Hodgson, who is currently investment director of the media team at the venture capitalist 3i, will report to Rob Woodward, Channel 4's commercial director and managing director of the channel's commercial ventures arm, 4Ventures.
He replaces Gerry Bastable, who was appointed Channel 4's first head of corporate development but quit in April.
Hodgson said: "Channel 4 has worked hard over the last five years to establish a multimedia business model and now feels well placed to take advantage of fresh opportunities in the media sector. My focus will be on identifying new projects that are consistent with the channel's values and appealing to its core audiences, while offering a clear return to the core channel to help fund its public service provision in the future."
Hodgson joined 3i in 1995 and has been responsible for deals including the first-round funding for Elisabeth Murdoch's production company Shine Entertainment and the £67m buyout of Pinewood Studios by a consortium led by the former Channel 4 chief executive Michael Grade.
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