The past, present and future of women in private equity: A conversation with Gurpreet Manku, CEO, Level 20

The private equity industry has long been dominated by men when it comes to senior and leadership position. Though private equity firms have intensified their focus on both gender and ethnic diversity and have shown increased progress, there is still a long way to go for women to reach the same level of partner and senior investment positions as their male counterparts. Ahead of the Women in Private Markets Summit at SuperReturn International 2025, we spoke to Gurpreet Manku, CEO, Level 20, a not-for-profit organisation, founded to increase the number of women working in senior investment roles in private equity and venture capital, about the work they do at Level 20, the state of gender diversity in the industry and what still needs to be done.

Tell me about Level 20: What is your mission and what are some of your greatest achievements?

Level 20 is a not-for-profit organisation with a mission to increase the number of women working in senior investment roles in private equity and venture capital to at least 20%. Research is at the core of our work and our latest analysis shows this figure is currently 14% in Europe, up from 10% in 2022. We share data-led insights with the industry, and I’ll cover this further below.

We bring together women working in private equity, enabling them to build their network and find support, mentorship and role models, including from men in the industry. Our work also supports industry leaders to understand the barriers women face and be part of the solutions that are driving change.

We have a strong membership across Europe and facilitated over 130 events last year, including online content on our bespoke Member Portal. 2025 is our 10^th anniversary year and we now have more than 6,500 members across 13 international chapters. We are proud of the growth we’ve seen in recent years, including new/expanded chapters in Belgium and Central and Eastern Europe.

Our flagship mentoring programme has benefitted over 1,300 mentees across our chapters. 80% of mentees who have participated in our one-to-one mentoring programme have been promoted at least once and 88% are still in the industry.^[1] Many of our mentors are senior men in the European industry, and it’s pleasing to see former mentees become mentors with the passage of time.

2025 also sees the launch of our new Careers Portal to attract and inform talented women considering a career in private equity. We have also just launched our Instagram account this week, @Level20_pevc, for International Women’s Day. Give us a follow!

We absolutely could not do any of this without the enthusiasm of our membership, committee members and international chapter chairs, the commitment of more than 120 GP and LP sponsors, and the contribution of all our other volunteers and stakeholders.

How have things changed for women in Private Equity over the past 5-10 years?

The industry has grown and so has the representation of women in investment teams across Europe. 1 in 4 investment professionals are women, up from 1 in 5 in 2022. Our ongoing work and data-led insights into the perspectives of women enable us to recommend actions to support them to have thriving careers. Examples of this include our Family leave in private equity report, and European and UK gender diversity reports.

The increase in representation levels has been attributed to overall improvements to workplace culture, the success of both internal and external mentoring and outreach programmes and the influence of LPs.

There has also been a lot of discussion on family leave in recent years and how to support parents. Our report family leave report was the first of its kind to provide detail on policies and practices and we have seen how this work is contributing to discussions between parents and firms. Firms are thinking about processes for individuals going on and coming back from family leave, and we are seeing more men taking paternity leave – this helps to normalise taking time out of the business. We recently spoke to Rachael Baker, Partner at Graphite Capital about this, and I’d recommend anyone going on maternity leave – and managing partners – read her interview.

What are some of the biggest barriers that remain for female success and leadership in the industry?

Our research has highlighted the following areas to support female talent:

• More focus on equitable access to sponsorship and clear feedback
• The need for greater visibility and higher profile of mid-level and senior women.
• Normalising men taking paternity leave and sharing family responsibilities

I would recommend reading the ACCELERATE report, a collaboration with the Inclusion Initiative at the London School of Economics. This provides practical actions following interviews with women working in mid-level investment roles across Europe. The recommendations we share seek to enable healthy cultures that nurture all talent to succeed.

At a junior level, and even earlier, there are issues around access to information about private equity as a career, something we’re addressing with our new Careers Portal launching later this spring, and also through our outreach initiatives with universities and business schools across Europe.

As women progress through their careers, we often hear that access to feedback or sponsorship within the firm could be improved, and there is a need for more transparency around the path to promotion.

Why is this something that businesses need to be aware of - both culturally and when thinking of the bottom line?

Access to the best talent is vital for success in any industry, including the private equity industry, where competition for capital and deal flow is fierce. Inclusive cultures where all team members thrive, supported by well-designed practices, enable organisational resilience by attracting and retaining strong performers (thereby saving on recruitment costs!). Greater representation of women in decision-making roles brings different perspectives when investing in portfolio companies, supporting their growth and success.

What changes are you hoping to see in the future to enable greater opportunities for women in PE?

The numbers, most recently published in our joint report with the BVCA, Diversity in UK Private Equity and Venture Capital UK, show that in 2025, 27% of UK-based investment professionals are women, up from 24% in 2023, and that women now hold 15% of senior investment roles, up from 12% in 2023. The UK is behind only France and Sweden when looking at representation of women in investment teams across Europe.

We always talk about this being an apprenticeship industry so progress takes time, but it we are pleased to see continued momentum, which means talented senior women are more visible every year that passes.

The biggest changes will come from women staying in the industry and progressing to a senior level, and the next generation of women choosing a career in private equity. Whilst the representation of women in junior investment roles is plateauing at 38% in the UK and at 35% in Europe overall, we have seen increases at the mid-level with women’s representation increasing to 27% in the UK and 26% across Europe. This bodes well for the future if we continue to support women to progress to the next level.

What’s the best piece of advice you would give to women looking for a career in PE?

This is a growing industry with a variety of exciting roles (investments, capital raising, portfolio management) so it’s important to research them and consider what interests you. To understand your options, there is much more information available publicly (including on firms’ websites) and Level 20’s work shares tips and advice from women working in the industry. Our careers portal will highlight useful resources, and we also encourage students to sign up a Level 20 members to access our content and be invited to our outreach events.

Our advocacy work includes speaking at industry conferences like SuperReturn to share our insights, and I’m really looking forward to joining you again in June.