By Seema Chaturvedi A recent announcement by Goldman Sachs that it would not assist a client company to an IPO, if it has an all-male board, is a welcome new step to get help from an impactful market intervention. This intervention could help to accomplish what multiple feel good announcements have not, in terms of gender equality. But a lot more needs to happen, and there is a faster way to get there. The solution is to promote more women fund managers. Multiple empirical studies have noted that gender diverse portfolio companies outperform in every aspect, whether it be in innovation or operational efficiency. These diverse companies ultimately contribute to a higher incremental return for investors, in some empirical studies as much as 35% higher. The bottleneck however is in access to capital, especially at an early stage of a company’s life cycle. Much has been documented on this issue, including data which suggest that less than 3% of venture capital is invested in women businesses. So why is the usually savvy investing world foregoing this incremental alpha? The answer always ends up in the common denominator of the existence of conscious and unconscious gender biases which themselves stem from… Read full this story
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