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Tight market conditions in 2022 mean that GPs will look to cut costs and LPs to reduce expenses, placing additional pressure on service providers to meet client demands efficiently. Those happy with their service providers are likely to retain them, but with continued consolidation in each of the major service provider categories, fund managers will look to those best able to adapt and evolve.

The growing number of funds in markets presents opportunities for placement agents, auditors administrators, and legal teams, which will increasingly be required to facilitate key functions. While 2022 may not match 2021 in terms of the record fundraising, there will still be a great need to effectively tend to the needs of a new generation of clients, and those that can do this most effectively will rise above the rest.

Read our report to gain insights into what fund managers think of their service providers as well as accessing comprehensive league tables presenting details of those providing services across private capital and hedge funds. The report also includes expert commentary from a range of our partners on topics ranging from how GP-led secondary transactions are changing private funds and how to unlock value from data.

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At Preqin, we recognize that our planet, societies, and global economy face unprecedented challenges, and we are committed to doing our part in driving positive change. In 2022, we continued to evolve our strategic vision and build initiatives that support our focus areas.

As part of our mission, we believe it is essential to report our progress in creating positive and measurable environmental and social impact, and we are pleased to share our progress and areas of opportunity with you. The Preqin Impact Report 2022 reflects our dedication to corporate responsibility and highlights our performance on key metrics that encompass environmental impact, social responsibility, and responsible business practices over the last year.

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download the PDF or explore the digital version.\r",{"_126":1464,"_128":1465,"_139":141},{},[1466,1470,1478],{"_126":1467,"_135":1468,"_137":1469,"_139":140},{},[],"For more content, visit the ",{"_126":1471,"_128":1473,"_139":1331},{"_1333":1472},"https://www.preqin.com/campaign/women-in-alternative-assets",[1474],{"_126":1475,"_135":1476,"_137":1477,"_139":140},{},[],"women in alternatives",{"_126":1479,"_135":1480,"_137":1481,"_139":140},{},[]," homepage.",[1483,1748,1881,2187,2481,2958,3185],{"_609":1484,"_615":1487,"_645":1497},{"_611":1485,"_613":1486},[],[],{"_617":1488,"_12":1490,"_149":625,"_626":1491,"_628":1491,"_630":1492,"_635":1494,"_637":682,"_639":1495,"_562":644},{"_615":1489},{"_149":620,"_621":622,"_12":623},"YKkMXA463k87f1EyFehtk","2023-09-28T13:37:26.826Z",{"_615":1493},{"_12":633,"_149":620,"_621":634},18,{"_615":1496},{"_149":620,"_621":642,"_12":751},{"_7":1498,"_14":1499,"_12":1500,"_753":1501,"_128":1508},"Foreword - Women in Alternatives 2023","Foreword","foreword-WIA-2023",[1502,1505],{"_615":1503},{"_149":620,"_621":625,"_12":1504},"5Q6KKZaW6DHOLVRdGxqJmP",{"_615":1506},{"_149":620,"_621":625,"_12":1507},"65vNcwcTguRfvy8nOVNuT9",{"_139":152,"_126":1509,"_128":1510},{},[1511,1518,1543,1556,1563,1582,1601,1621,1628,1636,1643,1650,1657,1668,1674,1681,1709,1720,1727,1735,1742],{"_139":141,"_126":1512,"_128":1513},{},[1514],{"_139":140,"_137":1515,"_135":1516,"_126":1517},"The alternatives industry still has a long way to go in terms of gender equality. Marginal successes and slight improvement are no longer acceptable. Preqin’s annual Women in Alternatives report examines the workforce in every asset class, investigates discrepancies in venture capital and hedge funds, and analyzes through an intersectionality lens.",[],{},{"_139":141,"_126":1519,"_128":1520},{},[1521,1525,1530,1534,1539],{"_139":140,"_137":1522,"_135":1523,"_126":1524},"Despite some progress in the gender gap at lower levels, the disparity is most prevalent in senior positions. We spoke with Global Head of Research Data Operations, ",[],{},{"_139":140,"_137":1526,"_135":1527,"_126":1529},"Shifra Ansonoff",[1528],{"_149":150},{},{"_139":140,"_137":1531,"_135":1532,"_126":1533},", and APAC Head of Research, ",[],{},{"_139":140,"_137":1535,"_135":1536,"_126":1538},"Geetanjali Bhalotia",[1537],{"_149":150},{},{"_139":140,"_137":1540,"_135":1541,"_126":1542},", about the progress that has been made and the obstacles women face on their journey to senior positions.",[],{},{"_139":1544,"_126":1545,"_128":1546},"heading-5",{},[1547,1551],{"_139":140,"_137":1548,"_135":1549,"_126":1550},"\n\n",[],{},{"_139":140,"_137":1552,"_135":1553,"_126":1555},"The empowerment of wellness",[1554],{"_149":150},{},{"_139":141,"_126":1557,"_128":1558},{},[1559],{"_139":140,"_137":1560,"_135":1561,"_126":1562},"\n",[],{},{"_139":141,"_126":1564,"_128":1565},{},[1566,1570,1578],{"_139":140,"_137":1567,"_135":1568,"_126":1569},"“Never get so busy making a living that you forget to make a life,” said Dolly Parton. 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One reason is that 49% of female leaders seek greater flexibility compared with 34% of their male counterparts, according to the report.",[],{},{"_139":141,"_126":1602,"_128":1603},{},[1604,1608,1617],{"_139":140,"_137":1605,"_135":1606,"_126":1607},"Speaking from personal experience, working moms tend to encounter more guilt about the things they are not doing and feel the need to overcompensate, with many suffering from burnout. After collapsing due to exhaustion from a lack of sleep, Arianna Huffington had a breakthrough moment and re-evaluated the meaning of success. In her book, ",[],{},{"_139":1331,"_126":1609,"_128":1611},{"_1333":1610},"https://www.ariannahuffington.com/thrive/",[1612],{"_139":140,"_137":1613,"_135":1614,"_126":1616},"Thrive",[1615],{"_149":1178},{},{"_139":140,"_137":1618,"_135":1619,"_126":1620},", Huffington compares money and power to a two-legged stool – you can balance on it for a while, but eventually you will fall off. As a result, she says we need a ‘Third Metric’: wellness. Along with money and power, wellness can help create a more holistic, balanced life. According to Huffington, many successful leaders will literally ‘topple over’ without this metaphorical third leg.",[],{},{"_139":141,"_126":1622,"_128":1623},{},[1624],{"_139":140,"_137":1625,"_135":1626,"_126":1627},"Recently, I began meditation practices, keeping to eight hours of sleep or more, and minimizing multi-tasking so that I could be more ‘present’ with each activity and conversation. Our ability to return to a place of wisdom can improve the way we focus, think, feel, and enhance our growth, relationships, and performance at work. That is the power we can take back as female leaders: taking the time to recharge so that when we do go back to face challenges, we have the strength of mind and heart to do so.",[],{},{"_139":141,"_126":1629,"_128":1630},{},[1631],{"_139":140,"_137":1632,"_135":1633,"_126":1635},"Shifra Ansonoff\nGlobal Head of Research Data Operations, Preqin",[1634],{"_149":150},{},{"_139":141,"_126":1637,"_128":1638},{},[1639],{"_139":140,"_137":1640,"_135":1641,"_126":1642},"Despite some progress in the gender gap at junior levels, the disparity is alive and well in senior positions. Two obstacles that continue to populate the space for women are salary and mentoring. As you progress in a career, compensation is increasingly at play based on how much companies are willing to pay. That is where the gender pay gap really starts to develop.",[],{},{"_139":141,"_126":1644,"_128":1645},{},[1646],{"_139":140,"_137":1647,"_135":1648,"_126":1649},"Several studies have shown that women are not as confident at demanding or negotiating compensation. We often trust that hard work alone will be rewarded fairly. Unfortunately, this is not always the case. Despite regulations and guidance that discourage asking for an applicant’s current salary, we see the practice continue in the industry. Benchmarking is often done based on your previous salary, which causes the pay gap to widen as we move up the corporate ladder.",[],{},{"_139":141,"_126":1651,"_128":1652},{},[1653],{"_139":140,"_137":1654,"_135":1655,"_126":1656},"As an advocate for gender parity, I realized the first step is to walk the walk. I decided that I would not join any company that insists on knowing my current pay before making its best offer. It is okay to ask about salary expectations, but not to ask about your last salary. Compensation offers should be made based purely on skillsets, the value someone brings, and the role. Similarly, when I am recruiting lateral hires, I never ask for previous salaries.",[],{},{"_139":1544,"_126":1658,"_128":1659},{},[1660,1663],{"_139":140,"_137":1548,"_135":1661,"_126":1662},[],{},{"_139":140,"_137":1664,"_135":1665,"_126":1667},"Mentor vs. sponsor",[1666],{"_149":150},{},{"_139":141,"_126":1669,"_128":1670},{},[1671],{"_139":140,"_137":1560,"_135":1672,"_126":1673},[],{},{"_139":141,"_126":1675,"_128":1676},{},[1677],{"_139":140,"_137":1678,"_135":1679,"_126":1680},"One of the barriers that I see for women when it comes to moving into senior positions is being ‘over-mentored but under-sponsored’. The scarcity of women in senior positions means there is a shortage of role models for the next generation. Many companies have rolled out mentorship programs for women, but such programs have limited success. I recently heard the term ‘mentored to death’, referring to women who, in the pursuit of professional success, spend an excessive amount of time being mentored by multiple people, while simultaneously mentoring junior female leaders in the