Diversity data 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.
A new report has found that the proportion of women working in private equity and venture capital has significantly increased over recent years. Diversity in UK Private Equity and Venture Capital 2025 finds that 27% of UK-based investment professionals are women, up from 24% in 2023. The report, which is co-authored by Level 20 and the British Private Equity and Venture Capital Association (BVCA), also reveals an increase in the number of women in UK senior level roles (15%), compared to just 12% in 2023.
Across seniorities, venture capital (VC) records better female representation than private equity (PE). 23% of senior roles in VCs are held by women compared to 13% of similar roles in PE firms. A similar gap is found in mid-level roles. Women hold 36% of mid-level roles in VC firms compared to 26% in PE firms.
This study also features new data points not collected for previous editions, including representation within Investment Committees (IC), where women make up 16%, and in GP-nominated Board seats, where women make up 19%.
Level 20’s goal is to increase the percentage of women in senior positions, particularly senior investment roles, in European private equity and venture capital. An integral part of the BVCA’s mission is to support firms to build inclusive environments in which everyone can thrive.
This report marks the fourth edition of Level 20 and the BVCA’s analysis of representation across the UK PE and VC industry. Its first edition, published in 2018 using different methodology, found that just 14% of investment professionals in private equity were women and only 6% of senior roles were held by women.
Ethnic minority representation in line with national averages
The report finds that ethnic representation within the industry as a whole aligns closely with the UK national average. Those from an ethnic minority group make up 18% of investment professionals, up from 17% in 2023. Individuals identifying as White are the majority of the workforce, representing 80% of the individuals in the study, a small decrease from the previous cycle (82%). Asian individuals make up 11%, while Black/African/ Caribbean, Mixed/Multiple and Other ethnic groups account for 2-4% each.
UK gender representation in private capital ranks top in Europe
Level 20 has collected and analysed gender representation data across its European chapters since 2022 and the latest research shows the UK is a leader in Europe, behind only France and Sweden when looking at the total representation of women in investment teams, and at mid and junior levels.
Level 20 CEO Gurpreet Manku, said:
“We are pleased to see continued momentum in gender diversity across private equity and venture capital, and are proud to be part of this effort towards continued growth and progress. Now in our 10th anniversary year, what started as a vision among 12 senior women leaders working in private equity and venture capital in 2015 has grown to a pan European organisation with more than 6,500 members across 13 international chapters.
“Our work is focused on recruitment, retention and progression of talent and this latest data shows the impact of the industry’s efforts. Important research like our Family Leave and ACCELERATE reports include practical steps firms can take to support women and parents to keep them in the business, while private equity’s apprenticeship model means talented senior women are more visible every year that passes.”
BVCA Chief Executive Michael Moore, said:
“This report provides a robust, consistent data set, which can be used to track change and progress. The industry has made improvements in its representation in recent years, but it still has a long way to go, particularly at senior levels. Our goal is to ensure all individuals regardless of their background and characteristics can thrive in PE and VC.”
Notes to editors
An updated benchmarking tool and data pack are available below:
Methodology
Diversity in UK Private Equity and Venture Capital 2025 is co-authored by Level 20 and the British Private Equity and Venture Capital Association (BVCA). Data was collected via a survey of BVCA Members and Level 20 sponsors, which collected information on gender and ethnicity by seniority and function for individuals working in private equity and venture capital firms. Gender data was supplemented by information from public sources.
About Level 20
Founded in 2015, Level 20 is a not-for-profit organisation focused on creating greater gender diversity in the private equity industry with data-led insights. Level 20 works to inspire women to join the industry, support their career growth within it and helps firms to create the necessary environment to attract and retain female talent. Their activities in support of this goal are underpinned by a focus on five key initiatives: Mentoring; Networking & Development events; Research & Insight; Advocacy & Sponsor support; and Outreach & Internships. The organisation currently has 13 chapters in Europe.
To learn more about Level 20 and view the organisation’s latest research, visit: https://www.level20.org/
About the British Private Equity and Venture Capital Association
The British Private Equity and Venture Capital Association (BVCA) is the industry body and public policy advocate for the private equity (PE) and venture capital (VC) (private capital) industry in the UK. With a membership of over 600 firms, we represent the vast majority of all UK-based private capital firms, as well as their professional advisers and a large base of UK and global investors. The private equity and venture capital industry has a vital role to play in driving national and regional growth. Currently over 12,000 companies, employing more than 2.2 million people, are backed by private equity and venture capital investment in the UK.
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Jess Carter
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