Tim Spence, the finance director at Graphite Capital, has taken over as chairman of listed private equity trade body LPEQ and pledged to engage with investors to spread the word about the benefits of a sector which is running at record levels of market capitalisation.

Spence, who is also a member of the management team at London-listed Graphite Enterprise Trust, will assume the role of chairman with immediate effect, according to an LPEQ statement. Spence replaces Andrew Lebus, a senior partner at fund of funds Pantheon Ventures, who had held the role for two years.