Through VentureForward, NVCA is committed to expanding opportunities for people of all backgrounds to thrive in the venture ecosystem in a welcoming and safe work environment. As part of this commitment, NVCA conducts on-going research on diversity and inclusion (D&I) in the venture ecosystem through the NVCA-Deloitte Human Capital Survey.

The NVCA-Deloitte Human Capital Survey was designed to capture critical data on the workforce at venture capital (VC) firms, develop a baseline understanding of demographics within the VC industry, and uncover the current state of diversity and inclusion (D&I) across the industry. The survey is intended to be an educational resource for venture capital firms to understand how to expand the diversity of their teams and portfolio.

About the NVCA-Deloitte Human Capital Survey, Second Edition

The NVCA-Deloitte Human Capital Survey, second edition, is the latest installment of an ongoing survey series that assesses the state of talent management, with a special focus on D&I, in the U.S. VC industry. Results from the second edition were benchmarked against baseline findings from the first edition, which was originally conducted in 2016. The survey, conducted in 2018, requested firm demographic information (e.g., investment stage focus) and demographic information for each employee (e.g., gender and race). Additionally, the survey asked firms to provide information regarding firm talent management practices and diversity and inclusion programs.

Although there have been other assessments of diversity in the VC industry, this survey provides a unique perspective. Unlike other research efforts in this area, it gathers data from VC firms of all types and sizes, examines diversity for a variety of groups across all types of positions, and assesses firm talent management strategies.

The second edition of the survey collected information from 203 VC firms, representing an aggregate total of $149.4 billion in assets, on their talent management practices and on the demographics of more than 2,700 employees.

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Results from the First Edition

In the first edition of the NVCA-Deloitte Human Capital Survey conducted in 2016, NVCA and Deloitte set out to create a benchmark for diversity in the VC industry. This written report was developed to dive deeper into the numbers and draw out key insights on steps that can be taken to create a more inclusive industry. View the first edition of the survey.