UK private capital diversity improves but senior gap persists

Female representation across UK private equity and venture capital investment teams has continued to rise. However, progress at senior levels remains gradual, according to data from Level 20, a pan-European, industry body focused on improving gender diversity across private markets.

The report has shown that women now account for 27% of UK-based investment professionals, up from 24% in 2023. However, women hold 15% of senior investment roles, compared with 12% two years ago.

Ethnic minority representation across investment teams stood at 18%, broadly aligned with UK working-age population figures, although representation varies by seniority and firm size.

Venture capital continues to outperform private equity in terms of female participation, according to the data, particularly at junior and mid-level positions. The findings also showed that both segments show a clear tapering of diversity at partner and senior leadership levels.

While entry-level recruitment is becoming more diverse, progression through the ranks remains slower. Women are more strongly represented in non-investment roles than in core investment positions,  the data showed, although the gap is narrowing incrementally.

Larger firms tend to report higher female participation overall, particularly where formal diversity initiatives and structured career pathways are in place. Smaller firms show more variability, reflecting less formalised talent development structures.

Gender diversity improves in UK private equity and VC

“We are pleased to see continued growth and progress across private equity and venture capital,” said Gurpreet Manku, CEO of Level 20. “Our work is focused on recruitment, retention and progression of talent, and now in our 10th anniversary year, this latest data shows the impact of the industry’s efforts.”

“This latest data shows the impact of the industry’s efforts,” Manku added. “Important research like our Family Leave and Accelerate reports include practical steps firms can take to support women and parents to keep them in the business, while private equity’s apprenticeship model means talented senior women are more visible every year that passes.”