BGF Executive Chairman Sir Nigel Rudd is to retire from the role in June.

He will be replaced by Stephen Welton, founder and CEO at the growth capital investor.

Welton has been responsible for the management and strategic direction of BGF since 2011 and will continue to focus on the expansion of the company.

Sir Nigel became Chair when the company was founded and has been instrumental in helping to steer the successful expansion of the company.

Senior Independent Non-Executive Director Neil Johnson, who has served on the Board since 2011, will become Deputy Chairman.

BGF has invested over £2bn across more than 300 companies. The company most recently added to its network of 14 offices with new openings in Cambridge, to support its growing investments in life sciences, and Cork to drive further expansion in the Republic of Ireland.

Sir Nigel said: “Stephen Welton has expertly led BGF’s growth and expansion, combining a deep understanding of entrepreneurship in Britain with vast experience of the investment industry.

“I am delighted that as Executive Chairman he will continue to build on the work of the past nine years, leading the company into what I know will be a very bright future.

“It has been an absolute honour to have served as Chairman whilst BGF made roots in cities and regions across the UK and Ireland.”

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Welton said: “I want to thank Sir Nigel for his tremendous contribution in supporting an idea back in 2011 and helping us to turn that into a significant investment company today.

“We know that we have his continued support and offer him the very best wishes for the future.

“I am delighted to take on the role of full-time Executive Chair. BGF has created an investment platform capable of identifying brilliant businesses and deploying capital, in volume, across all regions and sectors to support the entrepreneurs and innovators of the UK and Ireland.

“As we enter a new decade, with growing optimism across UK plc, our opportunity now is to continue to build on that platform and help expand the country’s growth capital industry.”