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VCHuman
CapitalSurvey
Fourthedition|April2023
Contents
Executivesummary3
WhyDEImattersfortheVCindustry8
Thediversitydividend9
BarrierstoDEIprogress11
Genderdiversity12
Racialdiversity16
Ethnicdiversity23
OtherkeycharacteristicsoftheVCworkforce27
TalentmanagementandDEIpractices29
Takeaction:HowVCfirmscanpromoteDEI38
Surveymethodology41
Appendix43
Endnotes51
Executivesummary
ThisreportincludesthekeyresultsofthefourtheditionofanongoingsurveyseriesconductedbyVentureForward,theNationalVenture
CapitalAssociation(NVCA),andDeloitte&ToucheLLP(Deloitte)to
assessthestateofdiversity,equity,andinclusion(DEI)intheventurecapital(VC)industry.TheVCHumanCapitalSurveyprovidesdataon
theworkforcedemographicsandfirm-levelDEIpracticesatUnited
StatesVCfirms.Thesurveywasfirstconductedin2016,creatinganindustrybenchmark,withsubsequentsurveysconductedin2018and2020.Thelatestsurvey,thefourthedition,wasconductedin2022.
ResultsfromthelatestsurveyshowtheVCindustryhasmadesignificantbutsomewhatinconsistentprogressinincreasing
itsgender,racial,andethnicdiversitysince2016.Women’s
representationinbothinvestmentandleadershippositionshas
grownsteadily,whileBlackandHispanicemployees’representationhasseensmallerthoughacceleratedincreasessincethelast
survey.Diversitygainshavebeenunevenacrossdifferenttypesoffirms,andthereareareaswheremoreleadershipandactioncanaccelerateprogress.
Inadditiontotheirbroadersocialresponsibility,surveyedVCfirmsarerecognizingthatmorediverse,equitable,andinclusiveteamsoutperform,fuelinnovativeideas(thatmayhavepreviouslybeen
overlooked),andcreatevalue.Researchconsistentlyshowsthat
diverseteamshavebroadernetworksandaremoreeffectiveat
decision-making.ManyVCfirmsarereflectingonsystemicbarriers
forwomen,peopleofcolor,andothermarginalizedcommunities,andareseekingtoaddressthemthroughvariousinternalandexternal
approaches.MorefirmsnowhaveadesignatedstaffpersonorteamresponsibleformanagingDEIthanbefore,andmoresaythatthey
requestDEIdetailsfromtheirportfoliocompanies.
WhileVCfirmscontinuetoexpandDEI,thelatestsurveyalso
identifiesspecificareaswhereprogresshasstalled.Thisreport
suggestsstepsthatfirmscouldadopttopotentiallyaccelerate
progressintheindustry.VCfirmsfaceuniquechallengesinincreasingdiversitysincetheytendtobesmallteams,withamediansizeof
sevenemployeesamongfirmsparticipatinginthelatestsurvey.In
addition,turnoverislow,withfirmsreportingturnoverofonly6%
amongseniorinvestmentpositionsand20%amongjuniorinvestmentpositionsintheyearendingJune30,2022.
Despitechallenges,therehasbeenprogress,andthissurveyseries
hasidentifiedencouragingdatathatmayleadtofurtherchangesovertime.Diversityisincreasingamongjunior-levelpositions,whichfirmsoftendrawfromtofillmoreseniorroles.
3
Executivesummary
Morefirmsareestablishingdiversityand/orinclusionstrategies,assigningclearresponsibilityfor
promotingDEI,usingawiderrangeofexternalsourceswhenrecruitingforopenpositions,andrequestingDEIinformationfromportfoliocompanies.ManyfirmsareestablishingspecificDEIgoalsandconductingemployeesurveystoassessinclusionwithafocusonretentionandpromotion.Furthermore,limited
partners(LPs),whocontrolwhereandhowmuchcapitalisallocatedtoventurefunds,areincreasinglyrequestingDEIdatafromVCfirms.
