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      "text": "Executive summary\nWhy DEI matters for the VC industry\nThe diversity dividend\nBarriers to DEI progress\nGender diversity\nRacial diversity\nEthnic diversity\nOther key characteristics of the VC workforce\nTalent management and DEI practices\nTake action: How VC firms can promote DEI",
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      "text": "Black employees were a more significant percentage of investment professionals at small firms (10%) than at mid-size firms (6%) and large firms (5%). Firms founded within the last ten years (7%) reported that Black employees comprised a greater percentage of their investment professionals than did older firms (5%). Black employees comprised a larger percentage of the investment professionals at firms headquartered in the Midwest (8%) compared to those in the West (6%), the Northeast (5%), and the South (5%). Firms focused on the seed investment stage (10%) reported a higher level of Black representation among their investment professionals than those focused on early stage (7%), multi-stage (4%), or growth stage (3%).",
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      "text": "Mid-size (20%) and large firms (18%) had a larger percentage of Asian/Pacific Islander employees than did small firms (15%). Asian/Pacific Islander employees comprised a larger percentage of the workforce at firms founded within the last ten years (21%) than at older firms (18%). Asian/Pacific Islander employees had higher representation at firms in the West (25%) than at firms in the Northeast (19%), Midwest (13%), or South (8%). Firms focused on technology (20%) reported a more significant percentage of Asian/Pacific Islander employees than did those focused on life sciences (15%) or that were generalists (17%).",
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      "text": "Investment positions\nBlack employees comprised 5% of investment professionals (97 employees in the survey sample) in 2022, a slight but steady increase from 4% (69 employees) in 2020 and 3% (29 employees) in 2018. Black female employees comprised 2% of investment professionals in 2022 compared to 1% in 2020 and 2018. (Figure 4)\nFirms of different types reported different levels of Black representation in their investment professional positions.",
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