Deputy CEO Chris Hurley and CIO Martin Draper will lead the business as co-heads and chief executives.
As part of an existing succession plan Eales will step down from the LDC board but will continue his involvement with the business in a part-time advisory chairman role and support the final phase of the transition plan to new leadership.
LDC said he would also retain a number of board roles at portfolio companies, support the LDC in the community project and focus upon assisting LDC’s Asia operation.
Since Mr Eales became CEO in 2003, LDC has invested more than £2.6bn in 166 UK companies, mainly small and medium size enterprises, and delivered capital gains in excess of £1.2bn, the most successful period since the firm was founded over 30 years ago.
Eales said, “It has been an absolute privilege to lead LDC and, especially, to work with so many outstanding people across the UK regions, many of whom have become close and trusted friends.
“Looking ahead, I am delighted that Martin Draper and Chris Hurley have been appointed to lead the business.
“They are highly talented investors, grounded in regional, mid-market private equity and, above all, are great friends of many years standing.
“LDC is an outstanding business and has a wonderful future. Martin and Chris have my full support as they take up the challenge and opportunity to take LDC to the next level.”
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