Thelatestsurveyisalsotimelyinthatitwasthefirstintheseriesconductedsincethesummerof2020,
whensocialjusticeandracialequitywereafocusforthecountryandtheVCindustryafterthemurder
ofGeorgeFloyd.Sincethen,manyVCfirmshavemadepubliccommitmentstoprioritizeandadvance
DEI.Twoyearslater,the2022surveyassessedtheearlyresultsofthoseefforts,withthepercentageandabsolutenumbersofBlackandHispanicinvestmentpartnersincreasingcomparedtotheprevioussurvey.Itisimportanttonotethatitmaybetoosoonfortheoutcomesofthosecommitmentstofullyreflectin
industrydata.Thisislargelyduetothelong-termcycleofVC,structuralchallengesfacingtheindustry,andsystemicbarriersforDEIprogress(furtherdiscussedlaterinthisreport).
2020alsomarkedNVCA’spubliclaunchofitssupportingorganizationVentureForward,a501(c)(3)
nonprofitwithamissiontoincreasetherepresentationofwomen,peopleofcolor,andothermarginalizedcommunitiesinVCinvestmentdecision-makingroles.VentureForwardfocusesonexpanding
opportunitiesforpeopleofallbackgroundstoaccess,participate,andsucceedinVC,inadditiontohelpingfirmsimplementmeaningfulDEIstrategies.Thenonprofitisfundedbymorethan150VCinvestors,firms,andmajorcorporatesponsors,includingDeloitte.ThankstoVentureForward’sefforts,thereisagrowingunderstandingoftheimportanceofintersectionalapproachestoDEI.
AbouttheVCHumanCapitalSurvey
TheVCHumanCapitalSurveyprovides
informationthatallowsfirmstobenchmarkthemselvesagainstindustrypractices
andidentifyinnovativeapproachesto
promoteDEI.
ThefourtheditionofthesurveycollectedinformationasofJune30,2022,from315VCfirmsontheirtalentmanagement
practicesandthedemographicsof
approximately5,700employees.Combined,theyrepresentatotalof$594.5billionin
assetsundermanagement.
Althoughthereareotherassessmentsof
DEIintheVCindustry,thissurveyseries
takesauniqueapproach.ItgathersdiversitydataconfidentiallyfromVCfirmsofalltypesandsizes,examinesvariousdemographic
groupsacrossallpositions,andassessesfirmtalentmanagementstrategies,includingDEIpracticesandgoals.Thesurveyisconductedeverytwoyearssothatprogresscanbe
trackedovertime.Moredetailsonthesurveyandmethodologyareavailableon
page4
1.
Executivesummary
WhyDEImatters
fortheVCindustry
Thediversitydividend
BarrierstoDEIprogress
Genderdiversity
Racialdiversity
Ethnicdiversity
Otherkeycharacteristics
oftheVCworkforce
Talentmanagement
andDEIpractices
Takeaction:HowVC
firmscanpromoteDEI
4
Executivesummary
Keyfindings
STEADYPROGRESSINFEMALEREPRESENTATION.Female
employeescomprised26%ofinvestmentprofessionalsin2022
(upfrom23%in2020,21%in2018,and15%in2016)and19%of
investmentpartners(comparedto16%in2020,14%in2018,and
11%in2016).Theproportionofwomeninjunior-levelinvestmentpositions,fromwhichfirmsoftenfillmoreseniorroles,alsogrewin2022.Blackfemaleemployeescomprised2%ofinvestment
professionalsin2022(comparedto1%in2020and2018)and1%
ofinvestmentpartnersin2022(upfrom0.25%in2020butthe
sameasin2018).FemaleHispanicemployeesaccountedfor2%ofinvestmentprofessionalsin2022(anincreasefrom1%in2020and2018)and2%ofinvestmentpartners(comparedto1%inboth2020and2018).Femalerepresentationamonginvestmentprofessionalswithseniordecision-makingresponsibilitiesin2022sawlittleornogainsfrom2020.
