The private equity and venture capital industry in the UK has struggled with diversity for many years. The BVCA, alongside Level 20 and many other organisations, is looking to address this issue, and to make the industry accessible to a wider range of recruits from different backgrounds.
Level 20, a non-profit organisation, was created to drive gender diversity in private equity; and its core objective is to increase the number of women working in senior roles in the industry to 20%. The BVCA supports this aim alongside its broader mission to promote the participation of people from all socioeconomic backgrounds and of all ethnicities, genders, and sexual orientations in the sector.
“The increase in representation across ethnicity and gender is encouraging. The recruitment and retention efforts of the past decade are now beginning to bear fruit although there remains more to do. Private capital depends on attracting the best and brightest talent, wherever it may be found.”
Latest report
Diversity in UK Private Equity and Venture Capital 2025: Key findings
The new report shows trend of increasing female representation within private equity and venture capital.
- In 2025, 27% of UK-based investment professionals are women, up from 24% in 2023.
- Women now hold 15% of senior investment roles, up from 12% in 2023.
- 18% of investment professionals in the UK are from an ethnic minority group, in line with UK national averages.
- The UK is behind only France and Sweden when looking at representation of women in investment teams across Europe.
- Across seniorities, venture capital records better female representation than private equity.
Companion resources
Diversity in UK Private Equity and Venture Capital 2025
The latest research from the BVCA and Level 20.
Past reports
Diversity & Inclusion in Limited Partner Investment Teams 2024: Key findings
Our newly published report reveals significant room for improvement in diversity and inclusion within LP investment teams. Highlighting the need for action, the report outlines several key recommendations, endorsed by participating firms, to improve D&I across the sector:
- Data & Transparency: LPs should regularly collect and analyse D&I data to provide an accurate picture of the diversity landscape while also committing to initiatives such as IiWC or the Women in Finance Charter.
- Recruitment & Outreach: Firms should start recruitment processes earlier and cast a wider net to attract a more diverse pool of candidates.
- Retention & Inclusion: Career development of all genders and backgrounds should be supported through mentoring, fair allocation of resources, and flexible working conditions.
- Culture & Leadership: Senior leadership must promote and embed a culture of diversity and inclusion through proactive actions and organisational policies.
These recommendations are backed by research findings which show:
- Gender: 28% of LP investment professionals at the mid-senior level are female, decreasing to 21% at the senior level, while 33% at the junior level are female.
- Ethnicity: Around 20% of LP investment professionals across all seniority levels identify as being from Asian, Black, African, Caribbean, Mixed/Multiple, or Other Ethnicities.
Diversity & Inclusion Study 2023: Key findings
- We found that notable progress has been made in increasing the proportion of women in the junior and mid-level cohort, although progress at the senior levels has been slower.
- 12% of senior investment roles in the UK are held by women, while 3% of senior investment roles are held by women from ethnically diverse backgrounds demonstrating there is more work to do.
- Across both investment and non-investment roles, women now hold 20% of senior roles in UK offices.
- Significant step up in the number of firms sharing data on gender (45%) and ethnicity (73%) demonstrating an increased commitment to transparency.
Companion resources
- Diversity & Inclusion 2023 Report Data Pack
- 2023 PE/VC comparison tool for gender analysis by assets under management
- 2023 Data collection template for venture capital, growth capital and private equity firms
