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      "text": "In recent years, the VC industry has seen a massive influx in the number of new managers raising funds, including those that are Black- or Hispanic-led. The survey results found that smaller and newer firms had a higher representation of Black and Hispanic partners than larger and older firms. However, larger and older firms were more likely to have DEI strategies. The survey finding that shows no correlation between DEI strategies and either racial or ethnic diversity may also be explained by the timing and focus of those strategies. For example, diversity initiatives pre-2020 tended to focus on gender, whereas the focus on race and ethnicity became more prevalent after the murder of George Floyd in the summer of 2020. Given the long-term cycle of VC, two years is likely too soon to see the outcomes of strategies and commitments fully reflected in the data. These findings also stress the importance of intersectional approaches to DEI.",
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