UNEVENPROGRESSINBLACKREPRESENTATION.Blackemployeesaccountedfor5%ofinvestmentprofessionals(anincreasefrom4%in2020and3%in2018)and4%ofinvestmentpartners(upfrom3%in2020and2018).Inabsolutenumbersinthesurveysamples,thenumberofBlackinvestmentprofessionalsandthenumberofBlackinvestmentpartnersalsoincreased.Blackrepresentationamong
junior-levelinvestmentpositionsremainedflatat7%(upfrom5%in2018).Blackemployeessawgainsamonginvestmentprofessionalswithseniordecision-makingresponsibilities.
GROWTHOFASIAN/PACIFICISLANDERREPRESENTATION.
RepresentationofAsian/PacificIslanderemployeeswas22%among
investmentpositionsin2022(upfrom19%in2020and17%in2018)
and18%amonginvestmentpartners(anincreasefrom15%in2020
and2018).Amongjunior-levelinvestmentprofessionals,Asian/Pacific
Islanderemployeescomprised26%ofthesepositions(similarto
25%in2020butupfrom20%in2018).In2022,Asian/PacificIslander
investmentprofessionalssawsomeincreasesinseniordecision-
makingresponsibilitiescomparedto2020.
REPRESENTATIONOFWHITEEMPLOYEESDECREASESINSEVERAL
AREAS.Whiteemployeescomprised69%ofinvestmentpositions
in2022(downfrom72%in2020and76%in2018)and75%of
investmentpartners(adecreasefrom78%in2020and80%in
2018).Therepresentationofwhiteemployeesamongjunior-level
investmentprofessionalsremainedthesamein2022(61%)asin2020
butwaslowerthanin2018(78%).
SOMEIMPROVEMENTINHISPANICREPRESENTATION.Hispanic
employeescomprised6%ofinvestmentpositionsin2022(upfrom
4%in2020and5%in2018)and5%ofinvestmentpartnerpositions
(anincreasefrom4%in2020and3%in2018).Hispanicrepresentation
amongjunior-levelinvestmentprofessionalsalsoincreasedfrom4%
in2020and2018to5%in2022.Hispanicinvestmentprofessionals
alsosawgainsinseniordecision-makingresponsibilitiesin2022
comparedto2020.
Executivesummary
WhyDEImatters
fortheVCindustry
Thediversitydividend
BarrierstoDEIprogress
Genderdiversity
Racialdiversity
Ethnicdiversity
Otherkeycharacteristics
oftheVCworkforce
Talentmanagement
andDEIpractices
Takeaction:HowVC
firmscanpromoteDEI
5
Executivesummary
MOREFIRMSHAVEASSIGNEDRESPONSIBILITYFORDEI.In2022,60%offirmssaidthattheyeitherhaveastaffpersonorateam
responsibleforDEIinitiatives(anincreasefrom55%in2020,34%in2018,and16%in2016).
MOREFIRMSHAVEIMPLEMENTEDDIVERSITYANDINCLUSIONSTRATEGIES.Inthelatestsurvey,46%offirmsreportedhavingadiversitystrategy(upfrom44%in2020,35%in2018,and15%in2016),and44%saidtheyhadaninclusionstrategy(upfrom41%in2020,31%in2018,and17%in2016).
DIVERSITYANDINCLUSIONSTRATEGIESAREASSOCIATEDWITH
GREATERGENDERDIVERSITY.Firmsthatreportedhavingadiversitystrategyoraninclusionstrategy(orboth)hadagreaterpercentageoffemaleemployeesamongtheirinvestmentprofessionalsthanfirmsthathadneitherstrategy(28%vs.23%),aswellasamongtheirjunior-levelinvestmentprofessionals(37%vs.31%)andtheirinvestment
partners(20%vs.17%).Thisisinlinewithprevioussurveyeditionsthathadsimilarfindings.