spirit of giving back. Mentorships can be fruitless if mentors do not actively advocate for their mentee and set clear objectives. Sponsorship is far more effective.",[],{},{"_139":141,"_126":1682,"_128":1683},{},[1684,1688,1693,1697,1705],{"_139":140,"_137":1685,"_135":1686,"_126":1687},"The ",[],{},{"_139":140,"_137":1689,"_135":1690,"_126":1692},"Harvard Business Review",[1691],{"_149":1178},{},{"_139":140,"_137":1694,"_135":1695,"_126":1696}," article, ‘Why Men Still Get More Promotions Than Women’, explores mentoring ",[],{},{"_139":1331,"_126":1698,"_128":1700},{"_1333":1699},"https://hbr.org/2010/09/why-men-still-get-more-promotions-than-women",[1701],{"_139":140,"_137":1702,"_135":1703,"_126":1704},"compared to sponsoring",[],{},{"_139":140,"_137":1706,"_135":1707,"_126":1708},". Mentoring is a widely used term often defined as a relationship between someone sharing knowledge and providing guidance. Meanwhile, sponsoring is fighting for someone’s promotion, mentioning their name in meetings, or supporting them on their journey to the next opportunity. Mentorship can lack a clear end goal, while sponsorship always holds an objective in mind.",[],{},{"_139":141,"_126":1710,"_128":1711},{},[1712,1716],{"_139":140,"_137":1689,"_135":1713,"_126":1715},[1714],{"_149":1178},{},{"_139":140,"_137":1717,"_135":1718,"_126":1719}," carried out a study that showed a direct connection between men being mentored and promoted, whereas there was no correlation between women being mentored and promoted. Essentially, men are put on mentoring programs with the intention to promote, while women are put on mentoring programs with vague aims. Personally, I believe companies need to take a more balanced approach for any initiative to be successful. It is the quality, not quantity, that matters.",[],{},{"_139":141,"_126":1721,"_128":1722},{},[1723],{"_139":140,"_137":1724,"_135":1725,"_126":1726},"Conversations around wellness empowerment, pay gaps, and sponsorship open the door not only to identifying obstacles, but furthering the industry-wide pursuit of inclusion. This report offers a data-based deep dive into the gender gap within the alternatives workforce.",[],{},{"_139":141,"_126":1728,"_128":1729},{},[1730],{"_139":140,"_137":1731,"_135":1732,"_126":1734},"Geetanjali Bhalotia\nAPAC Head of Research, Preqin",[1733],{"_149":150},{},{"_139":141,"_126":1736,"_128":1737},{},[1738],{"_139":140,"_137":1739,"_135":1740,"_126":1741},"\n\n\n\n",[],{},{"_139":141,"_126":1743,"_128":1744},{},[1745],{"_139":140,"_137":1548,"_135":1746,"_126":1747},[],{},{"_609":1749,"_615":1752,"_645":1762},{"_611":1750,"_613":1751},[],[],{"_617":1753,"_12":1755,"_149":625,"_626":1756,"_628":1756,"_630":1757,"_635":1759,"_637":682,"_639":1760,"_562":644},{"_615":1754},{"_149":620,"_621":622,"_12":623},"RI54q46pEKIPEUgEs3FYk","2023-09-28T13:37:26.625Z",{"_615":1758},{"_12":633,"_149":620,"_621":634},13,{"_615":1761},{"_149":620,"_621":642,"_12":751},{"_7":1763,"_14":1764,"_12":1765,"_753":1766,"_128":1770},"Executive summary - Women in Alternatives 2023","Executive summary","executive-summary-WIA-2023",[1767],{"_615":1768},{"_149":620,"_621":625,"_12":1769},"1XcXWYqMgwrasptlx236y5",{"_126":1771,"_128":1772,"_139":152},{},[1773,1780,1788,1794,1820,1826,1834,1841,1847,1855,1861,1868,1875],{"_126":1774,"_128":1775,"_139":141},{},[1776],{"_126":1777,"_135":1778,"_137":1779,"_139":140},{},[],"Recent efforts toward gender balance have had little effect in the alternatives industry. Progress has been incremental at best, with a less than two percentage point increase in women working in the sector in the last 12 months. The effects of the bottlenecks are most visible at the senior level, where female representation is disproportionate. While women account for 32.5% of the alternatives workforce at the junior level, only 13.6% populate the senior level. Women of color are among the groups particularly under-represented at senior levels. In this report we use Preqin data to examine which asset classes, institutions, and regions exhibit progress – and which continue to lag.\n\n",{"_126":1781,"_128":1782,"_139":1544},{},[1783],{"_126":1784,"_135":1785,"_137":1787,"_139":140},{},[1786],{"_149":150},"Senior positions and prioritizing advancement",{"_126":1789,"_128":1790,"_139":141},{},[1791],{"_126":1792,"_135":1793,"_137":1560,"_139":140},{},[],{"_126":1795,"_128":1796,"_139":141},{},[1797,1801,1805,1809,1816],{"_126":1798,"_135":1799,"_137":1800,"_139":140},{},[],"Not only are women disproportionately absent from the senior level, but they are more willing to leave their jobs in search of better opportunities. On average, women occupy less than 16% of senior positions, with only moderate variation across asset classes. Recent findings from McKinsey & Company and LeanIn.Org’s ",{"_126":1802,"_135":1803,"_137":1593,"_139":140},{},[1804],{"_149":1178},{"_126":1806,"_135":1807,"_137":1808,"_139":140},{},[]," survey show that women are leaving their positions at higher rates than ever before, finding that 48% of women who switched positions in the last two years did so to find better ",{"_126":1810,"_128":1811,"_139":1331},{"_1333":1590},[1812],{"_126":1813,"_135":1814,"_137":1815,"_139":140},{},[],"opportunities for advancement",{"_126":1817,"_135":1818,"_137":1819,"_139":140},{},[],". This shift is not exclusive to women in senior positions: 58% of women under 30 said advancement was more important to them now than it was two years ago. Career development is not the only element at play regarding turnover. As emphasized by the pandemic, workplace flexibility continues to be an essential factor for women.",{"_126":1821,"_128":1822,"_139":1544},{},[1823],{"_126":1824,"_135":1825,"_137":1560,"_139":140},{},[],{"_126":1827,"_128":1828,"_139":1544},{},[1829],{"_126":1830,"_135":1831,"_137":1833,"_139":140},{},[1832],{"_149":150},"Gender balance and intersectionality at institutional investors",{"_126":1835,"_128":1836,"_139":141},{},[1837],{"_126":1838,"_135":1839,"_137":1840,"_139":140},{},[],"\n\nInstitutional investors have more balanced female representation than fund managers. On average, according to Preqin data, 24.4% of employees working at institutional investors are women (Fig. 13.3). However, the percentage declines in higher managerial positions. Across the entire LP workforce, women occupy 34.5% of positions at the junior level, 26.6% of those at the mid-level, and 17.2% of senior positions (Fig. 13.4). While more advanced than fund managers, gender balance is still a way off, and even more so for women of color.",{"_126":1842,"_128":1843,"_139":141},{},[1844],{"_126":1845,"_135":1846,"_137":567,"_139":140},{},[],{"_126":1848,"_128":1849,"_139":1544},{},[1850],{"_126":1851,"_135":1852,"_137":1854,"_139":140},{},[1853],{"_149":150},"North America is ahead, but not by much",{"_126":1856,"_128":1857,"_139":141},{},[1858],{"_126":1859,"_135":1860,"_137":1560,"_139":140},{},[],{"_126":1862,"_128":1863,"_139":141},{},[1864],{"_126":1865,"_135":1866,"_137":1867,"_139":140},{},[],"North America is the region with the highest proportion of women working in alternatives globally, though the lead is marginal. Women represent 22.3% of the alternatives workforce in North America, while Europe comes in at a close second with 20.9% (Fig. 2.1). Asia is not far behind with 20%, and the rest of the world is closing in, with 19%. North America also leads on the senior level, as 14.4% of senior positions are occupied by women – above the global average of 13.6% (Fig. 1.4). The region maintains this lead in every asset class.",{"_126":1869,"_128":1870,"_139":141},{},[1871],{"_126":1872,"_135":1873,"_137":1874,"_139":140},{},[],"Real progress in the gender balance will continue to evade the alternatives industry until more women are represented in senior and C-suite, or executive, positions. Moreover, diversity, equity, and inclusion (DEI) need to become a priority for all demographics of the workforce, not just women. Collective action around workplace flexibility, employee sponsorship, broader recruitment practices, and adding a gender diversity metric to due diligence proceedings can help foster the change needed to achieve gender equality in the industry.",{"_126":1876,"_128":1877,"_139":141},{},[1878],{"_126":1879,"_135":1880,"_137":1548,"_139":140},{},[],{"_609":1882,"_615":1885,"_645":1895},{"_611":1883,"_613":1884},[],[],{"_617":1886,"_12":1888,"_149":625,"_626":1889,"_628":1889,"_630":1890,"_635":1892,"_637":682,"_639":1893,"_562":644},{"_615":1887},{"_149":620,"_621":622,"_12":623},"58wiJYdotm4rVx0Nk2awYe","2023-09-28T13:37:21.374Z",{"_615":1891},{"_12":633,"_149":620,"_621":634},35,{"_615":1894},{"_149":620,"_621":642,"_12":751},{"_7":1896,"_14":1897,"_12":1898,"_753":1899,"_724":1903,"_128":1920},"Hedge funds and gender diversity - Women in Alternatives 2023","Hedge funds and gender diversity","hedge-funds-and-gender-diversity",[1900],{"_615":1901},{"_149":620,"_621":625,"_12":1902},"17BXvdvhF8X3dzqUd3to5K",{"_139":152,"_126":1904,"_128":1905},{},[1906,1914],{"_139":141,"_126":1907,"_128":1908},{},[1909],{"_139":140,"_137":1910,"_135":1911,"_126":1913},"Are hedge funds leading the way in gender diversity?\n",[1912],{"_149":150},{},{"_139":141,"_126":1915,"_128":1916},{},[1917],{"_139":140,"_137":1548,"_135":1918,"_126":1919},[],{},{"_126":1921,"_128":1922,"_139":152},{},[1923,1934,1941,1947,1954,1960,1966,1973,1981,1988,1995,2007,2026,2033,2039,2045,2051,2057,2072,2079,2086,2105,2112,2119,2125,2131,2137,2148,2154,2173,2180],{"_126":1924,"_128":1925,"_139":1544},{},[1926,1931],{"_126":1927,"_135":1928,"_137":1930,"_139":140},{},[1929],{"_149":150},"The financial industry has made relatively large strides in promoting women in recent years, but more still needs to be done to reach gender equality.