Key Takeaways
- • Women on investment committees surged to 88% of surveyed Canadian GPs in 2024, up from 63% in 2021—a 25-percentage-point gain representing material progress in venture capital and private equity leadership inclusion.
- • Visible minority representation on investment committees reached 76% of GP respondents, up from 55% in 2021, with approximately 50% of GPs reporting that at least half their investment team members are from visible minority backgrounds (up from 40% in 2023).
- • Female workforce representation grew to 22% of surveyed portfolio companies with women comprising at least half their workforce, up from approximately 19% previously, signaling broader organizational diversity shifts downstream from GP decision-making.
- • BDC survey covered 68 GPs and 550+ portfolio companies, representing a meaningful sample of Canada's estimated 290 venture capital and 558 private equity firms, providing data on a historically under-studied sector through a diversity and inclusion lens.
- • Research supports business case for diversity: advocates cite evidence that female leadership and minority representation correlate with improved financial performance, stronger corporate culture, and enhanced innovation—validated by concurrent 2025 Grant Thornton survey findings.
Summary
Canada's venture capital and private equity sectors are experiencing measurable diversity gains among general partners, according to research released Wednesday by the Business Development Bank of Canada. The BDC surveyed 68 GPs and more than 550 portfolio companies over the winter, providing rare quantitative insight into a powerful but historically opaque segment of the investment landscape.
The headline findings are substantial: 88% of surveyed GPs now have at least one woman on their investment committees, compared to 63% in 2021. Similarly, 76% of respondents reported at least one visible minority member on their investment committees, up from 55% in 2021. At deeper penetration levels, approximately 50% of GPs indicated that half or more of their investment team members are from visible minority backgrounds, representing growth from 40% in 2023. These GPs manage venture capital and private equity funds that make critical capital allocation decisions affecting startup trajectories and broader economic development across Canada.
The gains extend to portfolio companies themselves, where female workforce representation has grown to comprise at least half the staff at 22% of surveyed companies, up from approximately 19% previously. This downstream effect suggests that diversity commitments at the GP level are translating into organizational change across investee portfolios.
Geneviève Bouthillier, executive vice-president of BDC Capital, characterized the findings as encouraging while acknowledging work remains. "There's still a long way to go, but this is great news," she stated. The research addresses a historically understudied sector; Canada's VC and PE landscape comprises an estimated 290 general partners in venture capital and 558 in private equity. Advocates have long highlighted research demonstrating that expanded female and minority leadership correlates with improved business performance, stronger corporate culture, and enhanced innovation. A 2025 Grant Thornton survey provided quantified validation of these benefits, reinforcing the business case for continued diversity advancement in alternative asset management.
The headline findings are substantial: 88% of surveyed GPs now have at least one woman on their investment committees, compared to 63% in 2021. Similarly, 76% of respondents reported at least one visible minority member on their investment committees, up from 55% in 2021. At deeper penetration levels, approximately 50% of GPs indicated that half or more of their investment team members are from visible minority backgrounds, representing growth from 40% in 2023. These GPs manage venture capital and private equity funds that make critical capital allocation decisions affecting startup trajectories and broader economic development across Canada.
The gains extend to portfolio companies themselves, where female workforce representation has grown to comprise at least half the staff at 22% of surveyed companies, up from approximately 19% previously. This downstream effect suggests that diversity commitments at the GP level are translating into organizational change across investee portfolios.
Geneviève Bouthillier, executive vice-president of BDC Capital, characterized the findings as encouraging while acknowledging work remains. "There's still a long way to go, but this is great news," she stated. The research addresses a historically understudied sector; Canada's VC and PE landscape comprises an estimated 290 general partners in venture capital and 558 in private equity. Advocates have long highlighted research demonstrating that expanded female and minority leadership correlates with improved business performance, stronger corporate culture, and enhanced innovation. A 2025 Grant Thornton survey provided quantified validation of these benefits, reinforcing the business case for continued diversity advancement in alternative asset management.
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