MOSTFIRMSHAVEESTABLISHEDORPLANTOESTABLISHSPECIFICDEIGOALS.Thisnewquestionaddedtothe2022surveyfoundthat40%offirmshadestablishedspecificDEIgoals,whileanadditional
23%saidthattheyplantoimplementsuchgoalswithinthenext
sixmonths.AmongfirmsthathadsetspecificDEIgoals,93%had
establishedthemforfirminvestmentstaff,67%fornon-investmentstaff,and67%forportfoliocompanies.
MOREFIRMSARECONDUCTINGINCLUSIONSURVEYS.Inclusion
relatestohowemployeesexperiencetheworkenvironmentand
whethertheyfeeltheyareacceptedandvalued.In2022,32%offirms
saidtheyconductemployeesurveystoassessinclusion(anincrease
from26%in2020).
MOREFIRMSAREFOCUSINGONDEIATPORTFOLIOCOMPANIES.
In2022,38%offirmssaidtheyrequestedDEIdetailsfromtheir
portfoliocompanies(anincreasefrom30%in2020and19%in2018).
INTERESTINDEIAMONGLPSISGROWING.In2022,47%offirms
saidthatlimitedpartnersrequestedtheirDEIdetailswithinthelast12
months(anincreasefrom41%in2020and36%in2018).
Notes:
“Investmentpartners”aredefinedasemployeeswiththetitlesofmanaginggeneralpartner,managingpartner,generalpartner,foundingpartner,ormanagingdirectororwerepartnerswhoweredesignatedassenior-level
employees;andasinvestmentprofessionalswithseniordecision-makingresponsibilities.
Investorswith“seniordecision-makingresponsibilities”includeinvestment
professionalswhooriginatedeals,representthefirmonportfoliocompany
boards,areinvestmentcommitteemembers,orareownersinthemanagementcompany.Thisdataisavailablestartingwiththe2020survey.
Raceandethnicitydatafor2016arenotincludedinthereportbecausethe
relatedsurveyquestionshadadifferentformatinthe2016surveyandarenotcomparabletothosein2018,2020,and2022.
“Peopleofcolor”isdefinedasAsianAmerican/PacificIslanders,Blackand
AfricanAmerican,NativeAmericanorAmericanIndian,andHispanicorLatinoincludingpeopleofwhitedescentwhoidentifyasHispanicorLatino.
Executivesummary
WhyDEImatters
fortheVCindustry
Thediversitydividend
BarrierstoDEIprogress
Genderdiversity
Racialdiversity
Ethnicdiversity
Otherkeycharacteristics
oftheVCworkforce
Talentmanagement
andDEIpractices
Takeaction:HowVC
firmscanpromoteDEI
6
Executivesummary
Diversity,equity,andinclusion:whatarethedifferences?
Diversitycanbedescribedastherepresentation,inagroup,ofvariousfacetsofidentity,including(butnot
limitedto)race,ethnicity,nationality,genderidentity,LGBTQ+status,socioeconomicstatus,ability,religion,
andage.Inanorganization,diversityoftenreferstothedegreetowhichspecificgroupsarerepresentedintheworkforceandleadership.Intersectionaldiversityconsiderswaysinwhichdifferentaspectsofsocialidentity(suchasrace,gender,sexuality,class,maritalstatus,ability,andage)overlapandintersectinwaysthatshapeaperson’sday-to-dayexperiencesintheworldandworkplace.However,morefirmsnowrecognizethatsimplyhavingadiverseworkforceisinsufficient.Theyarebroadeningtheirhorizonsbeyondanarrowfocuson
diversityandinclusiontoconsiderequity.DiversityisonlyonecomponentofDEI.Althoughincreasingdiversityisimportant,firmsshouldalsofocusonpromotingequityandinclusion.