\n",{"_126":1932,"_135":1933,"_137":1560,"_139":140},{},[],{"_126":1935,"_128":1936,"_139":141},{},[1937],{"_126":1938,"_135":1939,"_137":1940,"_139":140},{},[],"Hedge funds are outshining other asset classes in the alternative investment industry in the representation of women in the workforce. They have achieved the largest increase in gender diversity within alternatives, outpacing other asset classes over recent years (Fig. 1.1). In 2019, hedge funds had one of the lowest proportions of women employees, at 19.3%. However, as of January 2023, there has been significant progress, with a 7.2% rise in the number of women working in the field.",{"_126":1942,"_128":1943,"_139":141},{},[1944],{"_126":1945,"_135":1946,"_137":1560,"_139":140},{},[],{"_126":1948,"_128":1952,"_139":1953},{"_370":1949},{"_615":1950},{"_12":1951,"_149":620,"_621":625},"4FENzyqx8WDa0ZRk886evW",[],"embedded-entry-block",{"_126":1955,"_128":1956,"_139":141},{},[1957],{"_126":1958,"_135":1959,"_137":1560,"_139":140},{},[],{"_126":1961,"_128":1965,"_139":1953},{"_370":1962},{"_615":1963},{"_12":1964,"_149":620,"_621":625},"2mtmgaIjg1R6CJFaGvTs3L",[],{"_126":1967,"_128":1968,"_139":141},{},[1969],{"_126":1970,"_135":1971,"_137":1972,"_139":140},{},[],"\n\nSpecifically, North America boasts the largest percentage of female employees in the asset class, at 29.9% (Fig. 1.2). The data suggests optimism in a male-dominated industry managing over $4tn in assets, but closer examination is needed as male executives or partners still hold most of the investment decision-making power.",{"_126":1974,"_128":1975,"_139":1544},{},[1976],{"_126":1977,"_135":1978,"_137":1980,"_139":140},{},[1979],{"_149":150},"Women still hedged out in investment roles",{"_126":1982,"_128":1983,"_139":141},{},[1984],{"_126":1985,"_135":1986,"_137":1987,"_139":140},{},[],"\n\n\nWomen are still under-represented in investment decision-making roles, such as investment process, trading, and portfolio management. Instead, they occupy a stronger presence in client services, such as investor relations and marketing. Preqin data shows that the proportion of female employees in portfolio management is the lowest in hedge funds, at 19.5% and 21.9%, respectively (Fig. 5.1). This stands in contrast to investor relations and marketing, where the proportion of women in these roles is much higher, at 39.8%.",{"_126":1989,"_128":1990,"_139":141},{},[1991],{"_126":1992,"_135":1993,"_137":1994,"_139":140},{},[],"The lack of gender diversity in investment roles is an issue across all asset classes in the alternative investments industry, not just hedge funds. The three divisions with the highest representation of female employees are typically investor relations, accounting, and operations.",{"_126":1996,"_128":1997,"_139":141},{},[1998,2003],{"_126":1999,"_135":2000,"_137":2002,"_139":140},{},[2001],{"_149":1178},"Hedged Out: Inequality and Insecurity on Wall Street",{"_126":2004,"_135":2005,"_137":2006,"_139":140},{},[],", written by former hedge fund analyst Megan Tobias Neely and published in 2022, examines the reasons behind the entrenched inequality in the division of labour in the industry. Neely notes that hedge funds run exclusively by white men at the executive or partner level manage 97% of the industry’s investments.",{"_126":2008,"_128":2009,"_139":141},{},[2010,2014,2022],{"_126":2011,"_135":2012,"_137":2013,"_139":140},{},[],"As quoted in a ",{"_126":2015,"_128":2017,"_139":1331},{"_1333":2016},"https://gender.stanford.edu/news/who-hedged-and-hedged-out-elite-world-finance",[2018],{"_126":2019,"_135":2020,"_137":2021,"_139":140},{},[],"Stanford University article",{"_126":2023,"_135":2024,"_137":2025,"_139":140},{},[],", Neely said: “In financial services, where risk is really high, trust is a powerful currency. And we also know that people are more likely to trust people like themselves with respect to race, class, and gender.”",{"_126":2027,"_128":2028,"_139":141},{},[2029],{"_126":2030,"_135":2031,"_137":2032,"_139":140},{},[],"In her book, Neely concludes that the importance of trust in risky asset investing has perpetuated a pattern of superior rewards and advancement for people with similar demographic traits, which has marginalized women.",{"_126":2034,"_128":2035,"_139":141},{},[2036],{"_126":2037,"_135":2038,"_137":1560,"_139":140},{},[],{"_126":2040,"_128":2044,"_139":1953},{"_370":2041},{"_615":2042},{"_12":2043,"_149":620,"_621":625},"44xxvn3zFG6QmjqzuZ0ZVX",[],{"_126":2046,"_128":2047,"_139":141},{},[2048],{"_126":2049,"_135":2050,"_137":1548,"_139":140},{},[],{"_126":2052,"_128":2056,"_139":1953},{"_370":2053},{"_615":2054},{"_12":2055,"_149":620,"_621":625},"3Ps2i5pc3ZhmKzrK8cP6Lj",[],{"_126":2058,"_128":2059,"_139":1544},{},[2060,2063,2068],{"_126":2061,"_135":2062,"_137":1548,"_139":140},{},[],{"_126":2064,"_135":2065,"_137":2067,"_139":140},{},[2066],{"_149":150},"Hedge fund leads in women with senior roles",{"_126":2069,"_135":2070,"_137":2071,"_139":140},{},[],"\n\n\n",{"_126":2073,"_128":2074,"_139":141},{},[2075],{"_126":2076,"_135":2077,"_137":2078,"_139":140},{},[],"Preqin data shows that hedge funds lead other alternative asset classes in having the highest proportion of women in senior roles, at 19.5% (Fig. 1.3). This is amplified in North America, where women accounted for 22.5% of those in senior positions in 2022, far outstripping other major regions such as Europe (13.7%) and Asia (13.2%) (Fig. 1.4).",{"_126":2080,"_128":2081,"_139":141},{},[2082],{"_126":2083,"_135":2084,"_137":2085,"_139":140},{},[],"Nevertheless, at the GP level, Hong Kong leads the world in having the highest proportion of women in senior roles, at 17.3% (Fig. 1.5). The city continues to be the dominant hedge fund hub in Asia, home to 43% of hedge fund managers based there, according to Preqin data.",{"_126":2087,"_128":2088,"_139":141},{},[2089,2093,2101],{"_126":2090,"_135":2091,"_137":2092,"_139":140},{},[],"One of the most recent woman-led hedge funds launched in Hong Kong is Springhill Fund. The fund was set up by former Fidelity Investments portfolio manager ",{"_126":2094,"_128":2096,"_139":1331},{"_1333":2095},"https://www.bloomberg.com/news/features/2021-12-03/9-hot-new-hedge-funds-launched-by-leading-women-in-the-finance-world",[2097],{"_126":2098,"_135":2099,"_137":2100,"_139":140},{},[],"Jane Wu",{"_126":2102,"_135":2103,"_137":2104,"_139":140},{},[]," in March 2021, with about $550mn in assets under management as of early November 2021.",{"_126":2106,"_128":2107,"_139":141},{},[2108],{"_126":2109,"_135":2110,"_137":2111,"_139":140},{},[],"The highest percentage of women holding the position of Chief Operating Officer (COO) in the world is found in Asia, at 30.3%. Similarly, the position of Chief Financial Officer (CFO) is also occupied by a relatively high percentage of women in Asia, at 29.5%. In contrast, North America has lower percentages of women in these positions, with only 16.3% of COOs and 20.7% of CFOs women (Fig. 1.6).",{"_126":2113,"_128":2114,"_139":141},{},[2115],{"_126":2116,"_135":2117,"_137":2118,"_139":140},{},[],"While this may indicate that women in Asia hedge funds are gradually breaking the glass ceiling in the C-suite, it also highlights the persistent gender division of labour, where women are predominantly found in operations and accounting roles. Globally, women are still more likely to be appointed as CFOs and COOs in the hedge fund industry.\n\n\n",{"_126":2120,"_128":2124,"_139":1953},{"_370":2121},{"_615":2122},{"_12":2123,"_149":620,"_621":625},"27eyE5KUBuQ3ApDIEOQqtE",[],{"_126":2126,"_128":2127,"_139":141},{},[2128],{"_126":2129,"_135":2130,"_137":1560,"_139":140},{},[],{"_126":2132,"_128":2136,"_139":1953},{"_370":2133},{"_615":2134},{"_12":2135,"_149":620,"_621":625},"551sgqwqQUTcj4oxeY5WEd",[],{"_126":2138,"_128":2139,"_139":1544},{},[2140,2143],{"_126":2141,"_135":2142,"_137":1548,"_139":140},{},[],{"_126":2144,"_135":2145,"_137":2147,"_139":140},{},[2146],{"_149":150},"Large debuts mark long-awaited shift",{"_126":2149,"_128":2150,"_139":1544},{},[2151],{"_126":2152,"_135":2153,"_137":1548,"_139":140},{},[],{"_126":2155,"_128":2156,"_139":141},{},[2157,2161,2169],{"_126":2158,"_135":2159,"_137":2160,"_139":140},{},[],"In 2023, the hedge fund industry witnessed a watershed moment with the launch of the largest-ever woman-led hedge fund. Founded by Mala Gaonkar, SurgoCap Partners debuted in New York in January with $1.8bn AUM. This is an impressive accomplishment at a time when hedge fund launches are at their ",{"_126":2162,"_128":2164,"_139":1331},{"_1333":2163},"https://sigtech.com/insights/state-of-the-hedge-fund-industry/",[2165],{"_126":2166,"_135":2167,"_137":2168,"_139":140},{},[],"lowest since 2010",{"_126":2170,"_135":2171,"_137":2172,"_139":140},{},[],", according to SigTech. After 24 successful years at hedge fund Lone Pine Capital, Gaonkar established SurgoCap Partners, which uses data science to invest in technology-related sectors. The creation of SurgoCap was a culmination of many years of planning, as Gaonkar co-founded the Surgo Foundation in 2015 with scientist Sema Sgaier, with the goal of using artificial intelligence to address global health issues. The launch builds on another rare high-profile, woman-led hedge fund debut in October 2022, when Divya Nettimi launched Avala Global with over $1bn in AUM.",{"_126":2174,"_128":2175,"_139":141},{},[2176],{"_126":2177,"_135":2178,"_137":2179,"_139":140},{},[],"The rise of large, woman-led hedge funds is a welcome shift in the traditionally male-dominated sector, where only a small percentage of the thousands of hedge funds are run by women. But many women-led hedge funds often struggle to attract large amounts of capital from investors and tend to be much smaller in size, leading to unequal performance outcomes. So high-profile debuts such