Sources tell CNBC that GE Ventures, the corporate venture arm for GE, is looking to sell off its entire portfolio of investments.
GE CEO Larry Culp is in the midst of what he calls a multiyear turnaround.GE Ventures is looking for a buyer for its portfolio of more than 100 start-ups, according to people familiar with the matter, as parent companyThe venture arm, which started in 2013, has been shopping itself for several months and is in discussions with other venture firms as well as groups of limited partners who invest in those funds, said the people, who asked not to be named because the discussions are confidential.
Selling a venture portfolio is particularly challenging because the buyer has to assume ownership of not only the companies that have market traction but also those that are struggling, and in start-up land there tend to be far more failures than successes.
"During this time of transformation for GE, we are evaluating strategic options for GE Ventures to continue delivering returns for our shareholders and partners," said Megan Newhouse, a GE spokesperson, in a statement. "While we can't comment specifically on that process, we remain committed to supporting our portfolio companies, business units and partnering with the entrepreneurial ecosystem.
Correction: The Key Points of this article have been updated with the correct percentage GE's stock has fallen over the last 12 months.
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