Equityisoftenconfusedwithequality.Equalityiswhenallpeoplearetreatedidentically,withoutconsiderationforhistoricalandsystemicbarriersandprivileges.Equityistheoutcomeofdiversity,inclusion,andanti-
oppressionwhereinallpeoplehavefairaccess,opportunity,resources,andpowertothrive,withconsiderationforandeliminationofhistoricalandsystemicbarriersandprivilegesthatcauseoppression.Equityaimstogeteveryonebeyondthosesystemicbarrierstothesamestartingplace.EquityalsohasadistinctfinancialimpactwhenappliedwithintheVCecosystemgiventheindustry’srole—andtheassociatedinvestmentpartner
economicsthatresult—withfundingthenextgenerationofpromisingyoungstartups.Therefore,theindustrycanconsiderexaminingandchangingthedesignofsystemsandprocessesthatdeterminewhoholdsthe
poweroffinancialequity.Thisoftenmeansrethinkinginternaltalentpracticesandexternalnetworks.
Inclusioncanbedescribedastheactionstakentounderstand,embrace,andleveragetheunique
strengthsandfacetsofidentityforallindividualstofeelwelcomed,valued,andsupported.Itgoesbeyondrepresentation.Inourstudy,employeediversityisusedtoreferencegender,raceandethnicity,age,levelofeducation,careerlevel,maritalstatus,veteranstatus,disabilitystatus,anddependentcareresponsibilities.Whetheracompanyisinclusiveoftendependsonitscultureandthebehaviorofitsleaders,inadditiontospecificpoliciesandprograms.
Executivesummary
WhyDEImatters
fortheVCindustry
Thediversitydividend
BarrierstoDEIprogress
Genderdiversity
Racialdiversity
Ethnicdiversity
Otherkeycharacteristics
oftheVCworkforce
Talentmanagement
andDEIpractices
Takeaction:HowVC
firmscanpromoteDEI
7
WhyDEImattersfor
theVCindustry
TheVCindustryplaysacriticalroleinidentifyingandfundinginnovativestartupsthatcreate
jobsandeconomicvalueand,intheprocess,revolutionizepeople’spersonalandprofessional
livesforthebetter.
Despiteitsenormouscontributions,thoseopportunitiesandbenefitshavenotbeen
experiencedequally.TheVCindustrytodayrecognizesthatwomen,peopleofcolor,andother
underrepresentedgroupshavebeenexcludedfromequalopportunitiestomanageventure
fundsorholdinvestmentdecision-makingpositions.
NotonlyhavehistoricallyunderrepresentedcandidatesbeenoverlookedbyVCfirmswhen
recruitingandpromotingtalent,butalsostartupsledbyunderrepresentedfoundersface
outsizedchallengesinsecuringVCinvestment(eventhoughtheyhavebeenfoundtoachieve
betterperformance).In2021,VC-backedstartupsraisedmorethan$345billioninVCfunding,
1
yetonly2.4%wasinvestedinstartupsledbyfemalefounders,1.3%inBlackfounders,and2.1%
inHispanicfounders.
2
Astartupecosystemwithinvestorsandinnovatorsthatbetterreflectthedemographicsofthe
countryhasthepotentialtounlockopportunitiesforevengreatersuccess,wealthdistribution,
andeconomicvalue.
8
Thediversitydividend
Amorediverse,equitable,andinclusiveecosystemcanhelptheinnovationeconomymaximizeitsimpact.Differentpointsof
view,networks,andexperiencesbringsolutionstoproblemsand
opportunitiesthathavebeenoverlooked.VCfirmsarestartingto
recognizethatthelackofdiversityamongtheirworkforceisabarriertomakingsuccessfulinvestmentsandachievinghigherreturns.
VariousstudieshaveshownthatdiverseVCfirmsfundmorediversefoundingteamsandoutperform.
Onestudyfoundthatraciallyandethnicallydiverseteamshad
successrates5.8%higherthanthoseofhomogeneousteams.
3
VCfirmsthatincreasedtheirproportionoffemalepartnersby10%
sawtheiroverallfundreturnsincreaseby1.5%eachyearandtheirprofitableexitsincreaseby9.7%.
