a sale that could have been valued at $1 billion in order to focus on areas most strategic to Intel. Since April the company has been undergoing a companywide restructuring and is in the process of cutting 12,000 jobs to focus more on the cloud.

Mr. Brooks said that after evaluating Intel Capital's portfolio, "I am happy to report I inherited a terrific portfolio. The portfolio as a whole represents a broad-based and solid set of investments across many strategic and nonstrategic sectors to Intel. This review has demonstrated to me the tremendous job the Intel Capital team has done in sourcing and supporting investments across technology sectors."

Intel Capital is one of the largest corporate investment arms in the world. Since 1991, Intel Capital has invested about $11.7 billion in 1,445 companies in 57 countries, the company said.

Intel Capital declined to answer questions on Mr. Brooks' post.

Patience Haggin contributed to this article.

Write to Deborah Gage at Deborah.Gage@dowjones.com

(END) Dow Jones Newswires

May 26, 2016 12:43 ET (16:43 GMT)

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