Intel Corp., the once-dominant chipmaker struggling to revive its business and finances, plans to turn its venture capital arm into a separate fund with a new name.

Intel says that it plans to spin off its corporate venture arm, Intel Capital, into a standalone fund, with Intel as an "anchor investor."

The chip maker said it will remain an investor in Intel Capital, founded in 1991 with over $5 billion in assets under management.

Intel Corp. said today that its venture capital arm Intel Capital is being spun off into an independent entity, the latest move in a series of structural changes it’s making as

Intel has announced it will spin off its global venture capital arm Intel Capital into a standalone investment fund. The move is designed to bring the corporate structure of Intel Capital more in line with other venue capital firms, allowing the fund to raise money from external investors.

Intel Capital has $5 billion in assets and a portfolio of 170 companies. Intel says it will remain an "anchor investor."

Intel Capital was set up 24 years ago. It has raised $5 billion and invested in over 1,800 early-stage companies in cloud computing, semiconductors, and end-user devices. The spin-off could cause shocks at portfolio companies, where Intel Capital is an anchor investor and has representatives on the companies’ boards of directors.

Intel will spin off its venture capital unit as the troubled US chipmaker seeks to cut costs and faces more scrutiny over its investments in China. Intel said on Tuesday it would separate Intel Capital,