French Private Equity Commits to 40% Female Staff Within Decade
French Private Equity Commits to 40% Female Staff Within Decade
(Bloomberg) --
More than 250 private equity firms operating in France have pledged that women will make up 40% of their investment teams within a decade, according to the country’s leading industry association.
The companies also committed to putting women in at least a quarter of senior roles by 2030, according to the charter published by France Invest on Friday. Advent International and Carlyle Group Inc. were among the larger international private equity firms to sign up to it.
“Management teams perform better when they are comprised of more diverse talent and are genuinely gender balanced,” Virginie Morgon, chief executive officer of Paris-listed Eurazeo SE, said in a statement confirming its support. “We now need to take this fight to the rest of the industry.”
It’s the latest effort by the financial industry to respond to demands from investors and the public to address widespread allegations and evidence of bias and abuse against female workers. Private equity managers are under pressure to step up and do more to improve diversity among their ranks, as well as at firms in their portfolios.
In 2018, about a quarter of staff on investment teams were female, up from 17% a decade ago, according to Dominique Gaillard, France Invest’s president. A recent Bloomberg analysis found that women fill only 8% of senior investment roles globally at the 10 largest firms that use debt to buy companies.
--With assistance from Keith Campbell.
To contact the reporter on this story: Benjamin Robertson in london at brobertson29@bloomberg.net
To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Chris Bourke
©2020 Bloomberg L.P.