as those with over $1bn in AUM offer female managers a chance to overcome this pattern and break this cycle, signaling that change could be occurring in the world of finance.",{"_126":2181,"_128":2182,"_139":141},{},[2183],{"_126":2184,"_135":2185,"_137":2186,"_139":140},{},[],"\n\n\n\n\n\n\n\n\n",{"_609":2188,"_615":2191,"_645":2201},{"_611":2189,"_613":2190},[],[],{"_617":2192,"_12":2194,"_149":625,"_626":2195,"_628":2195,"_630":2196,"_635":2198,"_637":682,"_639":2199,"_562":644},{"_615":2193},{"_149":620,"_621":622,"_12":623},"3s7ySJyUkOL9THYhxdbBSW","2023-09-28T13:37:19.25Z",{"_615":2197},{"_12":633,"_149":620,"_621":634},28,{"_615":2200},{"_149":620,"_621":642,"_12":751},{"_7":2202,"_14":2203,"_12":2204,"_753":2205,"_724":2209,"_128":2226},"Women in the C-suite - Women in Alternatives 2023","Women in the C-suite","women-in-the-c-suite",[2206],{"_615":2207},{"_149":620,"_621":625,"_12":2208},"3SbArHtOnKv2wedJGjOPvH",{"_139":152,"_126":2210,"_128":2211},{},[2212,2220],{"_139":141,"_126":2213,"_128":2214},{},[2215],{"_139":140,"_137":2216,"_135":2217,"_126":2219},"Women checking into the C-suite\n",[2218],{"_149":150},{},{"_139":141,"_126":2221,"_128":2222},{},[2223],{"_139":140,"_137":2071,"_135":2224,"_126":2225},[],{},{"_126":2227,"_128":2228,"_139":152},{},[2229,2237,2256,2263,2270,2277,2283,2289,2300,2307,2326,2332,2338,2349,2355,2362,2369,2376,2383,2389,2395,2406,2425,2443,2474],{"_126":2230,"_128":2231,"_139":1544},{},[2232],{"_126":2233,"_135":2234,"_137":2236,"_139":140},{},[2235],{"_149":150},"Women are particularly under-represented in the C-suite, but the differences between senior roles are stark",{"_126":2238,"_128":2239,"_139":141},{},[2240,2244,2252],{"_126":2241,"_135":2242,"_137":2243,"_139":140},{},[],"\n\n\nIn financial services, more women seem to be filling newly created or emerging C-suite roles, such as Chief Analytics Officer or Chief Brand Officer, than more traditional positions such as Chief Executive Officer. Analysis by consultancy Deloitte has found that the C-suite roles in financial services that tend to have the highest proportion of women are those relating to ",{"_126":2245,"_128":2247,"_139":1331},{"_1333":2246},"https://www2.deloitte.com/us/en/insights/industry/financial-services/women-in-the-c-suite.html",[2248],{"_126":2249,"_135":2250,"_137":2251,"_139":140},{},[],"diversity & inclusion",{"_126":2253,"_135":2254,"_137":2255,"_139":140},{},[],", learning, brand, innovation, and data analytics/digital.",{"_126":2257,"_128":2258,"_139":141},{},[2259],{"_126":2260,"_135":2261,"_137":2262,"_139":140},{},[],"COVID-19 was a catalyst for digitalization as many office workers were forced to work from home, but the trend of using data to capture market share, improve diversity of the workforce, and attempt to improve sustainability metrics was already ongoing. These, and other factors of change, have led to the creation of a variety of new C-suite positions, such as Chief Data Officer, Chief Privacy Officer, and Chief Sustainability Officer.\n",{"_126":2264,"_128":2265,"_139":141},{},[2266],{"_126":2267,"_135":2268,"_137":2269,"_139":140},{},[],"This may be because the newer roles come with fewer set expectations and obstacles that the traditional roles face, or that they benefit from a more hybrid working style without a set career path preceding them. As a result, the pool of applicants can be larger, as workers from other industries or with different career paths can more easily transfer to these roles. Another reason could be that some of these roles have grown out of HR positions, or from positions in which there has traditionally been a higher proportion of women, such as diversity, equity, and inclusion (DEI).",{"_126":2271,"_128":2272,"_139":141},{},[2273],{"_126":2274,"_135":2275,"_137":2276,"_139":140},{},[],"However, although the proportion of women in newer C-suite roles is higher than in more traditional C-suite roles, Deloitte found that over half of the newer C-suite positions are still occupied by men, although these figures differ depending on the role. In 2020, those in the role of Chief of D&I were overwhelmingly found to be women (86.7%), while only 25.2% of Chief Strategy Officers were women.",{"_126":2278,"_128":2279,"_139":141},{},[2280],{"_126":2281,"_135":2282,"_137":1560,"_139":140},{},[],{"_126":2284,"_128":2288,"_139":1953},{"_370":2285},{"_615":2286},{"_12":2287,"_149":620,"_621":625},"5L37M6FBlMmn9rpgMpuVcH",[],{"_126":2290,"_128":2291,"_139":1544},{},[2292,2295],{"_126":2293,"_135":2294,"_137":1548,"_139":140},{},[],{"_126":2296,"_135":2297,"_137":2299,"_139":140},{},[2298],{"_149":150},"Senior roles within the alternatives industry",{"_126":2301,"_128":2302,"_139":141},{},[2303],{"_126":2304,"_135":2305,"_137":2306,"_139":140},{},[],"\n\nIn alternatives, an average of 13.6% of senior roles are occupied by women across the asset classes as of January 2023 (Fig. 1.3). North America has generally more women in senior roles. Overall, hedge funds and natural resources have the highest proportion of women at a senior level, at 19.5% and 16.4%, respectively. The percentages are lower at board level, with women accounting for just 10.3% of board members across alternatives (Fig. 2.1). Natural resources has the highest proportion compared with other asset classes, with 14.3%. This is in line with investors, who have an average of 14.2% female board members.",{"_126":2308,"_128":2309,"_139":141},{},[2310,2314,2322],{"_126":2311,"_135":2312,"_137":2313,"_139":140},{},[],"According to the European Institute for Gender Equality (EIGE), a new record was reached in April 2022 when 32% of board members at the European Union’s largest listed companies were women. However, when it came to the ",{"_126":2315,"_128":2317,"_139":1331},{"_1333":2316},"https://eige.europa.eu/publications/gender-equality-index-2022-covid-19-pandemic-and-care",[2318],{"_126":2319,"_135":2320,"_137":2321,"_139":140},{},[],"role of CEO",{"_126":2323,"_135":2324,"_137":2325,"_139":140},{},[],", women only accounted for 8% of the total number. The alternatives sector in Europe lagged far behind this.",{"_126":2327,"_128":2328,"_139":141},{},[2329],{"_126":2330,"_135":2331,"_137":1560,"_139":140},{},[],{"_126":2333,"_128":2337,"_139":1953},{"_370":2334},{"_615":2335},{"_12":2336,"_149":620,"_621":625},"3ovya7LMnG82Ey0B2CqeDX",[],{"_126":2339,"_128":2340,"_139":1544},{},[2341,2344],{"_126":2342,"_135":2343,"_137":1548,"_139":140},{},[],{"_126":2345,"_135":2346,"_137":2348,"_139":140},{},[2347],{"_149":150},"Which roles are women more likely to occupy?",{"_126":2350,"_128":2351,"_139":141},{},[2352],{"_126":2353,"_135":2354,"_137":1560,"_139":140},{},[],{"_126":2356,"_128":2357,"_139":141},{},[2358],{"_126":2359,"_135":2360,"_137":2361,"_139":140},{},[],"Breaking down senior roles at GP level for each asset class, a few things stand out. Women appear much more likely to hold the position of Chief Financial Officer (CFO), Chief Operating Officer (COO), or Executive Director than other senior titles. This seems to be across all the alternative asset classes, notwithstanding the differences between asset classes individually. In venture capital, 29.7% of CFOs are women, followed by 26.7% in private equity (Fig. 2.2). Women account for 29.6% of Executive Directors in natural resources, far above the 12% in hedge funds. ",{"_126":2363,"_128":2364,"_139":141},{},[2365],{"_126":2366,"_135":2367,"_137":2368,"_139":140},{},[],"Interestingly, CFO and COO are both roles where experience can be transferred from other sectors. Other positions, such as the chair, often require asset class-specific experience, meaning the pool of potential candidates for the role is smaller. A similar argument can be made for CIOs. Theoretically, a CIO with broader asset management experience could be brought in, but preference may be given to candidates with alternatives experience, making the pipeline of talent more important. ",{"_126":2370,"_128":2371,"_139":141},{},[2372],{"_126":2373,"_135":2374,"_137":2375,"_139":140},{},[],"The chair (often also known as chairman, or, more rarely, chairwoman) is one of the senior roles least likely to be filled by a woman. Across all alternative asset classes apart from hedge funds, this is the senior role with the lowest proportion of women.",{"_126":2377,"_128":2378,"_139":141},{},[2379],{"_126":2380,"_135":2381,"_137":2382,"_139":140},{},[],"Regional breakdowns can differ, however. When looking at the geographic differences for VC, North America, Europe, and Rest of World all range between 3.5% and 3.9% for the proportion of chairwomen among total senior employees, but Asia almost triples this percentage, at 9.7% (Fig. 2.3). A similar geographic breakdown can be seen in PE, with Asia outpacing the rest of the globe in terms of the proportion of chairwomen among total senior employees, but not particularly in any other of the alternative asset classes.",{"_126":2384,"_128":2385,"_139":141},{},[2386],{"_126":2387,"_135":2388,"_137":1560,"_139":140},{},[],{"_126":2390,"_128":2394,"_139":1953},{"_370":2391},{"_615":2392},{"_12":2393,"_149":620,"_621":625},"1rhNfKt9JLxljqPweJxX3A",[],{"_126":2396,"_128":2397,"_139":1544},{},[2398,2401],{"_126":2399,"_135":2400,"_137":1548,"_139":140},{},[],{"_126":2402,"_135":2403,"_137":2405,"_139":140},{},[2404],{"_149":150},"Measures to increase the representation of women in alternatives",{"_126":2407,"_128":2408,"_139":141},{},[2409,2413,2421],{"_126":2410,"_135":2411,"_137":2412,"_139":140},{},[],"\n\n\nThere are initiatives to increase the number of women in C-suite positions. The UK has the Women in Finance Charter, which asks financial services firms to commit to targets for gender diversity. Germany introduced a law in 2021 that aims to increase the number of women in leadership roles. It requires