UK: Venture capital chief quits

The chief executive of Britain’s leading private equity lobby group resigned today in the wake of mounting attacks on the industry from unions and politicians.

The British Venture Capital Association (BVCA) said Peter Linthwaite had asked to stand down “with immediate effect.”

BVCA chairman Wol Kolade said: “The BVCA and the industry appreciates and is grateful for Peter’s hard work over the last two years in a very challenging environment. I know that there is more he can do to support the industry in the future.

“Our job now with the industry is to promote the private equity and venture capital industry as the force for good which it is. There is a debate to be had about private equity but we need to make sure that a political campaign being run by the unions doesn’t end up damaging the overall strength of the economy.”

Mr Linthwaite said: “This has been a fascinating and challenging two years. Over this time the BVCA has grown and achieved much for its members. However the role of chief executive has changed immeasurably and I believe that it is now time for new leadership to take the BVCA forward to the next stage.”