Key Takeaways
- • Women's representation on investment committees at Canadian GPs surged to 88% in 2024, up 25 percentage points from 63% in 2021, indicating accelerating progress in venture capital and private equity leadership diversity.
- • Visible minority representation on GP investment committees reached 76% in 2024, compared to 55% in 2021—a 21-point gain over three years across Canada's $290 venture capital and $558 private equity firms.
- • The Business Development Bank of Canada surveyed 68 general partners and over 550 portfolio companies, finding that 22% of surveyed portfolio companies now have women comprising half their workforce, signaling diversity gains extending beyond leadership into broader staffing.
- • Geneviève Bouthillier, executive vice-president of BDC Capital, acknowledged the progress while cautioning that "there's still a long way to go," reflecting sustained recognition of persistent gaps in an industry historically dominated by male and white investors.
- • Research cited in the study supports the business case for diversity, with a 2025 Grant Thornton survey quantifying performance benefits including improved corporate culture, enhanced innovation, and better business outcomes linked to female leadership participation.
Summary
Canada's venture capital and private equity sectors are experiencing measurable increases in gender and visible minority representation at the general partner level, according to research published by the Business Development Bank of Canada. The survey of 68 general partners and over 550 portfolio companies, conducted over winter 2024–2025, documents significant momentum in an industry historically characterized by homogeneous leadership.
The most striking finding concerns women's presence on investment committees. Eighty-eight percent of surveyed GPs reported having at least one woman on their investment committees as of 2024, representing a substantial increase from 63% in 2021. This 25-percentage-point gain over three years suggests structural changes in how Canadian venture and private equity firms are constituting their decision-making bodies. Similarly, visible minority representation on investment committees reached 76% in 2024, up from 55% in 2021—a 21-point improvement reflecting parallel progress in racial and ethnic diversity across the sector.
The survey provides context for the scale of these shifts. Canada's venture capital and private equity ecosystem comprises approximately 290 venture capital firms and 558 private equity firms, making the survey sample of 68 GPs a meaningful cross-section of the industry. Beyond committee-level representation, the research indicates women now account for half the workforce in 22% of surveyed portfolio companies, suggesting diversity gains extending into operational staffing across the sector.
Geneviève Bouthillier, executive vice-president of BDC Capital, characterized the findings as "great news" while acknowledging remaining work. Her cautious optimism reflects awareness that despite significant gains, the venture capital and private equity sectors continue to underrepresent women and visible minorities relative to their broader population shares. Industry advocates have documented for years that enhanced female and minority participation in leadership and investment decision-making correlates with measurable business benefits, a thesis supported by a 2025 Grant Thornton survey cited in the BDC research that quantified improvements in corporate culture, innovation, and overall business performance tied to increased diversity in senior roles.
The most striking finding concerns women's presence on investment committees. Eighty-eight percent of surveyed GPs reported having at least one woman on their investment committees as of 2024, representing a substantial increase from 63% in 2021. This 25-percentage-point gain over three years suggests structural changes in how Canadian venture and private equity firms are constituting their decision-making bodies. Similarly, visible minority representation on investment committees reached 76% in 2024, up from 55% in 2021—a 21-point improvement reflecting parallel progress in racial and ethnic diversity across the sector.
The survey provides context for the scale of these shifts. Canada's venture capital and private equity ecosystem comprises approximately 290 venture capital firms and 558 private equity firms, making the survey sample of 68 GPs a meaningful cross-section of the industry. Beyond committee-level representation, the research indicates women now account for half the workforce in 22% of surveyed portfolio companies, suggesting diversity gains extending into operational staffing across the sector.
Geneviève Bouthillier, executive vice-president of BDC Capital, characterized the findings as "great news" while acknowledging remaining work. Her cautious optimism reflects awareness that despite significant gains, the venture capital and private equity sectors continue to underrepresent women and visible minorities relative to their broader population shares. Industry advocates have documented for years that enhanced female and minority participation in leadership and investment decision-making correlates with measurable business benefits, a thesis supported by a 2025 Grant Thornton survey cited in the BDC research that quantified improvements in corporate culture, innovation, and overall business performance tied to increased diversity in senior roles.
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