The Women Changing Emerging VC

Women are reshaping early-stage venture capital by launching funds, leading deals, and activating new capital sources. Based on data from 600+ emerging funds and 8,000+ LPs, Decile Group’s latest analysis reveals how gender dynamics are evolving across fund leadership, strategy, fundraising, and LP participation—faster than in the broader VC market.

Read the full article here: https://govclab.com/2025/10/07/the-women-transforming-emerging-vc-2/

Women in Fund Leadership Are Gaining Ground

In 2024, 31% of funds completing Decile Group’s VC Lab accelerator program included a female GP—nearly double the broader market average of 17–18%. This growth is driven primarily by the rise of mixed-gender teams, which nearly doubled from 9% to 17% between 2022 and 2024. Meanwhile, 77% of all-female funds are solo-led, and female-led funds tend to skew younger, signaling early-career entry and a strong appetite for independent leadership.

Female-Led Funds Are More Focused and Impact-Driven

Women-led funds in emerging VC are more likely to specialize, with 1.3x greater focus on a single sector—most commonly healthcare, diversity, or impact. They also prioritize seed-stage investments (75% of all-female funds), while male-led funds lean toward pre-seed. These differences point to more thesis-driven, socially aligned strategies among female GPs.

Fundraising Outcomes Show Parity and Precision

Within comparable timeframes, mixed-gender funds are 1.2x more likely to reach a first close than male-led funds, and 1.3x more likely than female-only funds. Yet, all-female funds close nearly the same average amounts and are 1.1x more effective at reaching their fundraising targets—despite setting smaller goals—demonstrating strategic clarity and efficient execution.

Female LPs Are Powering Inclusive Capital Formation

Female LP participation has grown 1.6x since 2021, reaching 21% in 2025. Though on average women write smaller checks than men ($140K vs. $180K), they commit at similar rates and timelines. All-female funds attract 2.8x more female LPs than all-male funds, highlighting how gender-diverse GPs help activate broader, more inclusive LP networks.

Key Takeaway

While the industry hasn’t yet reached full gender parity, emerging VC is where progress is most visible. Women are building focused funds, raising efficiently, and bringing new LPs into the fold. The trend is clear: the path to a more inclusive, high-performing venture ecosystem is already underway—and women are leading the way.