Component of the velvet transcription factor complex that controls sexual/asexual developmental ratio in response to light, promoting sexual development in the darkness while stimulating asexual sporulation under illumination (PubMed:23118899). The velvet complex hat acts as a global regulator for secondary metabolite gene expression (By similarity). Controls the expression of the oxalic acid and melanin gene clusters (PubMed:23118899, PubMed:23147398). Controls also the expression of proteases and carbohydrate-active enzymes (PubMed:25625818). Involved in the resistance to oxidative stress (PubMed:23147398). Required for full virulence (PubMed:23118899, PubMed:23147398). Component of the heterotrimeric velvet complex composed of LAE1, VEL1 and VEL2; VEL1 acting as a bridging protein between LAE1 and VEL2 (PubMed:25625818). Enriched in the nucleus in the dark (By similarity). The C-terminal PEST domain is a region rich in proline, glutamic acid, serine and threonine residues that is required for the light-dependent regulation of development and secondary metabolism (By similarity). Leads to light-independent conidiation, loss of sclerotial development and oxalic acid production, and reduced virulence on several host plants (PubMed:23118899, PubMed:25625818). Increases conidiation and melanin biosynthesis (PubMed:23147398). Belongs to the velvet family. VeA subfamily.