at least one woman and one man on any executive board that has more than three members. This builds on an earlier law introduced in 2015. Meanwhile, France has introduced ",{"_126":2414,"_128":2416,"_139":1331},{"_1333":2415},"https://www.forbes.com/sites/avivahwittenbergcox/2021/05/15/france-unanimously-votes-gender-quotas-for-executive-leadership/",[2417],{"_126":2418,"_135":2419,"_137":2420,"_139":140},{},[],"gender quotas",{"_126":2422,"_135":2423,"_137":2424,"_139":140},{},[]," for companies of over 1,000 employees, among other measures to support women in entrepreneurship.",{"_126":2426,"_128":2427,"_139":141},{},[2428,2432,2439],{"_126":2429,"_135":2430,"_137":2431,"_139":140},{},[],"The EIGE’s research on women on boards of the EU’s largest listed companies said that the increase in ",{"_126":2433,"_128":2434,"_139":1331},{"_1333":2316},[2435],{"_126":2436,"_135":2437,"_137":2438,"_139":140},{},[],"female board members",{"_126":2440,"_135":2441,"_137":2442,"_139":140},{},[]," had ‘mostly occurred in Member States with binding legislation’, demonstrating the important role lawmakers play here.",{"_126":2444,"_128":2445,"_139":141},{},[2446,2450,2458,2462,2470],{"_126":2447,"_135":2448,"_137":2449,"_139":140},{},[],"Academic research suggests that a tipping point is reached at ",{"_126":2451,"_128":2453,"_139":1331},{"_1333":2452},"https://digitalcommons.law.seattleu.edu/cgi/viewcontent.cgi?article=2038&context=sulr",[2454],{"_126":2455,"_135":2456,"_137":2457,"_139":140},{},[],"around 30%",{"_126":2459,"_135":2460,"_137":2461,"_139":140},{},[],", meaning that a 30% minority within a group is large enough to ‘enact ",{"_126":2463,"_128":2465,"_139":1331},{"_1333":2464},"https://www2.deloitte.com/uk/en/insights/industry/financial-services/women-in-leadership-roles.html/#endnote-4",[2466],{"_126":2467,"_135":2468,"_137":2469,"_139":140},{},[],"substantive change",{"_126":2471,"_135":2472,"_137":2473,"_139":140},{},[]," across an organization’. Overall, between a fifth and a quarter of employees within alternative asset classes are women, while at the senior level this proportion only reaches 13.6%. This is far behind the roughly third of women needed to reach critical mass. That being said, once this has been reached at senior level, the ability for women to make real, lasting changes could expedite achieving gender equality in the industry.\n\n\n",{"_126":2475,"_128":2476,"_139":141},{},[2477],{"_126":2478,"_135":2479,"_137":2480,"_139":140},{},[],"\n\n\n\n\n\n\n\n",{"_609":2482,"_615":2485,"_645":2495},{"_611":2483,"_613":2484},[],[],{"_617":2486,"_12":2488,"_149":625,"_626":2489,"_628":2489,"_630":2490,"_635":2492,"_637":682,"_639":2493,"_562":644},{"_615":2487},{"_149":620,"_621":622,"_12":623},"1adO22ojvwCGZuOWwZy1Fj","2023-09-28T13:37:14.928Z",{"_615":2491},{"_12":633,"_149":620,"_621":634},22,{"_615":2494},{"_149":620,"_621":642,"_12":751},{"_7":2496,"_14":2497,"_12":2498,"_753":2499,"_724":2503,"_128":2530},"Women in venture capital - Women in Alternatives 2023","Women in venture capital","women-in-venture-capital",[2500],{"_615":2501},{"_149":620,"_621":625,"_12":2502},"2zuQA405lgu5rvBst2iPAM",{"_139":152,"_126":2504,"_128":2505},{},[2506,2514,2524],{"_139":141,"_126":2507,"_128":2508},{},[2509],{"_139":140,"_137":2510,"_135":2511,"_126":2513},"Underrated potential: women in venture capital\n",[2512],{"_149":150},{},{"_139":1544,"_126":2515,"_128":2516},{},[2517,2520],{"_139":140,"_137":1548,"_135":2518,"_126":2519},[],{},{"_139":140,"_137":1560,"_135":2521,"_126":2523},[2522],{"_149":150},{},{"_139":141,"_126":2525,"_128":2526},{},[2527],{"_139":140,"_137":2071,"_135":2528,"_126":2529},[],{},{"_126":2531,"_128":2532,"_139":152},{},[2533,2541,2548,2555,2562,2568,2574,2585,2591,2622,2652,2671,2726,2733,2739,2745,2756,2762,2769,2786,2817,2848,2864,2871,2890,2902,2909,2944,2951],{"_126":2534,"_128":2535,"_139":1544},{},[2536],{"_126":2537,"_135":2538,"_137":2540,"_139":140},{},[2539],{"_149":150},"The success of the venture capital industry lies in being more inclusive of women fund managers and entrepreneurs",{"_126":2542,"_128":2543,"_139":141},{},[2544],{"_126":2545,"_135":2546,"_137":2547,"_139":140},{},[],"\n\nWith $2.6tn assets under management (AUM), venture capital as an asset class has a lot of influence in the modern marketplace. By commercializing ideas and bringing them to market successfully, venture capital funds have been powerful vehicles for economic development and have largely shaped the way we live and connect with one another.",{"_126":2549,"_128":2550,"_139":141},{},[2551],{"_126":2552,"_135":2553,"_137":2554,"_139":140},{},[],"Gender inequality, however, continues to pervade the VC ecosystem. According to Preqin data, women make up only 23.8% of the employees in VC firms as of January 2023 (Fig. 1.3). This means that a homogenous group of male-dominated fund managers is funding a homogenous group of entrepreneurs and fueling ideas that lack diverse perspectives. To truly leverage the potential of VC and build solutions that can increase access and opportunities for everyone, we must overcome gender bias in capital allocation. Female fund managers can be the catalyst for this change.",{"_126":2556,"_128":2557,"_139":141},{},[2558],{"_126":2559,"_135":2560,"_137":2561,"_139":140},{},[],"Preqin studied the top 10 locations by aggregate capital raised in the last 10 years to understand female representation in countries with a mature VC market. Even among the gender diversity leaders like China, Hong Kong, and France, women made up only about 15% of the senior employees (Fig. 3.1). The majority of women in senior positions globally are either Chief Financial Officers or Chief Operating Officers, at 29.7% and 26.5%, respectively (Fig 3.2). These are non-investment roles. Less than 10% of founders or CEOs in VC are women. Clearly, women in investment-related leadership roles are under-represented globally within the asset class.",{"_126":2563,"_128":2564,"_139":141},{},[2565],{"_126":2566,"_135":2567,"_137":1560,"_139":140},{},[],{"_126":2569,"_128":2573,"_139":1953},{"_370":2570},{"_615":2571},{"_12":2572,"_149":620,"_621":625},"6Jqo3DrYv8F6kBETdPYiHr",[],{"_126":2575,"_128":2576,"_139":1544},{},[2577,2580],{"_126":2578,"_135":2579,"_137":1548,"_139":140},{},[],{"_126":2581,"_135":2582,"_137":2584,"_139":140},{},[2583],{"_149":150},"What is the impact of the under-representation of women in VC funds?",{"_126":2586,"_128":2587,"_139":1544},{},[2588],{"_126":2589,"_135":2590,"_137":1560,"_139":140},{},[],{"_126":2592,"_128":2593,"_139":141},{},[2594,2598,2606,2610,2618],{"_126":2595,"_135":2596,"_137":2597,"_139":140},{},[],"The gender composition of investment decision-makers has an impact on the allocation of capital. According to the Female Founders Fund, only about ",{"_126":2599,"_128":2601,"_139":1331},{"_1333":2600},"https://femalefoundersfund.com/",[2602],{"_126":2603,"_135":2604,"_137":2605,"_139":140},{},[],"2% of VC funding",{"_126":2607,"_135":2608,"_137":2609,"_139":140},{},[]," made its way to women-led start-ups in 2021. Studies show that the underfunding of women-led businesses is due to conscious and unconscious ",{"_126":2611,"_128":2613,"_139":1331},{"_1333":2612},"https://corpgov.law.harvard.edu/2019/09/20/are-early-stage-investors-biased-against-women/",[2614],{"_126":2615,"_135":2616,"_137":2617,"_139":140},{},[],"gender biases",{"_126":2619,"_135":2620,"_137":2621,"_139":140},{},[],", with male investors more likely to invest in other men. This is a problem because women are vital decision-making consumers that can help drive innovation.",{"_126":2623,"_128":2624,"_139":141},{},[2625,2629,2637,2641,2648],{"_126":2626,"_135":2627,"_137":2628,"_139":140},{},[],"In 2019, women drove ",{"_126":2630,"_128":2632,"_139":1331},{"_1333":2631},"https://www.catalyst.org/research/buying-power/",[2633],{"_126":2634,"_135":2635,"_137":2636,"_139":140},{},[],"83% of all consumption",{"_126":2638,"_135":2639,"_137":2640,"_139":140},{},[]," in the US through a combination of their buying power and influence. According to McKinsey & Company and LeanIn.Org, women control a third of total household financial assets in the US, a figure currently amounting to $10tn and which is expected to increase to ",{"_126":2642,"_128":2643,"_139":1331},{"_1333":1590},[2644],{"_126":2645,"_135":2646,"_137":2647,"_139":140},{},[],"$30tn by 2030",{"_126":2649,"_135":2650,"_137":2651,"_139":140},{},[],". Therefore, it is imperative that services and products brought to market reflect the needs and perspectives of women. Female founders understand this consumer journey better.",{"_126":2653,"_128":2654,"_139":141},{},[2655,2659,2667],{"_126":2656,"_135":2657,"_137":2658,"_139":140},{},[],"Including more women in investment decisions can help fund these female founders and their ideas. Female fund managers are ",{"_126":2660,"_128":2662,"_139":1331},{"_1333":2661},"https://www.kauffmanfellows.org/journal_posts/women-vcs-invest-in-up-to-2x-more-female-founders",[2663],{"_126":2664,"_135":2665,"_137":2666,"_139":140},{},[],"twice as likely",{"_126":2668,"_135":2669,"_137":2670,"_139":140},{},[]," to invest in female-founded start-ups, and three times as likely to invest in female CEOs. More women on the investment team in VC funds means that innovative and disruptive ideas that serve untapped markets have a much greater chance of taking off.",{"_126":2672,"_128":2673,"_139":141},{},[2674,2678,2686,2690,2698,2702,2710,2714,2722],{"_126":2675,"_135":2676,"_137":2677,"_139":140},{},[],"From an investment perspective, women in female-led start-ups fare well. Analysis by Boston Consulting Group found that when female-led start-ups are funded, they deliver over twice the ",{"_126":2679,"_128":2681,"_139":1331},{"_1333":2680},"https://www.bcg.com/publications/2018/why-women-owned-startups-are-better-bet",[2682],{"_126":2683,"_135":2684,"_137":2685,"_139":140},{},[],"return on investment",{"_126":2687,"_135":2688,"_137":2689,"_139":140},{},[]," than their male peers. Women-run businesses also help create jobs for women, as start-ups with a female founder hire ",{"_126":2691,"_128":2693,"_139":1331},{"_1333":2692},"https://www.kauffmanfellows.org/journal_posts/female_founders_hire_more_women",[2694],{"_126":2695,"_135":2696,"_137":2697,"_139":140},{},[],"2.5 times more women",{"_126":2699,"_135":2700,"_137":2701,"_139":140},{},[]," than those with male founders. This job creation is needed more than ever, given that the pandemic led to 54 million women being out of work in the first year alone, causing a ",{"_126":2703,"_128":2705,"_139":1331},{"_1333":2704},"https://www.washingtonpost.com/world/interactive/2021/coronavirus-women-work/",[2706],{"_126":2707,"_135":2708,"_137":2709,"_139":140},{},[],"wider gender gap",{"_126":2711,"_135":2712,"_137":2713,"_139":140},{},[]," in employment that could take years to narrow. Additionally, evidence suggests that women entrepreneurs place particular emphasis on making a positive contribution to society. A study on the motivation of female entrepreneurs found that they tend to pursue opportunities that satisfy ",{"_126":2715,"_128":2717,"_139":1331},{"_1333":2716},"https://www.emerald.com/insight/content/doi/10.1108/JSBED-10-2018-0306/full/html",[2718],{"_126":2719,"_135":2720,"_137":2721,"_139":140},{},[],"social needs",{"_126":2723,"_135":2724,"_137":2725,"_139":140},{},[]," over traditional business outcomes like growth or profit.",{"_126":2727,"_128":2728,"_139":141},{},[2729],{"_126":2730,"_135":2731,"_137":2732,"_139":140},{},[],"Everyone wins with more female VC fund managers: more companies that are founded and led by women are funded; talented employees choose to join and stay in the workforce; and great ideas that benefit society are given the attention they deserve.",{"_126":2734,"_128":2735,"_139":141},{},[2736],{"_126":2737,"_135":2738,"_137":1560,"_139":140},{},[],{"_126":2740,"_128":2744,"_139":1953},{"_370":2741},{"_615":2742},{"_12":2743,"_149":620,"_621":625},"4R4uw8JLDQRVOlxD0szmfK",[],{"_126":2746,"_128":2747,"_139":1544},{},[2748,2751],{"_126":2749,"_135":2750,"_137":1548,"_139":140},{},[],{"_126":2752,"_135":2753,"_137":2755,"_139":140},{},[2754],{"_149":150},"How can the VC industry attract and retain more women in the workforce?",{"_126":2757,"_128":2758,"_139":1544},{},[2759],{"_126":2760,"_135":2761,"_137":1560,"_139":140},{},[],{"_126":2763,"_128":2764,"_139":141},{},[2765],{"_126":2766,"_135":2767,"_137":2768,"_139":140},{},[],"The VC industry can take some important steps to hire and retain more women in the workforce, as detailed below.",{"_126":2770,"_128":2771,"_139":141},{},[2772,2777,2782],{"_126":2773,"_135":2774,"_137":2776,"_139":140},{},[2775],{"_149":150},"Create a supportive network",{"_126":2778,"_135":2779,"_137":2781,"_139":140},{},[2780],{"_149":1178},".",{"_126":2783,"_135":2784,"_137":2785,"_139":140},{},[]," A supportive network of female fund managers, investors, and start-up founders can help encourage other women in the field.",{"_126":2787,"_128":2788,"_139":141},{},[2789,2793,2801,2805,2813],{"_126":2790,"_135":2791,"_137":2792,"_139":140},{},[],"Sharing success stories of women can help model the career trajectory for younger women entering the workforce. Hearing about Melanie Perkins running the world’s largest female-founded and led start-up, ",{"_126":2794,"_128":2796,"_139":1331},{"_1333":2795},"https://pro.preqin.com/asset/109851/deals",[2797],{"_126":2798,"_135":2799,"_137":2800,"_139":140},{},[],"Canva",{"_126":2802,"_135":2803,"_137":2804,"_139":140},{},[],", or Mary Meeker making history by launching the first female-founded and led VC fund, ",{"_126":2806,"_128":2808,"_139":1331},{"_1333":2807},"https://pro.preqin.com/fundmanager/308570/",[2809],{"_126":2810,"_135":2811,"_137":2812,"_139":140},{},[],"Bond Capital",{"_126":2814,"_135":2815,"_137":2816,"_139":140},{},[],", raising more than a billion dollars, can make an impact.",{"_126":2818,"_128":2819,"_139":141},{},[2820,2824,2832,2836,2844],{"_126":2821,"_135":2822,"_137":2823,"_139":140},{},[],"Seeing powerful images of accomplishments like those of ",{"_126":2825,"_128":2827,"_139":1331},{"_1333":2826},"https://pro.preqin.com/asset/108651/",[2828],{"_126":2829,"_135":2830,"_137":2831,"_139":140},{},[],"Katrina Lake",{"_126":2833,"_135":2834,"_137":2835,"_139":140},{},[]," of Stitch Fix, or ",{"_126":2837,"_128":2839,"_139":1331},{"_1333":2838},"https://pro.preqin.com/asset/352495/",[2840],{"_126":2841,"_135":2842,"_137":2843,"_139":140},{},[],"Whitney Wolfe Herd",{"_126":2845,"_135":2846,"_137":2847,"_139":140},{},[]," of Bumble ringing the Nasdaq opening bell with babies in tow, can help inspire others.",{"_126":2849,"_128":2850,"_139":141},{},[2851,2856,2860],{"_126":2852,"_135":2853,"_137":2855,"_139":140},{},[2854],{"_149":150},"Consciously build inclusive investment teams",{"_126":2857,"_135":2858,"_137":2781,"_139":140},{},[2859],{"_149":1178},{"_126":2861,"_135":2862,"_137":2863,"_139":140},{},[]," It is important to try and eliminate gender biases in the hiring process.",{"_126":2865,"_128":2866,"_139":141},{},[2867],{"_126":2868,"_135":2869,"_137":2870,"_139":140},{},[],"Firms can do this by implementing comprehensive and well-documented diversity, equity, and inclusion (DEI) programs and accountability metrics that can help create a gender-balanced recruitment process.",{"_126":2872,"_128":2873,"_139":141},{},[2874,2878,2886],{"_126":2875,"_135":2876,"_137":2877,"_139":140},{},[],"Recruiting externally, as opposed to sourcing talent through existing networks, may give female candidates a better chance of being hired. According to a Deloitte survey, about 50% of female VC employees are ",{"_126":2879,"_128":2881,"_139":1331},{"_1333":2880},"https://www2.deloitte.com/us/en/pages/audit/articles/diversity-venture-capital-human-capital-survey.html",[2882],{"_126":2883,"_135":2884,"_137":2885,"_139":140},{},[],"hired externally",{"_126":2887,"_135":2888,"_137":2889,"_139":140},{},[],", in comparison to 37% of men.",{"_126":2891,"_128":2892,"_139":141},{},[2893,2898],{"_126":2894,"_135":2895,"_137":2897,"_139":140},{},[2896],{"_149":150},"Attempt to eliminate internal bias.",{"_126":2899,"_135":2900,"_137":2901,"_139":140},{},[]," Eliminating bias can improve the outlook for women’s retention and advancement within a firm. Preqin data shows that the proportion of women in senior roles in the VC industry (15.8%) is significantly lower than in junior roles (35.9%) (Fig. 3.3).",{"_126":2903,"_128":2904,"_139":141},{},[2905],{"_126":2906,"_135":2907,"_137":2908,"_139":140},{},[],"Some ways to help plug this leaking talent pipeline include:\n",{"_126":2910,"_128":2911,"_139":2943},{},[2912,2923,2933],{"_126":2913,"_128":2914,"_139":2922},{},[2915],{"_126":2916,"_128":2917,"_139":141},{},[2918],{"_126":2919,"_135":2920,"_137":2921,"_139":140},{},[],"Offering generous parental (rather than just maternity) leave, which can help demonstrate the firm’s commitment to the family lives of both women and men","list-item",{"_126":2924,"_128":2925,"_139":2922},{},[2926],{"_126":2927,"_128":2928,"_139":141},{},[2929],{"_126":2930,"_135":2931,"_137":2932,"_139":140},{},[],"Offering a flexible working environment and fostering a performance-based culture that allows employees to adjust their schedules due to other priorities",{"_126":2934,"_128":2935,"_139":2922},{},[2936],{"_126":2937,"_128":2938,"_139":141},{},[2939],{"_126":2940,"_135":2941,"_137":2942,"_139":140},{},[],"Training for employees on how to identify and mitigate unconscious bias","unordered-list",{"_126":2945,"_128":2946,"_139":141},{},[2947],{"_126":2948,"_135":2949,"_137":2950,"_139":140},{},[],"Ultimately, advocating for more women fund managers and entrepreneurs can bring about exponential change. In a space where success is reliant on harnessing fresh ideas, VC firms with lasting success are those that are consciously open to a diverse range of genders, races, and socioeconomic backgrounds. A more inclusive VC industry can blaze a trail for our future generations.",{"_126":2952,"_128":2953,"_139":141},{},[2954],{"_126":2955,"_135":2956,"_137":2957,"_139":140},{},[],"\n\n\n\n\n\n",{"_609":2959,"_615":2962,"_645":2972},{"_611":2960,"_613":2961},[],[],{"_617":2963,"_12":2965,"_149":625,"_626":2966,"_628":2966,"_630":2967,"_635":2969,"_637":682,"_639":2970,"_562":644},{"_615":2964},{"_149":620,"_621":622,"_12":623},"2vK0F0NCESB3WKRRy0bpMN","2023-09-28T13:37:17.919Z",{"_615":2968},{"_12":633,"_149":620,"_621":634},21,{"_615":2971},{"_149":620,"_621":642,"_12":751},{"_7":2973,"_14":2974,"_12":2975,"_753":2976,"_724":2979,"_128":2996},"State of the industry - Women in Alternatives 2023","State of the industry","state-of-the-industry",[2977],{"_615":2978},{"_149":620,"_621":625,"_12":1769},{"_139":152,"_126":2980,"_128":2981},{},[2982,2990],{"_139":141,"_126":2983,"_128":2984},{},[2985],{"_139":140,"_137":2986,"_135":2987,"_126":2989},"State of the industry\n",[2988],{"_149":150},{},{"_139":141,"_126":2991,"_128":2992},{},[2993],{"_139":140,"_137":1548,"_135":2994,"_126":2995},[],{},{"_126":2997,"_128":2998,"_139":152},{},[2999,3007,3014,3021,3027,3033,3044,3091,3098,3105,3112,3122,3161,3167,3173,3179],{"_126":3000,"_128":3001,"_139":1544},{},[3002],{"_126":3003,"_135":3004,"_137":3006,"_139":140},{},[3005],{"_149":150},"Progression toward gender balance in the alternatives industry remains marginal at best",{"_126":3008,"_128":3009,"_139":141},{},[3010],{"_126":3011,"_135":3012,"_137":3013,"_139":140},{},[],"\n\n\nAlternative assets continue to be disproportionately male-dominated. Women, particularly women of