Allianz, the German insurance company, has re-entered the venture capital business, just months after Allianz Capital Partners re-focused its business on buy-outs and away from venture investing.

Allianz has launched Allianz Venture Partners as the third pillar of its private equity business, alongside Tom Pütter's Allianz Capital Partners, which provides finance for leveraged buy-outs and mezzanine debt, and Allianz Private Equity Partners, its fund of funds business.