Foresight Enterprise VCT non-executive chair Michael Gray is set to step down later this year.

Gray, who joined the board in 2017 and became chair in January 2024, will leave the role following the London-based company’s upcoming annual general meeting.

Deputy chair Kavita Patel will succeed him as chair, with the listed company also considering appointing an additional director as part of its wider succession planning.

The business has invested in UK firms across a variety of sectors, including Red Flag Alert, MyWay Digital Health and Hexarad.