The Equity Record

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Recent years have seen meteoric growth and interest in action around diversity, inclusion, and social justice in the venture capital ecosystem. Some of the most compelling trends have been related to capital allocation.

Increasing numbers of investors hope to become Limited Partners (LPs) in funds that are managed by diverse General Partners (GPs), and/or funds that target investments in diverse founders. There is also a hope that intentionally investing in underrepresented minorities (URM), at the fund and/or startup level, will improve social, human, and financial capital-related outcomes for URM, contributing more broadly to more equitable economic outcomes.

This report is the first in a series of annual reviews investigating the state of DEI in VC, with a particular focus on capital allocation decisions on the part of both LPs and GPs. These findings are simply the starting point for conversation and action around how to facilitate greater diversity, equity, and inclusion in VC. We hope you’ll join us on that journey.

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Our track record

Diversity in US Startups – published in 2019 and 2021 – laid our data foundation in the US. In these reports, we investigated the profiles of founding teams receiving venture capital financing (in 2018 and in 2020, respectively) from the 100 most active funds across the country. What we found was that VC-backed startups were still disproportionately men (89.3%), white (71.6%), based in Silicon Valley (35.3%) and Ivy League-educated (13.7%); the data had hardly changed in two years. You can read these reports here.

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