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Diversity, equity, and inclusion in the VC industry

View results from the VC Human Capital Survey

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Study purpose

The advancement of innovation in the venture capital (VC) industry is closely linked to the principles of diversity, equity, and inclusion (DEI). VC investors play a crucial role in supporting entrepreneurs by providing them with the necessary capital and resources to build the next generation of contemporary companies. To achieve this, it is essential to leverage the potential of a diverse range of investors. By doing so, VCs can not only promote the competitiveness of the US entrepreneurial ecosystem but also contribute to a more equitable society.

The VC Human Capital Survey, powered by Deloitte, Venture Forward, and the National Venture Capital Association (NVCA), is designed to capture important data on the workforce and DEI practices at VC firms and develop an understanding of demographics within the VC industry. The survey is intended to be an educational resource for VC firms to help understand how they may expand DEI within their teams and portfolio companies. We collected data from 315 US firms representing more than 5,700 employees in the 2022 study.

The dashboard provides results based on the firms surveyed and allows you to explore:

  • Who works in the VC industry
  • Whether gender, ethnic, or age groups have reported different experiences
  • What firms may be doing to enhance diversity, equity, and inclusion

This dashboard also offers a comparison of the latest data to the previous surveys conducted in 2020, 2018, and 2016 to show a longitudinal analysis of the industry’s progress.

Read the Survey FAQs page to learn more about who was surveyed and how the study was conducted.

Continue scrolling or use the navigation tabs on top to begin exploring.


More information about how to interpret this data:

As you apply filters, the number in the sample you are looking at will update to include only those applicable based on the filters selected. For example, in “Looking at women in leadership,” if you select “West” for region and “Asian/Pacific Islander” for race/ethnicity, you will only see data for those employees located in the West who are Asian/Pacific Islander. The 13% Female Investment Partner or Equivalent means that of Investment Partners or Equivalent located in the West, who are also Asian/Pacific Islander, 13% are female. For additional questions or media inquiries, contact nvcahumancapitalsurvey@deloitte.com.

Respondent demographics

In the 2022 study, 315 firms participated by providing anonymized information regarding more than 5,700 employees. Summarized below is information regarding the firms that participated in the latest survey and comparisons to the 2016, 2018, and 2020 surveys.

2022
2020
2018
2016
131 68 61 38
West North east South Mid west
180 85 51 49
West North east South Mid west
104 47 19 27
West North east South Mid west
103 56 22 21
West North east South Mid west
Firm region
Firm age
Firm size
Corporate VC

Looking at women in leadership

Women make up nearly half of the VC workforce. Use this page to explore their representation in investment and partner positions across the industry.

Use the filters to explore the percentage of women at various levels in the VC industry.

FIRM CHARACTERISTICS
EMPLOYEE CHARACTERISTICS
2022
2020
2018
2016
Overall workforce
All investment professionals
Investment partner or equivalent
The 2022, 2020, and 2018 survey asked two questions on race and ethnicity: one question on race that allowed multiple responses and a separate question on ethnicity (i.e., Hispanic or non-Hispanic). Note: Hispanic individuals can be of any race. The 2016 survey asked a single question covering both race and ethnicity, which only allowed a single response. For this reason, the results on race and ethnicity in the 2022, 2020, and 2018 surveys are not directly comparable with those in the 2016 survey. Percentages for “All investment professionals” and “Investment partner or equivalent” will equal more than 100 percent because Hispanic employees can be of any race; and race and ethnicity were two distinct questions on the survey. The survey collected race data on Asian/Pacific Islander, Black or African American, white, and Native American or American Indian. Information with less than 10 responses is not included in the breakout.

Exploring race/ethnicity in leadership

Racial/ethnic groups or demographics are underrepresented in the VC industry. Use this page to explore their representation in investment and partner positions across the industry.

Use the filters to explore the percentage of racial minorities at various levels in the VC industry.

FIRM CHARACTERISTICS
EMPLOYEE CHARACTERISTICS
2022
2020
2018
Overall workforce
All investment professionals
Investment partner or equivalent
The 2022, 2020, and 2018 survey asked two questions on race and ethnicity: one question on race that allowed multiple responses and a separate question on ethnicity (i.e., Hispanic or non-Hispanic). Note: Hispanic individuals can be of any race. The 2016 survey asked a single question covering both race and ethnicity, which only allowed a single response. For this reason, the results on race and ethnicity in the 2022, 2020, and 2018 surveys are not directly comparable with those in the 2016 survey. The survey collected gender data on male, female, transgender, and individual did not self-identify. Information with less than 10 responses is not included in the breakout. Percentages for “All investment professionals” and “Investment partner or equivalent” will equal more than 100 percent because Hispanic employees can be of any race; and race and ethnicity were two distinct questions on the survey. The survey collected race data on Asian/Pacific Islander, Black or African American, white, and Native American or American Indian. Information with less than 10 responses is not included in the breakout.

The next generation of VC leaders

Younger employees, including millennials and Gen Z, represent an increasing percentage of the workforce.

Use the filters to explore their representation in investment and partner positions across the industry.

FIRM CHARACTERISTICS
EMPLOYEE CHARACTERISTICS
2022
2020
2018
2016
Overall workforce
All investment professionals
Investment partner or equivalent
The dashboard results by age are based on employees 22 years of age or older. The 2022, 2020, and 2018 survey asked two questions on race and ethnicity: one question on race that allowed multiple responses and a separate question on ethnicity (i.e., Hispanic or non-Hispanic). Note: Hispanic individuals can be of any race. The 2016 survey asked a single question covering both race and ethnicity, which only allowed a single response. For this reason, the results on race and ethnicity in the 2022, 2020, and 2018 surveys are not directly comparable with those in the 2016 survey. The survey collected race data on Asian/Pacific Islander, Black or African American, white, and Native American or American Indian. Information with less than 10 responses is not included in the breakout. The survey collected gender data on male, female, transgender, and individual did not self-identify. Information with less than 10 responses is not included in the breakout.

