Women’s representation in UK private equity (PE) and venture capital continues to rise in 2025, with 27% of investment professionals now female, up from 24% in 2023, according to a report by Level 20 and the British Private Equity and Venture Capital Association (BVCA).
The report by Level 20, a nonprofit driving gender diversity in private equity through data-led insights. highlighted that female participation in senior investment roles has also increased to 15% from 12% in 2023. The data suggested a positive trend towards greater gender diversity in an industry historically dominated by men.
Venture capital (VC) firms continue to outpace PE firms in gender representation across all seniorities, according to the findings. Women hold 23% of senior positions in VC firms, compared to13% in PE. The disparity extends to mid-level roles, where 36% of positions in VC firms are occupied by women, compared to 26% in PE.
The report also revealed data on women’s participation in Investment Committees (ICs) and GP-nominated board seats — women account for 16% of IC members and 19% of GP-nominated board seats.
Level 20 and the BVCA have been tracking gender diversity in private equity and venture capital since 2018. The first edition of their study revealed that 14% of investment professionals in PE were women, with a 6% holding senior roles. Since then, the numbers have more than doubled in senior positions, demonstrating gradual but meaningful progress, shared the researchers.
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Ethnic minority representation within the industry remains steady and aligns with UK national averages. The report found that 18% of investment professionals come from an ethnic minority background, up from 17% in 2023. The workforce remains predominantly white at 80%, with Asian individuals comprising 11%, and black, mixed/multiple and other ethnic groups each accounting for 2-4%.
On a European scale, the UK ranked among the top nations for female representation in private capital. The research placed the UK behind only France and Sweden in terms of total female investment team representation, particularly at mid and junior levels.
Gurpreet Manku, CEO, Level 20, said: “We are pleased to see continued momentum in gender diversity across private equity and venture capital, and are proud to be part of this effort towards continued growth and progress. Now in our 10th anniversary year, what started as a vision among 12 senior women leaders working in private equity and venture capital in 2015 has grown to a pan European organisation with more than 6,500 members across 13 international chapters.
Our work is focused on recruitment, retention and progression of talent and this latest data shows the impact of the industry’s efforts. 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.”
Michael Moore, CEO, BVCA, added: “This report provides a robust, consistent data set, which can be used to track change and progress. The industry has made improvements in its representation in recent years, but it still has a long way to go, particularly at senior levels. Our goal is to ensure all individuals regardless of their background and characteristics can thrive in PE and VC.”
