Charles Peal has left Legal & General Ventures where he was chief executive, to form a private equity partnership with Bank of Scotland's Colin Leslie.

The move comes less than two months after Bank of Scotland decided to spin off its fund management business, which included a £550m portfolio of mezzanine loans and private equity investments. Bank of Scotland is now looking to hive off this portfolio and help create a fund-of-funds business. This could be the first piece of business that Peal and Leslie, chief executive of Bank of Scotland's structured banking division, are awarded.

Bank of Scotland backs Peal's new private equity venture

Nina Mehra

Legal & General

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