The private equity industry is continually trying to see around the next corner. PE professionals think of themselves as forward-looking, evidence-driven, and innovative – their success and that of the companies they invest in depend upon it. And yet, in one key area, the PE industry looks very much like its more staid and conservative counterparts around the business world: diversity, equity, and inclusion. According to the State of Diversity and Inclusion Report 2021 by the CVCA and Diversio, representation by women at the senior management/partner level of Canadian private capital firms stands at a meager 10 percent – and that’s only one indicator of the widespread underrepresentation of women and racial and ethnic groups in the industry.
Some PE firms are trying to change the narrative about diversity – and Fengate Private Equity is among the leaders. Fengate Asset Management, which includes Private Equity, Infrastructure, and Real Estate businesses, has put diversity, equity, and inclusion (DE&I) at the top of its corporate agenda in a wide-ranging effort to not only ensure more representation of women and racialized groups at all levels of the organization but also to establish a culture where people of diverse backgrounds, genders and abilities feel welcome. The Firm is already seeing results: half of Fengate’s executive team are women, and a majority of its staff identify as diverse.
“We recognize the boundless benefits of a diverse workforce and Fengate’s place in impacting change for the better,” says Darryl Sam, Principal, Investments and Origination at Fengate Private Equity and co-chair of the company’s Equity, Belonging, Inclusion and Diversity (EBID) Think Tank. “EBID addresses both the right thing to do for humanity and the right thing to do to drive great performance in our organization and the portfolio companies in which we serve.”
Read full article as seen in CVCA Central: Changing the Diversity Narrative in Private Equity | CVCA Central