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Diversity, equity, and inclusion in the VC industry
View results from the VC Human Capital Survey
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.
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.
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.
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.
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.
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.
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.
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?
Survey FAQs
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How is DEI defined?
- 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?
- 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?
- The fourth edition of the survey was conducted from August 29, 2022, to October 7, 2022.
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What information did the survey ask for?
- 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.
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Is the data collected a representative sample of the VC workforce?
- 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.
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How did the research team combine the data sources?
- 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.
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Are there gaps in the data collected?
- 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.
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How are “investment partners” defined?
- “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.
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