The engine that powers VC firms

Most research on the VC industry only focuses on investment professionals. We covered the composition of the entire workforce, including support positions that are critical to a firm’s operations and success.

Use the filters to explore the demographic breakdown in various functions in the VC industry.

2022
2020
2018
2016
Gender
Race/ethnicity
Age
The dashboard results by age are based on employees 22 years of age or older. The 2022, 2020, and 2018 survey asked two questions on race and ethnicity: one question on race that allowed multiple responses and a separate question on ethnicity (i.e., Hispanic or non-Hispanic). Note: Hispanic individuals can be of any race. The 2016 survey asked a single question covering both race and ethnicity, which only allowed a single response. For this reason, the results on race and ethnicity in the 2022, 2020, and 2018 surveys are not directly comparable with those in the 2016 survey.

Driving diversity, equity, and inclusion

Based on firm talent management practices, what works when it comes to driving DEI?
Use our predictive tool to learn more.

2022
2020
2018
2016

DEI Strategies and Programs

Select firm characteristics and see how representation changes.

AVERAGE PERCENTAGE OF FEMALE EMPLOYEES ACROSS FIRMS

General firm DEI questions

Does your firm have formal diversity and inclusion programs for:

DEI Goals

Has your firm established specific diversity, equity, and inclusion goals?

Which best describes how often your firm reviews its diversity, equity, and inclusion goals?

For which of the following does your firm have specific diversity, equity, and inclusion goals?

Inclusion goes beyond representation. Deloitte has defined inclusion as “the actions taken to understand, embrace, and leverage the unique strengths and facets of identity for all individuals so that all feel welcomed, valued, and supported.” The dashboard results by gender in the Talent section are based on the percentage of female employees by firm considered individually (and similarly for the percentage of non-white employees). For this reason, they are not comparable with the survey results in the Gender section, which analyzes the percentage of female employees among all employees considered in total. The checkboxes in the DEI strategies and programs perform as “and” elements. For example, in the Gender filter if you select “Does your firm have a Human Capital Strategy?”, “Does your firm have a Diversity Strategy component?”, and “Leadership development” you will see information on the average percentage of females across firms that also have all three selected items which in this example is 41%. The 2022 survey asked new questions on DEI goals. For this reason, the results on DEI goals in the 2022 survey are not comparable to the 2020, 2018 or 2016 survey.

Survey FAQs

How is DEI defined? accordion arrow
Diversity: The representation, in a group, of various facets of identity, including (but not limited to) race, ethnicity, nationality, gender identity, LGBTQ+ status, socioeconomic status, ability, religion, and age.

Equity: The outcome of diversity, inclusion, and anti-oppression wherein all people have fair access, opportunity, resources, and power to thrive, with consideration for and elimination of historical and systemic barriers and privileges that cause oppression. Equity aims is to get everyone beyond those systemic barriers to the same starting place.

Inclusion: The actions taken to understand, embrace, and leverage the unique strengths and facets of identity for all individuals so all feel welcomed, valued, and supported.
How was the 2022 study conducted? accordion arrow
An email was distributed to 2,487 active VC firms, including NVCA members, asking them to participate in the study. Firms had the option to complete the assessment one of two ways: through a web-based survey, or through an identical workbook. Each firm had a representative, such as their CFO, GC, or HR manager, complete the survey, providing anonymized information for each of its employees and on firmwide DEI practices. Employees were not contacted to participate individually.

For the first edition of the survey conducted in 2016, an email was distributed to 1,336 VC firms that were active at that time. In 2018, it was distributed to 1,428 active VC firms. In 2020, an email was distributed to 1,805 VC firms that were active at that time. Data was collected in the same manner for each survey.
When was the survey distributed? accordion arrow
The fourth edition of the survey was conducted from August 29, 2022, to October 7, 2022.
What information did the survey ask for? accordion arrow
The survey requested firm demographic information (e.g., investment stage focus) and demographic information for each employee (e.g., gender, race, and ethnicity). In addition, the survey asked firms to provide information regarding firm talent management practices and DEI programs.
Is the data collected a representative sample of the VC workforce? accordion arrow
Yes. The results are broadly representative of the VC industry. The research team sought a 90% confidence level, which correlates to a margin of error of 4.3% for questions answered by all 315 firms and 1.1% for questions answered about all 5,736 employees. The research team sought the same confidence level in 2016, 2018, and 2020.
How did the research team combine the data sources? accordion arrow
After combining the raw data sets from both the web-based surveys and the workbooks, the team reviewed the data file for duplicate entries and removed any duplicates. If a firm completed both the web-based survey and the workbook, the research team used the most recent and most complete entry.
Are there gaps in the data collected? accordion arrow
Firms were asked to provide demographic data for all employees. Because employees did not self-report demographic information for this data collection effort, we are limited to the demographic data firms collected, which may be incomplete.
How are “investment partners” defined? accordion arrow
“Investment partners” are defined as employees with the titles of managing general partner, managing partner, general partner, founding partner, or managing director, or were partners who were designated as senior-level employees and as investment professionals with senior decision-making responsibilities.
If you are interested in learning more about the study, contact nvcahumancapitalsurvey@deloitte.com.
This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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