The venture capital industry has long recognized the need for greater diversity, yet progress remains frustratingly slow. Our 2025 Equity Record US takes a groundbreaking approach, moving beyond simple demographic counting to understand how people from different backgrounds actually experience working in VC. This comprehensive survey of 158 professionals across 112 unique funds explores workplace dynamics, influence, opportunities, and discrimination—providing the first in-depth look at how the industry truly feels from the inside.

Our research reveals complex intersections between gender, race, socioeconomic background, and age, showing how different groups experience career advancement, workplace equity, and industry inclusivity. While some progress has been made in workplace satisfaction and individual agency, significant disparities persist across multiple dimensions of the VC experience.

This data-driven analysis serves as both a mirror and a roadmap for transformation, offering the most comprehensive view yet of where the US venture capital industry stands in 2025. The findings provide essential insights for firms, LPs, and policymakers committed to building a more equitable venture capital ecosystem, creating an evidence-based foundation for meaningful change toward greater equity and inclusion.