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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

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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.

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Full List of Female Deal Partners by Firm

Firm Name
Professional's Name
Title
Location
Advent International
Lauren Young
Managing Director
New York
Advent International
Tricia Glynn
Managing Director
Boston
Apollo Global Management
Christine Hommes
Partner
New York
Apollo Global Management
Olivia Wassenaar
Partner
New York
Clayton, Dubilier & Rice
Sarah Kim
Partner
New York
Francisco Partners
Christine Wang
Deal Partner
San Francisco
Francisco Partners
Ashley Evans
Deal Partner
San Francisco
Insight Partners
Anika Agarwal
Managing Director
New York
Insight Partners
Rachel Geller
Managing Director
New York
Insight Partners
Rebecca Liu-Doyle
Managing Director
New York
KKR
Nancy Ford
Partner, Private Equity
Menlo Park
Silver Lake
Yingqi Li
Managing Director
Menlo Park
TA Associates
Jennifer Mulloy
Managing Director
Menlo Park
The Blackstone Group
Ann Chung
Managing Director - Blackstone Growth
New York
The Blackstone Group
Anushka Sunder
Senior Managing Director
New York
The Blackstone Group
Kelly Wannop
Managing Director
New York
The Carlyle Group
Anita Balaji
Managing Director
New York
The Carlyle Group
Anna Tye
Managing Director and Partner
Washington, DC
The Carlyle Group
Candice Szu
Managing Director
New York
The Carlyle Group
Sandra Horbach
Co-Head US Buyout and Growth
New York
The Carlyle Group
Yue Bonnet
Managing Director
New York
Thoma Bravo
Tara Gadgil
Partner
Miami
TPG
Jacqui Hawwa
Business Unit Partner
San Francisco
TPG
Katherine Wood
Partner
San Francisco
Vista Equity Partners
Rachel Arnold
Senior Managing Director
Austin
Vista Equity Partners
Rene Yang Stewart
Senior Managing Director
Austin

Make A Difference Now

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.