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

Intel, the chips maker that has fallen behind rivals AMD and Nvidia, is separating its venture capital arm into a stand-alone fund. It’s a small step, but shows the company is ready to shake things up under new management.

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