color, are under-represented at all levels, and the discrepancy is highest in senior positions.",{"_126":3015,"_128":3016,"_139":141},{},[3017],{"_126":3018,"_135":3019,"_137":3020,"_139":140},{},[],"That said, gender balance did improve marginally in the last 12 months. Preqin data shows female employment in the alternatives industry rose to 21.3% overall, up from 20.9% in 2021 (Fig. 1.2). While the percentage is higher among institutional investors, at 24.4%, that proportion exhibited no increase from last year. Given the current trend, and assuming no change, gender equality in the alternatives industry will take until 2065, according to Preqin estimates (Fig. 4.1).",{"_126":3022,"_128":3023,"_139":141},{},[3024],{"_126":3025,"_135":3026,"_137":1560,"_139":140},{},[],{"_126":3028,"_128":3032,"_139":1953},{"_370":3029},{"_615":3030},{"_12":3031,"_149":620,"_621":625},"75IJYDBE3FQw4QXnorAfq8",[],{"_126":3034,"_128":3035,"_139":1544},{},[3036,3039],{"_126":3037,"_135":3038,"_137":1548,"_139":140},{},[],{"_126":3040,"_135":3041,"_137":3043,"_139":140},{},[3042],{"_149":150},"What are some of the obstacles facing women in the industry?",{"_126":3045,"_128":3046,"_139":141},{},[3047,3051,3056,3060,3068,3072,3079,3083,3087],{"_126":3048,"_135":3049,"_137":3050,"_139":140},{},[],"\n\n\nFinancial services giant Deloitte found in its ",{"_126":3052,"_135":3053,"_137":3055,"_139":140},{},[3054],{"_149":1178},"Women @ Work 2022: A Global Outlook",{"_126":3057,"_135":3058,"_137":3059,"_139":140},{},[]," survey that only 16% of financial services respondents felt their organization openly communicated gender targets, and only 24% said the organization’s ",{"_126":3061,"_128":3063,"_139":1331},{"_1333":3062},"https://www.deloitte.com/global/en/issues/work/women-at-work-global-outlook.html",[3064],{"_126":3065,"_135":3066,"_137":3067,"_139":140},{},[],"leadership was diverse",{"_126":3069,"_135":3070,"_137":3071,"_139":140},{},[],". The lack of female representation, especially at the senior level, is glaring, and demonstrates the obstacles that hinder the career advancement of women in the industry. In partnership with McKinsey & Company, gender equality advocate LeanIn.Org cites ",{"_126":3073,"_128":3074,"_139":1331},{"_1333":1590},[3075],{"_126":3076,"_135":3077,"_137":3078,"_139":140},{},[],"two facets",{"_126":3080,"_135":3081,"_137":3082,"_139":140},{},[]," of the glass ceiling that are holding women back from senior positions in its ",{"_126":3084,"_135":3085,"_137":1593,"_139":140},{},[3086],{"_149":1178},{"_126":3088,"_135":3089,"_137":3090,"_139":140},{},[]," report.",{"_126":3092,"_128":3093,"_139":141},{},[3094],{"_126":3095,"_135":3096,"_137":3097,"_139":140},{},[],"The report identifies that there are fewer women available for promotion at senior levels due to problems that begin early in their careers. Women encounter what the report coins ‘the broken rung’, referring to the difficulty of getting promoted to management positions. According to the report, for every 100 men promoted, only 87 women are promoted, and only 82 women of color. Consequently, the discrepancy only grows further on in their careers until women at the mid-level are outnumbered by men in senior positions.",{"_126":3099,"_128":3100,"_139":141},{},[3101],{"_126":3102,"_135":3103,"_137":3104,"_139":140},{},[],"Another obstacle is retention. According to McKinsey & Company and LeanIn.Org, female leaders are leaving their companies at higher rates than ever before. Women say they experience an increased number of microaggressions that indicate advancement in the organization would be difficult. They also report having to entertain more comments undermining their authority or qualifications. Female leaders are twice as likely as men to be mistaken for a junior employee, and 37% reported having a co-worker take credit for their ideas – noticeably higher than the 27% of male leaders. The degree of microaggressions compound for women of color. The extra work required to combat and endure these hurdles make women more susceptible to burnout.",{"_126":3106,"_128":3107,"_139":141},{},[3108],{"_126":3109,"_135":3110,"_137":3111,"_139":140},{},[],"This pattern is reflected in the alternatives segment, as the proportion of women drops soon after junior levels. The ‘broken rung’ appears immediately, as female employees decrease from 32.5% in junior roles globally, to 25.2% at mid-level positions (Fig. 1.3). From there, the decline is stark, falling to 13.6% at the senior level.",{"_126":3113,"_128":3114,"_139":1544},{},[3115,3118],{"_126":3116,"_135":3117,"_137":1560,"_139":140},{},[],{"_126":3119,"_135":3120,"_137":3043,"_139":140},{},[3121],{"_149":150},{"_126":3123,"_128":3124,"_139":141},{},[3125,3129,3133,3136,3142,3145,3151,3154,3158],{"_126":3126,"_135":3127,"_137":3128,"_139":140},{},[],"\n\nFinancial services giant Deloitte found in its ",{"_126":3130,"_135":3131,"_137":3055,"_139":140},{},[3132],{"_149":1178},{"_126":3134,"_135":3135,"_137":3059,"_139":140},{},[],{"_126":3137,"_128":3138,"_139":1331},{"_1333":3062},[3139],{"_126":3140,"_135":3141,"_137":3067,"_139":140},{},[],{"_126":3143,"_135":3144,"_137":3071,"_139":140},{},[],{"_126":3146,"_128":3147,"_139":1331},{"_1333":1590},[3148],{"_126":3149,"_135":3150,"_137":3078,"_139":140},{},[],{"_126":3152,"_135":3153,"_137":3082,"_139":140},{},[],{"_126":3155,"_135":3156,"_137":1593,"_139":140},{},[3157],{"_149":1178},{"_126":3159,"_135":3160,"_137":3090,"_139":140},{},[],{"_126":3162,"_128":3163,"_139":141},{},[3164],{"_126":3165,"_135":3166,"_137":3097,"_139":140},{},[],{"_126":3168,"_128":3169,"_139":141},{},[3170],{"_126":3171,"_135":3172,"_137":3104,"_139":140},{},[],{"_126":3174,"_128":3175,"_139":141},{},[3176],{"_126":3177,"_135":3178,"_137":3111,"_139":140},{},[],{"_126":3180,"_128":3181,"_139":141},{},[3182],{"_126":3183,"_135":3184,"_137":2957,"_139":140},{},[],{"_609":3186,"_615":3189,"_645":3199},{"_611":3187,"_613":3188},[],[],{"_617":3190,"_12":3192,"_149":625,"_626":3193,"_628":3193,"_630":3194,"_635":3196,"_637":682,"_639":3197,"_562":644},{"_615":3191},{"_149":620,"_621":622,"_12":623},"61sKp9VJuWLXTu7Jfy7NKE","2023-09-28T13:37:22.726Z",{"_615":3195},{"_12":633,"_149":620,"_621":634},24,{"_615":3198},{"_149":620,"_621":642,"_12":751},{"_7":3200,"_14":3201,"_12":3202,"_753":3203,"_724":3207,"_128":3224},"Motherhood and alternatives - Women in Alternatives 2023","Motherhood and alternatives","motherhood-and-alternatives",[3204],{"_615":3205},{"_149":620,"_621":625,"_12":3206},"3D7zF3bdjKjg9iQJDBGCbi",{"_139":152,"_126":3208,"_128":3209},{},[3210,3218],{"_139":141,"_126":3211,"_128":3212},{},[3213],{"_139":140,"_137":3214,"_135":3215,"_126":3217},"Motherhood and a career in alternatives\n",[3216],{"_149":150},{},{"_139":141,"_126":3219,"_128":3220},{},[3221],{"_139":140,"_137":1548,"_135":3222,"_126":3223},[],{},{"_126":3225,"_128":3226,"_139":152},{},[3227,3238,3257,3276,3283,3294,3300,3307,3325,3343,3349,3355,3366,3372,3379,3398,3437,3468,3499,3506,3512,3518,3529,3535,3542,3549,3556,3563],{"_126":3228,"_128":3229,"_139":1544},{},[3230,3235],{"_126":3231,"_135":3232,"_137":3234,"_139":140},{},[3233],{"_149":150},"Keeping women off the ‘Mommy Track’ by offering parental benefits and flexibility is beneficial for the industry",{"_126":3236,"_135":3237,"_137":1560,"_139":140},{},[],{"_126":3239,"_128":3240,"_139":141},{},[3241,3245,3253],{"_126":3242,"_135":3243,"_137":3244,"_139":140},{},[],"\n\nWomen, including working mothers, make up a significant part of the talent pool, and are important for growth and expansion. By offering workplace flexibility and parental benefits, firms can keep working mothers off the ",{"_126":3246,"_128":3248,"_139":1331},{"_1333":3247},"https://vc.bridgew.edu/cgi/viewcontent.cgi?article=2840&context=jiws",[3249],{"_126":3250,"_135":3251,"_137":3252,"_139":140},{},[],"‘Mommy Track’",{"_126":3254,"_135":3255,"_137":3256,"_139":140},{},[],", a career pathway that is ‘slower and less steep’, and ‘placed behind non-mothers on the employment ladder’.",{"_126":3258,"_128":3259,"_139":141},{},[3260,3264,3272],{"_126":3261,"_135":3262,"_137":3263,"_139":140},{},[],"A 2016 report by the World Economic Forum found that ",{"_126":3265,"_128":3267,"_139":1331},{"_1333":3266},"https://www3.weforum.org/docs/WEF_PE_Women_LPPerspective.pdf",[3268],{"_126":3269,"_135":3270,"_137":3271,"_139":140},{},[],"three in five LPs",{"_126":3273,"_135":3274,"_137":3275,"_139":140},{},[]," believe that private equity firms benefit in a general sense from having a gender-diverse team. According to the report, women are less overconfident and more consistent with their investments, and can provide women’s perspectives when it comes to improving services for women.",{"_126":3277,"_128":3278,"_139":141},{},[3279],{"_126":3280,"_135":3281,"_137":3282,"_139":140},{},[],"A career in the alternative investments industry is demanding and often thought to be incompatible with raising children, especially young ones. Women are usually under-represented in front office functions like deals, trading, and advisory, and more prominent in operational roles. Preqin data shows that women are least well represented in investment teams across all asset classes, ranging from 17.2% in PE to 21.9% in hedge funds (Fig. 5.1). These figures are much lower than in investor relations and marketing, where women represent 43.7% in private equity and 39.8% in hedge funds.",{"_126":3284,"_128":3285,"_139":1544},{},[3286,3289],{"_126":3287,"_135":3288,"_137":1548,"_139":140},{},[],{"_126":3290,"_135":3291,"_137":3293,"_139":140},{},[3292],{"_149":150},"Balancing the household and work",{"_126":3295,"_128":3296,"_139":141},{},[3297],{"_126":3298,"_135":3299,"_137":1560,"_139":140},{},[],{"_126":3301,"_128":3302,"_139":141},{},[3303],{"_126":3304,"_135":3305,"_137":3306,"_139":140},{},[],"Working