It’s been nearly six years since the hashtag #MeToo went viral, unleashing a movement and a global wreckoning over sexual harassment and assault that women face in the workplace.
And yet, gender-related issues are still a concern in the private markets, according to Semaphore’s 15th annual confidence survey of private equity, venture capital, hedge fund, and other professionals. (Semaphore is a firm that takes over troubled private equity, venture capital, and hedge funds on behalf of limited partners.)
Approximately 69% of Semaphore’s 701 respondents from this year’s survey said that sexual misconduct, harassment, and gender bias are all still problems in the industry. While the numbers are high, they are down from years shortly after #MeToo went viral, when more than 80% of respondents were reporting gender issues to be an industry-wide problem.
Here are some of the specific things respondents had to say:
I’m a female fund manager and at any venture conference I’ve ever been to, the first question asked is what my role is. Not what are we investing in or anything asked to my male counterparts. I’ve started telling people I’m an admin assistant so I can stop talking to these people sooner lol.
These are systemic and cultural issues, but I believe that greater awareness is driving change.
There are still too many tech bros.
At my previous firm, I was the first female hired on the investment team (for a firm that had been around since late 90s). I was quite literally told by HR (in a business environment) that I dressed "too attractively" and that "on a team of all males, I should only want to be remembered for my brain". This was in my first 6 weeks of work. As time went on, I learned that several partners had affairs with (now former) executive assistants. It's really difficult to answer "how should this be addressed" when considering that this is a culture that is incredibly difficult to change, and will be somewhat slow to change, especially when management/those in a position of power are the perpetrators. I believe the best course of action is for us to make work decisions according to culture (aka I left that team and joined another firm). Now that I am no longer entry-level and am moving up the ladder, I am really dialed in to make sure things like this don't happen at my firm. We need to make a culture that girls/women/others feel they have someone they can sound the alarm to if need be without repercussions. I really like anonymous reporting software tools for this.
Perhaps, but as a female I don't personally see it.
Old habits die hard. Until there is a standard by which to operate by, they will persist.
In America everyone has a shot
It is a HUGE issue. The only way to really make a difference is by addressing our systemic core beliefs. Educate people, especially children in age appropriate ways at schools to respect others feelings and beliefs and to be respectful of those differences. No perfect solutions.
Because I have started to watch for it, and I see it regularly. Bias is hard to deal with, but misconduct and harassment are easily defined, measured, and prosecuted.
We are in a period of overreaction!!
Our team is almost entirely male and even though it’s a priority to change that we’ve had very little success to date.
Isolated incidents should not criminalize an entire industry.
I've heard the stories. And continue to hear them.
Here are some other highlights from this year’s Sempahore survey, which seeks to gauge how dealmakers are thinking about the industry:
- 23% of respondents are confident in President Biden, while 53% say they are not
- 51% have no confidence in Biden’s economic team versus 33% who are confident
- 0% of respondents had confidence in Congress with 71% expressing no confidence
- 62% had little or no confidence in U.S. national tax and spending policy with only 4% expressing confidence
- 24% of people are confident in State Government and Legislatures, while 41% have no confidence
- 30% of respondents think the current favorable tax treatment of Carried Interest income should be eliminated, while 70% say it shouldn’t
And here’s what respondents are saying about compensation:
If you’re interested in looking through the full results of Sempahore’s annual survey, you can find them here.
See you tomorrow,
Jessica Mathews
Twitter: @jessicakmathews
Email: jessica.mathews@fortune.com
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