4
Onefactorinthesuccessofdiverseinvestingteamsmaybethattheyaremorelikelytoinvestinunderrepresentedfounders.Forexample,inonestudy,femaleVCpartnersweretwiceaslikelyastheirmale
colleaguestoinvestinfemalefoundingteamsattheearlystages.AnotherstudyfoundthatBlackinvestorsaremorelikelytoback
femalefoundersandHispanicfounders.
5
Homophily,orthenaturaltendencytogravitatetowardpeoplefromthesamedemographicgrouporsimilarbackgrounds,canplayarolewhenmakingan
investmentorhiringdecision.Diverseinvestingteamscanmitigate
biasesandovercomeblindspotswhensourcingdealsandinvesting,particularlyinunderrepresentedfounders.
Althoughdiversefoundingteamsoftenstruggletosecurefunding,theyhavebeenfoundtogeneratemorevaluethanhomogenous
teams.Inonestudy,raciallyandethnicallydiversefoundingteamsgenerated30%highermultiplesoninvestedcapitaloninitialpublicofferings(IPOs)andacquisitionsthanhomogenousfoundingteams.Incomparison,diverseC-levelgroupshad64%highermultiples.
6
Asfirmstakestepstocreateamorediverseworkforce,especiallyininvestmentdecision-makingpositions,theycanunlocknewnetworksofrobusttalentpoolstohireandinvestinthatcanhavetrickle-downeffectstogeneratesuchconcretebusinessbenefits.ADeloittestudyofgenderdiversityintheleadershipoffinancialservicesfirmsfoundthatthenumberofwomeninseniorleadershiprolesincreased
threefoldforeachadditionalwomanaddedtotheC-suite
.7
ButincreasingtherepresentationofmarginalizedgroupsintheVCworkforceandamongleadershipisonlyoneelementinadvancingDEI.VCfirmscanensurethattheworkplaceenvironmentistrulyequitableandinclusive,whereallemployeeshaveaccessand
opportunity,canbethemselves,arevaluedfortheirwork,andarerewardedfairlyfortheircontributiontothefirm’ssuccess.
9
Thediversitydividend
InaDeloittesurveyofhumanresource(HR)managersworldwideacrossmultipleindustries,79%saidthatfosteringasenseof
belongingintheworkforcewasimportanttotheirorganization’s
success,and93%agreedthatasenseofbelongingdrivesimprovedorganizationalperformance.
8
However,manyfirmshavestruggledtocreatesuchinclusive
workplaceenvironments.Alltoooften,racialandethnicminority
employeesfeelthattheyhaveto“cover”whileatwork,i.e.,changetheirappearanceorbehaviortobeaccepted.ADeloittestudyacrossmultipleindustriesintheUSfoundthat79%ofBlackand63%of
Hispanicemployeesreportedcoveringwhileatwork.
9
Researchhasfoundthatwhetheraworkplaceisinclusiveconstitutesanessentialfactorformostemployeeswhenchoosingacompanytoworkforordecidingwhethertoremainattheircurrentemployer.
10
Providinganinclusiveworkplaceisasignificantfactorwhencompetingformillennialtalent,whonowconstitute55%oftheVCworkforce.
DEIalsoremainsanareaoffocusforLPs.LPinterestin
environmental,social,andgovernance(ESG)strategiesisbecomingmorecommon,drivenpartlybyregulatoryfactors,theirinstitutions’strategy/stakeholders,ortheoutperformanceofdiverseteamsasseeninvariousresearch.Inthelatestsurvey,47%ofVCfirmssaid
thatLPshadrequestedtheirDEIdetailswithinthelast12months,upfrom41%in2020and36%in2018.
VCfirmshaveaclearmoralandbusinessimperativetoexpandtheirnetworksbyhiringtalentedprofessionalsfromgroupsthatare
underrepresentedintheindustry,builddiverseteamsofinvestmentdecision-makers,andprovideaninclusiveandsupportivecultureinwhichtalentcanthriveandsucceed;inturngeneratingvalueforthefirmanditsLPs.