mothers are more frequently overlooked for promotions or given fewer responsibilities, as they are often the default caregivers for their children. At the same time, working mothers have more of a tendency to voluntarily go on the ‘Mommy Track’, switch to part-time roles, or opt out of their career entirely to focus on raising their children.",{"_126":3308,"_128":3309,"_139":141},{},[3310,3314,3321],{"_126":3311,"_135":3312,"_137":3313,"_139":140},{},[],"Data shows that this is truer at senior levels. As they advance in their career, women do not pull back from ",{"_126":3315,"_128":3316,"_139":1331},{"_1333":1590},[3317],{"_126":3318,"_135":3319,"_137":3320,"_139":140},{},[],"household labor",{"_126":3322,"_135":3323,"_137":3324,"_139":140},{},[],", while men do, according to the Women in the Workplace 2022 study carried out by McKinsey & Company and LeanIn.Org. The report observes that 58% of women in an entry-level or first-level manager position are responsible for most or all of their family’s housework and childcare, and this is only slightly less (52%) for women who hold a senior manager role or up (Fig. 5.2). More women than men are doing the ‘double work shift’, where they return home to take care of children and the household after finishing work.",{"_126":3326,"_128":3327,"_139":141},{},[3328,3332,3339],{"_126":3329,"_135":3330,"_137":3331,"_139":140},{},[],"This extra domestic workload likely contributes to the higher levels of burnout among female workers. In the survey, 43% of women reported feeling burned out, a much higher proportion than 31% of their male counterparts. Such patterns shrink the pool of female candidates for promotions, and actually motivate women to seek other career opportunities that offer more flexibility. Across alternatives, the proportion of female employees among total employees decreases with seniority (see ",{"_126":3333,"_128":3335,"_139":1331},{"_1333":3334},"https://www.preqin.com/insights/research/reports/women-in-alternatives-2023-industry-state",[3336],{"_126":3337,"_135":3338,"_137":2974,"_139":140},{},[],{"_126":3340,"_135":3341,"_137":3342,"_139":140},{},[],").",{"_126":3344,"_128":3345,"_139":141},{},[3346],{"_126":3347,"_135":3348,"_137":1560,"_139":140},{},[],{"_126":3350,"_128":3354,"_139":1953},{"_370":3351},{"_615":3352},{"_12":3353,"_149":620,"_621":625},"5PRFddhd67WxlKL4HoCvFx",[],{"_126":3356,"_128":3357,"_139":1544},{},[3358,3361],{"_126":3359,"_135":3360,"_137":1560,"_139":140},{},[],{"_126":3362,"_135":3363,"_137":3365,"_139":140},{},[3364],{"_149":150},"Ways to support working parents",{"_126":3367,"_128":3368,"_139":1544},{},[3369],{"_126":3370,"_135":3371,"_137":1548,"_139":140},{},[],{"_126":3373,"_128":3374,"_139":141},{},[3375],{"_126":3376,"_135":3377,"_137":3378,"_139":140},{},[],"Many alternative investment firms provide good parental benefits to retain talent. Top global PE firms such as KKR, Carlyle, and BlackRock offer at least 16 weeks of maternity leave and nursing facilities for mothers when they return to work. Some also go a step further to offer support for fertility programs, and guidance for adoption and surrogacy, as well as other fringe benefits.",{"_126":3380,"_128":3381,"_139":141},{},[3382,3386,3394],{"_126":3383,"_135":3384,"_137":3385,"_139":140},{},[],"For example, in 2016 KKR began to offer ",{"_126":3387,"_128":3389,"_139":1331},{"_1333":3388},"https://www.ft.com/content/aed41424-f7b8-11e7-88f7-5465a6ce1a00",[3390],{"_126":3391,"_135":3392,"_137":3393,"_139":140},{},[],"primary caregivers",{"_126":3395,"_135":3396,"_137":3397,"_139":140},{},[]," breast-milk shipping services and travel caregivers, who would take care of children less than a year old on business trips. These benefits may have changed since the pandemic.",{"_126":3399,"_128":3400,"_139":141},{},[3401,3405,3413,3417,3421,3425,3433],{"_126":3402,"_135":3403,"_137":3404,"_139":140},{},[],"Working mothers prize having flexibility at work to take time off when their children are sick or to attend special school events. Almost half (49%) of ",{"_126":3406,"_128":3408,"_139":1331},{"_1333":3407},"https://leanin.org/women-in-the-workplace/2022/why-women-leaders-are-switching-jobs",[3409],{"_126":3410,"_135":3411,"_137":3412,"_139":140},{},[],"women leaders",{"_126":3414,"_135":3415,"_137":3416,"_139":140},{},[]," (both mothers and non-mothers) say flexibility is one of the top three things they consider when deciding whether to join or stay with a company, compared with 34% of men leaders, according to the ",{"_126":3418,"_135":3419,"_137":1593,"_139":140},{},[3420],{"_149":1178},{"_126":3422,"_135":3423,"_137":3424,"_139":140},{},[]," report. Since the pandemic, flexibility at work has become more acceptable and easier with technology. However, anecdotal evidence shows that ",{"_126":3426,"_128":3428,"_139":1331},{"_1333":3427},"https://www.efinancialcareers.com/news/2022/05/work-from-home-private-equity",[3429],{"_126":3430,"_135":3431,"_137":3432,"_139":140},{},[],"office presence is still important",{"_126":3434,"_135":3435,"_137":3436,"_139":140},{},[]," at large organizations like KKR and Apollo Global Management, especially for those aiming to get ahead at a workplace where co-workers are already returning to the office.",{"_126":3438,"_128":3439,"_139":141},{},[3440,3444,3452,3456,3464],{"_126":3441,"_135":3442,"_137":3443,"_139":140},{},[],"For certain roles, such as fund managers, a paradigm shift in the industry is required to keep working mothers off the ‘Mommy Track’. There is a ‘perceived importance of an ",{"_126":3445,"_128":3447,"_139":1331},{"_1333":3446},"https://www.ft.com/content/4b0871b6-a165-44c4-8dd0-6493c052b19a",[3448],{"_126":3449,"_135":3450,"_137":3451,"_139":140},{},[],"uninterrupted investment record",{"_126":3453,"_135":3454,"_137":3455,"_139":140},{},[],"’ at firms, which a 16-week maternity break naturally disrupts. An industry initiative, the ",{"_126":3457,"_128":3459,"_139":1331},{"_1333":3458},"https://diversityproject.com/",[3460],{"_126":3461,"_135":3462,"_137":3463,"_139":140},{},[],"Diversity Project",{"_126":3465,"_135":3466,"_137":3467,"_139":140},{},[],", proposes an alternative view of investment management as being a team activity, rather than based on individual merit. This shift will also give childless employees, men or women, the flexibility to take sabbaticals for personal reasons without jeopardizing their work performance.",{"_126":3469,"_128":3470,"_139":141},{},[3471,3475,3483,3487,3495],{"_126":3472,"_135":3473,"_137":3474,"_139":140},{},[],"It is important to note that cultural norms also play a significant role. In Japan, both men and women are entitled to 12 months of paid leave, yet less than ",{"_126":3476,"_128":3478,"_139":1331},{"_1333":3477},"https://thediplomat.com/2022/07/can-japans-revamped-childcare-policy-get-workaholic-fathers-to-take-leave/",[3479],{"_126":3480,"_135":3481,"_137":3482,"_139":140},{},[],"13% of men",{"_126":3484,"_135":3485,"_137":3486,"_139":140},{},[]," take parental leave, according to a government survey carried out in 2020. Parents in South Korea are also entitled to 12 months of paid parental leave, with plans for this to be revised to 18 months. However, only ",{"_126":3488,"_128":3490,"_139":1331},{"_1333":3489},"https://www.hankyung.com/life/article/2022123017446",[3491],{"_126":3492,"_135":3493,"_137":3494,"_139":140},{},[],"4.1% of fathers",{"_126":3496,"_135":3497,"_137":3498,"_139":140},{},[]," utilized the benefit in 2021, according to South Korea’s National Statistical Office.",{"_126":3500,"_128":3501,"_139":141},{},[3502],{"_126":3503,"_135":3504,"_137":3505,"_139":140},{},[],"In addition, women are often asked questions about whether they intend to have children when interviewing for jobs, and face harassment when applying for maternity leave. Japan and South Korea tend to have highly rigid parenthood norms, where women are expected to take care of the household and children, while men are expected to be breadwinners.",{"_126":3507,"_128":3508,"_139":141},{},[3509],{"_126":3510,"_135":3511,"_137":1560,"_139":140},{},[],{"_126":3513,"_128":3517,"_139":1953},{"_370":3514},{"_615":3515},{"_12":3516,"_149":620,"_621":625},"2I0H5Yv8vt9t9Pykr4iPqo",[],{"_126":3519,"_128":3520,"_139":1544},{},[3521,3524],{"_126":3522,"_135":3523,"_137":1548,"_139":140},{},[],{"_126":3525,"_135":3526,"_137":3528,"_139":140},{},[3527],{"_149":150},"Removing bias",{"_126":3530,"_128":3531,"_139":1544},{},[3532],{"_126":3533,"_135":3534,"_137":1560,"_139":140},{},[],{"_126":3536,"_128":3537,"_139":141},{},[3538],{"_126":3539,"_135":3540,"_137":3541,"_139":140},{},[],"Giving fathers equal parental leave could level the playing field and remove the prejudice against hiring women. This practice is being adopted in more countries around the world, particularly in Western Europe. UK-headquartered fund management group Jupiter Asset Management started to offer six months of parental leave to both men and women in 2018. ",{"_126":3543,"_128":3544,"_139":141},{},[3545],{"_126":3546,"_135":3547,"_137":3548,"_139":140},{},[],"Managers should have ongoing, unbiased, and open conversations with working mothers about their work ambitions, rather than assuming they would not be capable of or willing to take on additional responsibilities. Ambitious women who are keen to advance can, and do, make childcare adjustments to rise to the demands of more senior roles. ",{"_126":3550,"_128":3551,"_139":141},{},[3552],{"_126":3553,"_135":3554,"_137":3555,"_139":140},{},[],"Companies can still retain highly skilled women who voluntarily choose the ‘Mommy Track’ by offering options to return to alternative career paths when their children grow older and less demanding of their time. 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