Pioneer Group Inc. has sold its domestic venture capital business for $34.9 million to a partnership that includes the unit's managers and a group of outside investors.

Proceeds of the sale will be used to pay off loans and invest in core businesses, the company said. The transaction is part of a restructuring at the Boston investment company. Pioneer is also looking to sell its Ghanian gold mine and find a partner for its Russian timber operation. Such foreign ventures contributed to a loss of $33.5 million last year.

Pioneer lost $3.1 million in the deal, partly because the sale price was below book value. The sale does not involve its foreign venture capital operations. The company manages more than $23 billion of assets for retail and institutional clients worldwide.

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