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:17631397). The velvet complex hat acts as a global regulator for secondary metabolite gene expression (By similarity). Component of the heterotrimeric velvet complex composed of lae-1, ve-1 and vel-2; Ve-1 acting as a bridging protein between lae-1 and vel-2 (By similarity). Enriched in the nucleus in the dark (By similarity). Constitutively expressed during asexual and sexual development and induced by red light, indicating a light-dependent regulation (PubMed:17631397). 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). Results in increased conidiation associated with stunted aerial hyphae (PubMed:17631397). Belongs to the velvet family. VeA subfamily.