Women VC Managers Still Face Pay Gap

Women still account for a small proportion of all managing general partners at venture companies, and their compensation continues to lag their male colleagues.

However, things appear to be improving as women increasingly assume entry-level roles at venture firms and begin to out-earn their male counterparts, according to new study.

Men continue to account for 85% of managing general partners in venture capital firms and earn more than their female counterparts, with median earnings for top female investors at $447,500 versus $500,000 for men in the same position, according to J Thelander Consulting, a data compensation consultancy firm.

Carried interest exacerbates the disparity, with female senior managing directors getting 12% compared to 15% for men, reflecting a two-year fall in carried interest allocations for women.

There is reason to be optimistic, however, as women in entry-level positions at VC companies have outearned their male counterparts in terms of cash for the fourth straight year. The median total cash for women at the senior associate level was $205,157, compared to $188,750 for men.

Carried interest was fairly equal, with both men and women earning around 1%. The higher-level income gap and poor representation do not appear to be discouraging women from entering the sector, as the number of female senior associates has increased by 12% since 2020, with women now accounting for 44% of those positions.

“We’re seeing positive traction as more women make careers in venture,” said Jody Thelander, founder and CEO of J.Thelander Consulting. “We’re seeing the gender pay gap narrow among more junior roles, which should continue as they progress into more senior positions.”

The data is gathered from 500 global venture capital firms and more than 1,500 investment firms using J. Thelander’s Survey Tool, which verifies and aggregates compensation data in real time on its platform.