The Future of Venture Capital:
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We are proud to present our 2025 Annual Report.
In 2025, women held 18.8% of Partner+ roles in U.S. venture capital, three years ahead of the goal we set in 2018. Our community had a harder question: has reaching our goal resulted in women with true decision-making authority?
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This year’s report started with a milestone and ended up somewhere more interesting.
- The milestone: Women hold 18.8% of Partner+ roles in U.S. venture capital, passing our 18% goal three years ahead of schedule.
- Title and authority measure different things: Women’s share of Partner+ titles is ahead of their share of deal leads, board seats, and voting roles.
- The Conviction Economy: About as many women have founded their own emerging firms as hold Principal+ roles at legacy firms. They built authority by building their own firms.
- The narrative has shifted, the data hasn’t: Funds with a woman GP deliver equal or stronger returns despite raising less, according to the Colibri Institute.
The work does not stop here.
Inside the report
- What did reaching our goal actually change?Paige Hendrix Buckner on what the milestone did and didn’t change, and what All Raise will measure next.
- What does “Partner” really mean?Why a senior title doesn’t always come with a vote, a check, or the credit.
- Why are so many women starting their own firms?Who is building firms of their own, where they came from, and how their firms scale.
- What did our community build in 2025?Our volunteers, members, cohort programs, and the 2025 VC Summit, by the numbers.
- Who makes this work possible?The partners and donors who power All Raise’s work.
- Where does every number come from?The source behind every figure in the report.
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