Joel Alvord, who recently retired as chairman of Fleet Financial Group Inc., is seeking $150 million for a venture capital fund to invest in financial services companies.

Mr. Alvord has already lined up his old company as his first investor. Boston-based Fleet is investing more than $10 million.

The name of the new venture is Shawmut Equity Partners, harking back to Shawmut National Corp., of which Mr. Alvord was chairman when Fleet bought it in 1995.

Mr. Alvord intends to invest in financial services companies, particularly businesses that distribute term life insurance directly to consumers and ones that would develop products for banks.

The 58-year-old bank veteran isn't jumping alone into the new business.

His partners are Allen W. Rork, president of the consulting company Clusae Inc.; and Daniel K. Doyle, formerly a principal at Summit Partners, a Boston venture firm.

Mr. Alvord's fund was first reported in The Boston Globe.

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