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  "documentTitle": "VC Human Capital Survey",
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  "notes": "The slide provides a narrative summary of diversity metrics in VC firms, referencing external benchmarks (US Census) and internal survey data.",
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      "text": "VC firms reported some increases in racial diversity among their overall workforce, investment professionals, and investment partners, though the representation of Black employees in the industry remains disproportionately low.",
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      "text": "Black representation in the VC workforce was higher at small firms (10%) than in mid-size (6%) or large firms (5%) and in firms founded within the last ten years (7%) than in older firms (5%).\nFirms focused on the seed investment stage (9%) had a more significant percentage of Black employees than those focused on early stage (6%), multi-stage (6%), or growth stage (4%).",
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      "text": "Black representation in VC workforce: 5%",
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      "text": "Workforce overall\nThe Census Department reports that 13% of the US civilian labor force is Black, 7% is Asian/Pacific Islander, 77% is white, 1% is American Indian and Alaska Native, and 2% are two or more races. Among the overall US population, 58% were white non-Hispanic in 2020.\nIn comparison, Black employees constituted 5% of the overall VC workforce, up slightly from 4% in both 2020 and 2018.",
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      "text": "The survey categories and definitions for race closely mirror those of the US Census Department, which also specifies that race and Hispanic origin (i.e., ethnicity) are separate and distinct. People of Hispanic origin may be of any race. Survey results for ethnicity are presented in the next section.",
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      "text": "Asian/Pacific Islander employees represented 18% of the VC workforce, the same percentage as in the previous survey.\nWhite employees comprised 70% of the VC workforce, compared to 72% in 2020 and 76% in 2018.\nThere were several notable differences in Black representation in the workforce by type of firm.",
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