Peter Linthwaite, chief executive of the British Private Equity and Venture Capital Association, has resigned following a row over his leadership of the organisation during fierce questioning by politicians and unions this week. His exit comes as the BVCA weighs up splitting its activities following anger that big firms were hijacking it.

His decision to resign comes just two days after the BVCA faced a grilling by the powerful Treasury Select Committee over its members' use of tax incentives and remuneration.