The Future of Venture Capital:

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We are proud to present the 2025 Annual Report.

Women now hold 18.8% of Partner+ roles in U.S. venture capital. This year’s report asks the next question: who holds the real authority, the checks, the board seats, and the ownership?

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All Raise 2025 Annual Report cover

Driving Change. Defining the Future.

The 2025 All Raise Annual Report shares the milestones, data, and momentum behind our work, and what we’re measuring next.

The data tells a powerful story:

  • We hit our goal early: Women hold 18.8% of Partner+ roles in U.S. venture capital, passing our 18% goal three years ahead of schedule.
  • The title has moved faster than the power: Women led 12.6% of deals and held 11.2% of board seats. At firms with $1B+ in AUM, 25.1% of women’s titles are advisory or non-voting roles, compared to 14.8% of men’s.
  • Women are building their own firms: All Raise tracks 303 women who founded firms now raising their first through third fund, nearly matching the 301 women in Principal+ roles at $1B+ firms.
  • The gap is in access, not performance: Funds with a woman GP deliver about 1.6 points higher mean IRR (unadjusted) across 2,471 U.S. funds, according to the Colibri Institute.
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INSIDE THE REPORT:

  • A letter from CEO Paige Hendrix Buckner on reaching the 18% goal early, and what All Raise will measure next.
  • The Authority Gap: why a Partner title and real decision-making power are not the same thing, and the data behind the gap.
  • The Conviction Economy: the women founding their own firms, the paths they took to get there, and how their firms scale.
  • Program impact: 277 volunteers, 1,231 activated members, 333 investors across our cohort programs, and the 2025 VC Summit.
  • The partners and donors who power All Raise’s work.
  • And more, including a data appendix with the source behind every figure.
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