Delving into diversity data: private equity doubles female representation since 2018
Private equity and venture capital is a people business. Investing in people, understanding people and supporting people. Building and honing investment expertise is not something which happens overnight – it is the result of years of experience, something I have often heard referred to as an apprenticeship industry, where you learn by doing. It is an exciting, challenging, tough and rewarding career for many.
As the UK trade association for private capital, it is an integral part of the BVCA’s mission to support our member firms in building inclusive environments in which everyone can thrive. As attracting and retaining the best talent will be essential for ensuring the industry remains internationally competitive in the years to come.
The BVCA, in partnership with Level 20, recently released a report, Diversity in UK Private Equity and Venture Capital 2025, which shows an increase in the proportion of women working within the industry over recent years - but there is still more work to be done.
We found that 27% of UK-based investment professionals in 2025 are women, up from 24% in 2023. In senior level positions, women now hold 15% of roles, an increase from 12% in 2023.
We are really pleased to be able to present data disaggregated by firm size (AUM bands) and firm strategy (private equity and venture capital), allowing firms to compare themselves to peers more easily. Focusing in on private equity, we can see that the industry has made steady progress since 2018 when the first edition of this study, with a smaller sample and looking at private equity firms only, found that only 6% of senior investment professionals were women. The closest equivalent figure from our recent study is 13% - so even though private equity firms are not doing as well as venture firms (23% women) they have more than doubled the proportion of women in senior roles over the past seven years.
Digging into the data for ethnicity, the study showed that ethnic minority representation within the industry as a whole is now in line with the UK national average. 18% of investment professionals in the UK are from a Black (2%), Asian (11%), and other non-White/mixed (5%), ethnic background.
Although strides have been made by the industry, there is still a long way to go before private capital can match levels seen in public markets. Private equity and venture capital operate on an apprenticeship model, meaning those who join the industry work their way up and stay for the long-term. Significant investment is made to ensure the right people are in the right roles. It is therefore encouraging to see that the number of women in junior investment roles (38%), has remained steady. This provides hope that leaders in the next few years will be promoted from this diverse cohort.
This is the largest sample ever collected for the UK and European industry, painting the most up to date picture for diversity within private capital. Seven years on from the first iteration of the study, the data reveals a good story despite the impact of unprecedented economic and geopolitical events.
It is through the collection of relevant data that we’re able to improve reporting, monitor salient progress, and keep the industry accountable. This year we collected new information on the percentage of women and people from ethnic minority backgrounds within Investment Committees. The data showed that 16% of Investment Committee members are from non-White ethnic groups. Similarly, 16% of Investment Committee members are women. This new reporting is significant because it reveals better diversity in higher decision-making levels compared to senior investment level roles.
The Diversity in Private Equity and Venture Capital 2025 report, now in its fourth edition, provides the private capital industry with the information and resources to reflect on solid progress. However, to get to where we want to be and make more significant strides, accountability, even more data, and continued engagement on this important objective, is key.
Authored by Suzi Gillespie
Head of Research, BVCA
