Silicon Valley is littered with hundreds of former start-ups trapped inside larger technology companies that are no longer happy with the ventures they snapped up in the acquisitions frenzy of the 1990’s.

Now a pair of Silicon Valley-based venture capitalists have opened an unusual $250 million fund intended to buy and rehabilitate such companies

In some cases, the best candidate for running the newly freed company may turn out to be its original creator.

“We’ve heard from a number of founders,” Mr. Garnett said, “who told us, ‘Gosh, we sold our business four years ago, and now our baby has been all screwed up and we want it back.’ ”

The new fund, called Garnett & Helfrich Capital, is expected to occupy a long-needed niche within the technology universe’s constellation of venture partnerships and private equity groups.

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