Executivesummary
WhyDEImatters
fortheVCindustry
Thediversity
dividend
BarrierstoDEIprogress
Genderdiversity
Racialdiversity
Ethnicdiversity
Otherkeycharacteristics
oftheVCworkforce
Talentmanagement
andDEIpractices
Takeaction:HowVC
firmscanpromoteDEI
10
BarrierstoDEIprogress
VCfirmstendtobesmall(withamediansizeofsevenemployeesandanaverageof20inthe2022survey),andturnoverislowinsenior
investmentpositions(6%inthelatestsurvey).Bothfactorschallengefirmsseekingtodiversifytheirworkforce.
Whenfillingopenpositions,79%ofrespondentssaidthey
typicallyrelyonpersonalnetworks,whichtendtobehomogenousandcanleadtotheexclusionofqualifiedprofessionalsfrom
underrepresentedgroups.AnotherchallengetotheadvancementofDEImaybetheuseofpatternmatching,orrelyingoncommonattributesofpasthiringorfundingdecisionsthatledtosuccess,toinformdecisionsinsteadofobjectivemeasures.
Oncehired,employeesinunderrepresentedgroupsalsoface
challengesinmovingintomoreseniorpositions.Ninety-fourpercentoffirmssaidthatsoftskills—suchascommunicationskills,attitude,
culturalfit,andleadership—areveryimportantorimportantfactors
whenassessingemployeesforpromotion.Althoughsoftskillsare
keystosuccess,evaluatingthemisinherentlysubjectiveandcanallowunconsciousbiastoaffectpromotiondecisions.Whilesubjectivity
isafactorinanypromotiondecision,itcanposeaparticularbarrier
foremployeesfromunderrepresentedgroups.VChashistorically
operatedonanapprenticeship-styletrainingmodel,andtraining
opportunitieshavebeenscarce.Aspiringinvestmentprofessionals
withoutpersonalconnectionsorexclusivecredentials(asthosefromunderrepresentedbackgroundsaremorelikelytobe)havethusbeenleftoutofrelevanteducationalorprofessionaltrainingopportunities.
Newfundmanagersseekingtoraisetheirownfundsalsofacehighfinancialrisk,obstaclestosourcingcapitalfromLPs,andascarcityofcomprehensiveinformationandresourcestosupportnewfirms.ThesechallengesareallfactorsthatproducestructuralbarriersfornewcomersinVC.
Therehavebeenseveraldiversityinitiativesannouncedbyfirms
ortheindustryoverthelasttwoyearstoaddresssomeofthese
challenges.Theseinitiativeshavelargelyfocusedoneducationandmentorship.Whilehelpful,therewilllikelyneedtobefollow-throughinhiringandinvestmenttoachievesignificantprogress.
11
Genderdiversity
TherepresentationoffemaleemployeesatVCfirmsincreased
survey,upfrom23%in2020,21%in2018,and15%in2016.Despite
amonginvestmentprofessionals,includingthosewhoarejunior-level
theprogress,thepercentageofwomenininvestmentpositions
andconstituteapipelineforfutureseniorpositions,aswellas
remainsfarfromparityoftheoverallworkforceandUSpopulation.
amonginvestmentpartners.TheoverallrepresentationofwomeninVChasincreased,butthisprogresshasnotbeenequalacrossdemographicgroups.
Firmsfoundedwithinthelasttenyearshadmorewomenin
investmentpositions(30%)thandidolderfirms(24%).Firmsfocusedontheseedinvestmentstage(32%)alsohadahigherrepresentation
Workforceoverall
offemaleemployeesamonginvestmentprofessionalsthanthose
Womenconstitute47%oftheUScivilianlaborforce.
11
Inthe2022
focusedonearly-stage(26%),multi-stage(26%),orgrowth(24%).
survey,femaleemployeescomprised47%ofthetotalVCworkforce,
slightlyincreasingfrom45%inthepreviousthreesurveys.(
Figure1)
Firmsreportedthatwomencomprised35%oftheirjunior-level
investmentprofessionals,upfrom33%in2020,28%in2018,and25%
Womencomprised
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