Fidelity Growth Partners Europe managing partner Simon Clark has stepped down as chairman of the British Private Equity & Venture Capital Association (BVCA).

Replacing him is Tim Farazmand, who is managing director at LDC – the private equity firm he joined in 2005 following positions at 3i, Royal Bank of Scotland and Catalyst Fund Management.

As chairman of the BVCA, the industry body for the UK private equity and venture capital industry, Farazmand will be responsible for leading policy at the organisation.

With previous chairman Clark focused on finding new sources of capital, increasing engagement with Europe and overlaying the venture capital model onto other social problems in the world, Farazmand is looking to pick up and run with the with social impact investment space.

‘Certain figures from the private equity and venture capital community have been blazing a trail in this area for many years now, and with the new social investment tax relief announced by the chancellor in his Budget statement, we are now in a position to really make a difference to social enterprises across the UK,’ he explains.

‘The economic recovery presents an opportunity to emphasise pirate equity and venture capital’s role as a catalyst for business, ensuring sustainable investment for long-term growth. As an industry we have a fantastic story to tell and I want to make sure it is one that is heard far and wide.’

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As well as his existing role at LDC, and prior ones at 3i and IBM, Farazmand has also served as chair of the BVCA’s Citizenship Advisory Group.

Farazmand says that, alongside director general Tim Hames, the BVCA needs to be in ‘the best possible shape’ before the next general election so that private equity and venture capital is suitably understood.

Hames, who took over from Marc Florman in April 2013 comments, ‘We are delighted to have Tim take over as chairman for 2014/15 in what is sure to be an extremely busy time for both the BVCA and the industry at large.

‘Tim has been an active member of the BVCA for many years now and we will certainly need that enthusiasm and hard work as we approach May 2015.’