Lionel Pincus, a legend on Wall Street for his pioneering work in the venture capital and private equity industries, has died after a long battle with cancer. He was 78.

Co-founder and chairman of Warburg Pincus, the New York buy-out company, Mr Pincus first garnered prominence early in his career for pushing new regulations in the 1970s that allowed pension funds to invest venture capital with private equity funds.