Fairview Capital 2019 Market Review of Woman and Minority-Owned Private Equity and Venture Capital Firms

This 2019 report by Fairview Capital examines the state of woman and minority-owned private equity and venture capital firms.

The universe of woman and minority-owned private equity and venture capital firms closed out the decade with another record year of growth.  At nearly 400 firms, this group is larger than ever, and 2019 marked yet another record number of firms raising capital, with nearly 200 funds in market. With this growth has come increased complexity as market dynamics have resulted in new firm formation in often-overlooked areas of the private markets.

Woman and minority-owned firms remain well positioned to succeed, in part due to this differentiation. Despite the growing opportunity set, institutional investors remain slow to invest capital with diverse firms, due to a number of factors, including continued misconceptions, biases and lack of information. A deliberate, programmatic approach remains one of the best ways to invest successfully with diverse managers.

Table Stakes | Highlighting and shifting the equity gap

Only 1 in 3 people in venture-backed companies is a woman, and women are granted less equity on average. Read the 2019 study using anonymized Carta data to learn what’s behind the gender equity gap.

Guidelines for VCs Establishing Reporting Contacts

In this article, Ginny Fahs (#MovingForward) & Y-vonne Hutchinson, (ReadySet & Project Include founding advisor) outline strategies for VC firms to establish meaningful misconduct reporting processes.

A survivor of harassment or discrimination by a VC firm employee decides to formally report their experience. Who do they reach out to? And what happens next?

Historically, VC firms have not provided formal roadmaps for reporting, and entrepreneurs facing harassment or discrimination have had had two options: keep quiet or tell a reporter, options that are both unfavorable to founders and VCs alike.

A better solution for VC firms is to proactively assign a formal reporting contact, and to design internal mechanisms by which entrepreneurs can report incidents to the firm directly. This article provides actionable guidance on the qualities of a good reporting contact, the ways to set the reporting contact up for success, and best practices for putting reporting contacts in place at VC firms.

Roadmap to Diversity and Inclusion

In this introductory article, Ellen Pao provides guidance on how startups should set targets for their diversity and inclusion effort. Pao lays out a “10–10–5–45” strategy – four diversity and inclusion targets across race and gender that startups should aim to accomplish within 2 years.

VCs, Founders, and the Performance Gender Gap

In this paper, Dr. Raina compares the gender gap in performance between startups initially financed by syndicates led by VCs with only male GPs and startups financed by syndicates led by VCs with female GPs.

The author finds a much larger performance gap among startups financed by syndicates with only male lead GPs and shows that this disparity is driven by differences in VCs’ ability to evaluate female-led startups. The author’s findings imply that VCs contribute to the performance gender gap in startups.

Down Girl: The Logic of Misogyny

Misogyny is a hot topic, yet it’s often misunderstood. What is misogyny, exactly? Who deserves to be called a misogynist? How does misogyny contrast with sexism, and why is it prone to persist or increase even when sexist gender roles are waning?

This book is an exploration of misogyny in public life and politics by the moral philosopher and writer Kate Manne. It argues that misogyny should not be understood primarily in terms of the hatred or hostility some men feel toward all or most women. Rather, it’s primarily about controlling, policing, punishing, and exiling the “bad” women who challenge male dominance. And it’s compatible with rewarding “the good ones,” and singling out other women to serve as warnings to those who are out of order.

Guidelines for VCs Writing Discrimination & Harassment Policies

In this article, Ginny Fahs (#MovingForward) and Freada Kapor Klein (Kapor Capital & founding advisor at Project Include) provide actionable guidance for VCs and VC firms seeking to develop or improve their harassment and discrimination policies.


ProjectDiane2018 is a biennial demographic study authored by digitalundivided. It reveals a snapshot of the state of Black Women Founders in the United States, and the startups they lead.

Unlocking the American Dream

In this TEDx Talk, Jean Case highlights the importance innovators have played in the history of the United States and examines the state of entrepreneurship today. She notes that funding, mentoring and networking that fuels entrepreneurship presently favors white men, with only 10% of venture capital going to women, and less than 1% to African Americans and most investment going to just three states.

Case argues there is a tremendous opportunity to seize by expanding access to capital by investing in women and entrepreneurs of color and sets forward a clarion call for all to join in on building an inclusive entrepreneurial ecosystem that would give everyone an equal chance at unlocking the American Dream.

Gender and Venture Capital Decision-Making: The Effects of Technical Background and Social Capital on Entrepreneurial Evaluations

In the high-tech industry, women without technical expertise are less likely to be awarded venture capital than their male counterparts who lack this same technical expertise. This gender gap does not exist when comparing men and women who both possess technical skill.

This study from the Harvard Kennedy School explores the interaction of having a technical background with gender biases in performance evaluations of male and female entrepreneurs and their proposed ventures through an experimental design.


high-growth startups—across all 50 states and DC—raised venture funding in 2019 to build and grow their businesses.


of all U.S. IPOs from 1974 to 2015 were venture-backed companies, representing 63% of the market capitalization and 85% of R&D.

2.9 million

is the average net jobs created annually between 1980 and 2010 by high-growth startups, which account for ~50% of gross jobs created in the U.S.


U.S. venture firms are active today, managing an aggregate of $444 billion in assets.