Asia PE firms lead world in female representation – study

Females occupy an average of 12.8% of senior positions in Asian firms compared to 10.3% in North America and 9.9% in Europe. The findings appeared in a global study of women in private equity conducted by Preqin.

On a global basis, female representation varies based on a private equity firm's size and strategy. Larger players with more than 20 employees have been increasing female headcount at senior levels - the share rose from 9.9% at the start of 2012 to 11.9% as of February 2013. At firms with 1-5 employees, female representation fell from 9.2% to 8.7% over the same period; at firms with 11-20 employees, it went from 9.3% to 10.7%.

Venture capital and buyout firms have both made progress in addressing the gender imbalance, with women accounting for 11.2% of high-level roles in the VC space as of June compared to 9.7% in 2012, while the buyout share has risen from 6.9% to 8.7%. However, female representation at infrastructure investors fell from 13.5% to 10.5%.

While strenuous work schedules, constant traveling and the general testosterone level in offices have been cited as reasons why women have instead gravitated toward other areas of finance, female industry participants say that the door is simply harder to open in private equity.

"I think the main reason we're seeing few women in the industry is because it is predominantly comprised of smaller partnerships that don't necessarily have the same pressure to hire a diversified staff," Sheryl Schwartz, senior managing director or general partner Perseus in New York, told AVCJ in a 2011 interview. "I think people like to hire people who are like themselves. As long as you have white men at the top doing the hiring, they're going to be inclined to hire men."

A proactive human resources department might make a difference - indeed, that could account for the uptick in female representation at larger firms - as might a broader-minded outlook among industry leaders. However, no one has pinpointed a single factor significant enough to shatter the glass ceiling. Based on anecdotal evidence and attendance at AVCJ events, women feature more strongly in the LP than the GP space.

Those who have experienced some form of inequality say the key to overcoming such obstacles is to "perform the hell out of your job," and "never play the family card."

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