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Women's representation in both investment and leadership positions has grown steadily, while Black and Hispanic employees' representation has seen smaller though accelerated increases since the last survey. 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Diversity is increasing among junior-level positions, which firms often draw from to fill more senior roles.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:31:00.609+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a0070a2-9e0d-4a4c-a0a0-740109de0f78", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.35, "x": 0.42, "y": 0.25 }, "kind": "paragraph", "text": "In addition to their broader social responsibility, surveyed VC firms are recognizing that more diverse, equitable, and inclusive teams outperform, fuel innovative ideas (that may have previously been overlooked), and create value. Research consistently shows that diverse teams have broader networks and are more effective at decision-making. Many VC firms are reflecting on systemic barriers for women, people of color, and other marginalized communities, and are seeking to address them through various internal and external approaches. More firms now have a designated staff person or team responsible for managing DEI than before, and more say that they request DEI details from their portfolio companies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:31:00.609+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9005b41d-5860-425f-b71a-5b0746062e42", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.35, "x": 0.42, "y": 0.55 }, "kind": "paragraph", "text": "While VC firms continue to expand DEI, the latest survey also identifies specific areas where progress has stalled. 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Different points of view, networks, and experiences bring solutions to problems and opportunities that have been overlooked. VC firms are starting to recognize that the lack of diversity among their workforce is a barrier to making successful investments and achieving higher returns. Various studies have shown that diverse VC firms fund more diverse founding teams and outperform. One study found that racially and ethnically diverse teams had success rates 5.8% higher than those of homogeneous teams. VC firms that increased their proportion of female partners by 10% saw their overall fund returns increase by 1.5% each year and their profitable exits increase by 9.7%. One factor in the success of diverse investing teams may be that they are more likely to invest in underrepresented founders. For example, in one study, female VC partners were twice as likely as their male colleagues to invest in female founding teams at the early stages. 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Female employees were a more significant portion of the workforce at firms headquartered in the West (49%) compared to those in the Northeast (46%), Midwest (45%), or South (39%).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:31:02.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "598924fa-a33a-483b-ad26-03768e84ac31", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.35, "x": 0.42, "y": 0.25 }, "kind": "paragraph", "text": "Investment positions: In contrast to their representation in the overall workforce, the percentage of female employees in investment positions has increased throughout the survey series. It was 26% in the 2022 survey, up from 23% in 2020, 21% in 2018, and 15% in 2016. 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Firms often promote junior-level investment professionals to fill more senior positions, so the continued increase in female employees among junior-level investment professionals indicates the potential for further progress.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:31:02.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7205aeb2-bc68-4600-b932-4764ff3ce07c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.42, "y": 0.5 }, "kind": "paragraph", "text": "Firms founded within the last ten years had more women in investment positions (30%) than did older firms (24%). 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Black women comprised 4% of junior-level investment professionals, up from 3% in 2020 and 1% in 2018. Hispanic women were 3% of junior-level investment professionals, in the latest survey, compared to 1% in 2020 and 2018. 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Firms reported that Black women comprised 2% of investment positions, up from 1% in 2020 and 2018. Hispanic female employees held 2% of investment positions, an increase from 1% in 2020 and 2018. 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In 2022, 38% of firms said they requested DEI details from their portfolio companies, an increase from 30% in 2020 and 19% in 2018. 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NVCA 2023 yearbook, March 2023. 2. PitchBook, “US VC female founders dashboard,” March 7, 2023; Gené Teare, “VC funding to Black-founded startups slows dramatically as venture investors pull back,” Crunchbase, June 17, 2022; Janice Bitters Turi, “VC funding to early-stage Latine-founded startups in the US has stalled. Here’s why that matters,” Crunchbase, January 26, 2022. 3. Paul Gompers and Silpa Kovvali, “The other diversity dividend,” Harvard Business Review, July–August 2018. 4. Ibid. 5. Collin West and Gopinath Sundaramurthy, “Women VCs invest in up to 2x more female founders,” Kauffman Fellows Research Center, March 25, 2020.. 6. Collin West, Gopinath Sundaramurthy, and Marlon Nichols, “Deconstructing the pipeline myth and the case for more diverse fund managers,” Kauffman Fellows Research Center, February 4, 2020. 7. Tanya Ott and Amanda Pullinger, “Achieving gender equity in financial services leadership,” Deloitte’s Within Reach podcast, October 23, 2019. 8. Deloitte, 2020 Global human capital trends: The social enterprise at work: Paradox as a path forward, accessed March 2023. 9. Christie Smith and Kenji Yoshino, Uncovering talent: A new model of inclusion, Deloitte, 2019. 10. Deborah L. DeHaas, Brent Bachus, and Eliza Horn, Unleashing the power of inclusion: Attracting and engaging the evolving workforce, Deloitte University Leadership Center for Inclusion and the Billie Jean King Leadership Initiative, 2017. 11. US Bureau of Labor Statistics (BLS), “Employment status of the civilian population by sex and age,” last modified March 10, 2023. 12. The percentages of female employees by race and ethnicity are not directly comparable to the percentages of all female employees since firms did not provide data on race and ethnicity for all employees.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:31:09.614+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0885e0c1-fd42-4bc5-8c2b-ff7fddc126b5", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.45, "x": 0.52, "y": 0.2 }, "kind": "list", "text": "13. NVCA, “Sample H.R. policies for attracting and retaining diverse talent,” accessed March 2023.. 14. BLS, Labor force characteristics by race and ethnicity, 2020, Report 1100, November 2021. 15. Eric Jensen et al., “The chance that two people chosen at random are of different race or ethnicity groups has increased since 2010,” United States Census Bureau, August 12, 2021. 16. The survey questions on race and ethnicity had a different format in the 2016 survey, thus the results on race and ethnicity in the 2016 survey are not comparable to those in 2018 and 2020. 17. BLS, Labor force characteristics by race and ethnicity, 2020, Report 1100, November 2021. Note: Hispanics can be of any race. 18. Note: The generations have the following definitions: Generation Z: Born 1997–2012, Millennials: Born 1981–1996, Generation X: Born 1965–1980, Boomers: Born 1946–1964, Silent Generation: Born 1928–1945. Michael Dimock, “Defining generations: Where millennials end and Generation Z begins,” Pew Research Center, January 17, 2019. 19. Christie Smith and Stephanie Turner, The radical transformation of diversity and inclusion: The millennial influence, Deloitte University Leadership Center for Inclusion and the Billie Jean King Leadership Initiative, 2015. 20. DeHaas et al., Unleashing the power of inclusion. 21. Gen Z VCs, Homepage, accessed March 2023. 22. US Census Bureau, “QuickFacts: United States,” accessed March 2023. 23. NVCA, “NVCA unveils resources to help address sexual harassment in venture ecosystem,” press release, February 22, 2018. 24. Venture Forward, Tools & Templates page, accessed March 2023. 25. Diversity Rider, Homepage, accessed March 2023. 26. Venture Forward, Community Organizations, accessed March 2023. 27. 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