Sky News has learnt that Iain Conn, who spent a decade in senior roles at BP, is one of a small number of contenders to replace Sir Douglas Flint.
City sources said a decision was expected to be made by IP Group’s board about its next chairman before the end of the year.
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Mr Conn left Centrica in 2020 after five years in the top job.
IP Group has backed companies including HInge Health, which recently floated in New York, and London-listed Oxford Nanopore.
Last year, it benefited from a substantial payout for its stake in Featurespace following its £700m sale to Visa.
The London-listed company’s portfolio also includes stakes in companies such as First Light, a nuclear fusion specialist.
This week, it announced half-year results disclosing hat it referred to “funding delays and pricing pressure for Oxa and Artios”, in which it said the value of its holdings had declined by more than £35m.
IP Group’s shares were trading at around 53p on Thursday afternoon, giving the company a market capitalisation of almost exactly £500m.
A spokeswoman for IP Group declined to comment.
