DIVERSITY, EQUITY, & INCLUSION IN THE VC INDUSTRY

View results from the VC Human Capital Survey

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Study
purpose

Diversity, equity, and inclusion are important to the competitiveness of the U.S. entrepreneurial ecosystem. Venture capital investors support entrepreneurs by investing capital and resources to build the next-generation of innovative companies. Leveraging the potential of a diversity of investors and entrepreneurs is important in the advancement of innovation and the venture capital industry.

The VC Human Capital Survey, powered by NVCA, Venture Forward, and Deloitte was designed to capture important data on the workforce at venture capital (VC) firms, and develop an understanding of demographics within the VC industry. The survey is intended to be an educational resource for venture capital firms to help understand how they may expand the diversity of their teams and portfolio. We collected data from over 375 US firms representing nearly 5,000 employees in the 2020 study.

This dashboard provides those results and allows you to explore:

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

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

Continue scrolling or use the navigation tabs on the left to begin exploring. Read the Survey FAQs page to learn more about who was surveyed and how the study was conducted.

More information about how to interpret this data:

As you apply filters, the number in the sample you are looking at will include only those filters selected. For example, if you select “West” for region and “Asian” for race/ethnicity, you will only see data for those employees located in the West who are Asian. The 4% Female Investment Partner or Equivalent means that of Investment Partners or Equivalent located in the West, who are also Asian, 4% are female. For additional questions or media inquiries, contact nvcahumancapitalsurvey@deloitte.com

Respondent demographics

Over 375 firms participated in the 2020 study, providing information regarding nearly 5,000 employees. Summarized below is information regarding the firms that participated in the latest survey and comparisons to the 2016 and 2018 surveys.

firm region graph firm region graph firm region graph
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
Overall workforce
All investment professionals
Investment partner or equivalent

Exploring race/ethnicity in leadership

Racial/ethnic minorities 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
Overall workforce
All investment professionals
Investment partner or equivalent
The 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 not 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 2018 and 2016 surveys are not directly comparable. For this reason the results on race and ethnicity in the 2020 and 2018 surveys are not directly comparable with those in the 2016 survey.

The next generation of VC leaders

Younger employees, including millennials 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
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 engine that powers VC firms

Most research on the VC industry has only looked at investment professionals. We looked at the composition of the entire workforce, including support positions that are critical to firms' success.

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

Gender
Race/ethnicity
Age
The dashboard results by age are based on employees 22 years of age or older.

Driving diversity, equity & inclusion

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

Select firm characteristics and see how representation changes.

AVERAGE PERCENTAGE OF FEMALE EMPLOYEES ACROSS FIRMS

Does your firm have a Human Capital Strategy?

Does your firm have a Diversity Strategy component?

Does your firm have an Inclusion Strategy component?

Does your firm have formal diversity and inclusion programs for:

Does your firm have staff dedicated to DEI?

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.

Survey FAQs

How was the 2020 study conducted?accordion arrow
An email was distributed to 1,805 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 information for each and every employee. 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. Data was collected in the same manner both times.
When was the survey distributed?accordion arrow
The third edition of the survey was open from August 18, 2020 to September 25, 2020.
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 and race). In addition, the survey asked firms to provide information regarding firm talent management practices and diversity, equity, and inclusion (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 378 firms and 1.2% for questions answered about all 4.991 employees.

The research team sought the same confidence level in 2016 and 2018.
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.
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.
Copyright ©2021. Deloitte Development LLC. All rights reserved.
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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