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Large cap US private equity is even less diverse than you think it is
Deal partners in the 18 biggest private equity (PE) firms in the United States total 373; just 26 (7%) of these deal partners are women. Five of the 18 firms have zero women as deal partners.
These are the findings of research conducted by the Washington Council for Economic and Financial Education (WACEFE) between November 2021 and November 2022. The firms analyzed by WACEFE were: Advent, Apollo Global Management, Bain Capital, Carlyle Group, CD&R, Clearlake, Francisco, Genstar, Hellman & Friedman, Insight, KKR, Silver Lake, TA Associates, The Blackstone Group, Thoma Bravo, TPG, Vista Equity Partners, and Warburg Pincus - all PE firms with funds greater than $10 billion.
Deal partners are those within a PE firms who control the decision-making, direction, and future of the fund. The research finds that women have been placed within senior staff roles; however, with men holding 93% of deal partner roles, it is clear that there is an absence of diversity in the highest and most powerful investing jobs. This reality is even more striking when we look at the five firms with no female deal partners. These five firms account for 13% of total PE assets under management (AUM). Public pension funds are funding PE firms at record levels while at the same time committing to environmental, social, and governance (ESG) and diversity. It is time to look at - and track - gender diversity within PE firms, especially within roles of influence and power.
Professionals in Deal Roles by Gender
Deal Partner Roles Held by Men vs Women
The bar graph shown below highlights the number of women and men in deal partner roles from the top 18 private equity firms by AUM in the United States. Out of these 18 firms, 5 currently have 0 women in deal roles.
Full List of Female Deal Partners by Firm
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The gender inequity research shown above is only one of the many problems we face in the private equity industry. If you would like to stay updated on our research or learn more about how you can get involved, make sure to sign up for our newsletter, follow us on social media, or reach out to our team directly through email.