Women account for 23% of investment professionals across European private equity and venture capital, but hold just 13% of senior investment roles, according to Level 20’s 2026 European Gender Diversity Report.
The study, which covers 13,872 investment professionals at 989 firms across 19 countries, found a marked difference between offices with and without women in senior investment positions. Women make up 32% of investment professionals at offices with at least one senior woman in an investment role, compared with 16% at offices where the senior investment team is all male.
The gap extends beyond senior positions. Women account for 32% of mid-level and 39% of junior investment professionals at offices with at least one senior woman, against 21% and 31%, respectively, at offices with all-male senior investment teams.
Across the full sample, women hold 26% of mid-level roles and 35% of junior roles. Overall representation has remained broadly stable since Level 20’s 2024 research, the organisation said. The latest report includes six markets surveyed for the first time.
“Seeing women progress to the most senior levels can help others see a long-term future in the industry and a path to leadership,” said Gurpreet Manku, Level 20’s chief executive. She added that firms should provide the sponsorship and opportunities needed to help more women reach senior roles.
The report also recommends that firms review leadership expectations and family leave policies, and use representation data to identify where progress is needed.
