Women claim their seat: 88% of Canadian VC and PE firms now feature women on investment committees – BDC Report

The findings signal a major shift toward inclusive decision-making in Canada’s investment landscape, even as climate neutrality goals show signs of retreat

Key findings:

• Women are taking their place at the decision-making table: Gender representation on General Partner (GP) investment committees has surged, with 88% of firms including at least one woman in 2024—up from just 63% in 2021.
• Momentum is building for diversity in senior investment teams: Diversity in senior investment teams is accelerating: 45% of GPs now have senior investment teams made up of at least half women (up from 38%), and 50% have at least half visible minorities (up from 40%). Visible minority representation on investment committees jumped to 76%, up from 55% in 2021. However, for junior team members in GP organizations, it is declining, which could impact the future pipeline of diverse leadership if the trend continues.
• Climate action is falling behind: Only 5% of GPs reported having a carbon-neutral goal in 2024—a decrease compared to previous years.
  

MONTREAL, Nov. 26, 2025 (GLOBE NEWSWIRE) -- Diversity and inclusion are gaining ground across Canada’s Venture Capital (VC) and Private Equity (PE) sector, but increased scrutiny on ESG and greenwashing–may be contributing to a more cautious approach to climate neutrality objectives.

These findings come from BDC Capital’s annual snapshot of Diversity, Equity, and Inclusion (DEI) and Environmental, Social, and Governance (ESG), which draws on data from its national portfolio, both at the fund level and across underlying portfolio companies, as a proxy for broader industry trends.

DEI: Steady gains, room to grow

The report spotlights significant progress in gender diversity, especially at the investment committee level, where the presence of women has climbed sharply, with 88% of firms including at least one woman in 2024—up from just 63% in 2021.

Senior leadership is also becoming more diverse, with visible minorities making notable gains. However, diversity remains more pronounced in junior ranks, and retaining women employees is still a challenge: at least half of all departures were women in 54% of GPs, while only 34% reported gender parity in their overall workforce.

The data shows that 69% of GPs now have a DEI statement or champion—a sign that the industry is embracing change, but the journey is ongoing.

ESG: Social and governance progress, environmental action under pressure

GPs are increasingly factoring social and governance risks into their due diligence and investment decisions, and more are evaluating ESG risks in their portfolio supply chains. Yet, the number of GPs with a carbon-neutral objective has dropped compared to last year, and some firms have retreated from previously announced climate commitments.

Quote from Geneviève Bouthillier, Executive Vice President, BDC Capital

“At BDC Capital, our focus on inclusive teams and sustainable practices isn’t philosophical—it’s a strategy to unlock Canada’s full economic potential. Diverse leadership and strong ESG practices drive better decisions, reduce risk, and open new growth opportunities. The momentum in Canadian VC shows that inclusion and sustainability are no longer aspirational—they’re becoming core to how business gets done.”

Driving best practices and industry resilience

With its broad reach across Canada’s VC and PE landscape, BDC is uniquely positioned to track and share industry trends. By publishing annual DEI and ESG data, BDC encourages the adoption of best practices and supports all participants in raising the bar for a more resilient, sustainable, and competitive industry. BDC offers a suite of resources—including a DEI toolkit, a greenhouse gas emissions calculator, and educational materials—to help firms advance their own DEI and ESG journeys.

In addition to insights at the GP level, the report also presents data on underlying portfolio companies. To explore the full findings, download the full report here.

Additional quotes

“At Amplify Capital, diversity isn’t just a value—it’s embedded in how we operate. With a diverse leadership team ourselves, integrating ESG principles into our due diligence is both natural and intuitive. Our lived experience mirrors what the data consistently shows: diversity drives performance. We’ve seen firsthand that the success of our financial outcomes is closely tied to the diversity within our portfolio companies—particularly at the leadership level. Diverse teams engage in richer, more creative discussions, make better decisions, and are more open to learning and feedback. It’s a virtuous cycle that fuels both impact and returns."

— Kathryn Wortsman, Managing Partner, Amplify Capital

“At Pender Ventures, we have intentionally built a team where each person adds something unique to the whole. That diversity widens the aperture of what ‘can work,’ helping us spot non-obvious founders, underserved customers or markets, and new distribution paths, especially in AI and health tech, and well before they’re consensus— which is key in venture. The result is wider deal flow, deeper diligence from multiple vantage points, and a more objective read on potential and risk.”

— Maria Pacella, Managing Partner, Pender Ventures

“In the investment capital industry, integrating ESG criteria is essential to creating sustainable value. Funds that adopt an ESG strategy strengthen the financial performance of their portfolios by mitigating risk, promoting innovation, and attracting engaged capital, thereby demonstrating that responsibility and profitability go hand in hand.”

— Olivier Quenneville, CEO, Réseau Capital

Report Methodology

Each year, BDC Capital surveys its portfolio GPs and their portfolio companies on DEI and ESG metrics to track progress and identify areas for improvement. Insights help firms benchmark performance, respond to evolving regulatory expectations, and meet stakeholder demands. DEI results are presented separately from ESG’s social pillar for clarity. Sample size varies by data point.

About BDC: 80 years as Canada’s bank for entrepreneurs

BDC is a partner of choice for all entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Our investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the most innovative firms. BDC’s development role means we are in a state of perpetual evolution – wherever entrepreneurs go and whatever the Canadian economy needs – we will be there to help them defy the odds. 80 years later, that commitment remains very much alive. The financial value of BDC’s services is estimated to add $23.6 billion in GDP to Canada’s economy over the next five years. We are one of Canada’s Top 100 Employers and Canada’s Best Diversity Employers and the first financial institution in Canada to receive the B Corp certification in 2013. For more information on our products and services and to consult free tools, templates and articles, visit bdc.ca or join BDC on social media.  

Media contact:
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