Diversity in Action Framework​

The Diversity in Action (DIA) initiative focuses on a foundational set of actions that LP and GP organizations are taking to advance diversity and inclusion, both internally and within the industry more broadly.


The framework consists of two parts – four essential criteria and a set of nine optional criteria that span a broader range of possible actions, addressing talent management, investment management and industry engagement. All of the actions prioritized within the Diversity in Action framework are drawn from ILPA’s D&I Roadmap, a clearinghouse of best practices and resources for GPs and LPs to consider at each stage of the development and implementation of their own diversity, equity and inclusion programs.


Participating organizations agree that their diversity, equity and inclusion actions include a combination of these foundational and optional activities as indicated below:

Foundational Required Activities - All 4 of the Following

  • Has in place a DEI statement or strategy, communicated publicly, and/or a DEI policy communicated to employees and investment partners, that addresses recruitment and retention*
  • Tracks internal hiring and promotion statistics by gender and race/ethnicity**
  • Has in place organizational goals that result in demonstrable practices to make recruitment and retention more inclusive
  • Requests (LPs) or provides (GPs) DEI demographic data, e.g., ILPA Diversity Metrics Template, for any new commitments (LPs) or new fundraises (GPs)**

* In addition, participating organizations should address harassment, either within the DEI policy or within a separately articulated policy or statement.

** At a minimum, gender data. Racial/ethnic data to be provided in jurisdictions allowing for the capture and reporting of such information.

Optional Activities - Plus, Any 2 or More of the Following

  • Tracks gender and race/ethnicity statistics within partner organizations (LPs: managers; GPs: portfolio company boards/management teams)**
  • Has assigned senior-level DEI accountability, aligned with an investment or senior management role
  • Provides unconscious bias training for employees on an ongoing basis
  • Has in place diverse employee resource groups
  • Incorporates contributions towards advancing DEI into employee performance reviews
  • Commits to encourage and promote diversity within boards of directors at portfolio companies
  • Requests (LPs) or provides (GPs) DEI demographic data, e.g., ILPA Diversity Metrics Template, for all funds, i.e., not solely new commitments/new fundraises**
  • Supports DEI research in the private markets industry by participating in surveys that capture data on diversity in the workforce
  • On a programmatic basis, supports industry efforts to educate underrepresented groups about careers in private markets

** At a minimum, gender data. Racial/ethnic data to be provided in jurisdictions allowing for the capture and reporting of such information.

Resources for Consideration

  • CalPRS and CalSTRS Diversity Forum: CalPERS and CalSTRS hosted the 2019 Diversity Forum which offered investment industry and corporate executives a unique opportunity to explore the connection between diversity, human capital, and performance.
  • Falk Marques Group Events: Falk Marques Group LLC develops and produces professional conferences, insightful industry news and event content and unmatched networking opportunities for an international audience of senior-level women in private equity, venture capital and alternative investments.
  • NAIC Events: The National Association of Investment Companies (NAIC) hosts ongoing events that bring leading diverse investment managers together with chief investment officers, institutional investors and industry professionals for networking and insight into industry trends. Events provide a platform by which advocacy, business opportunities, and investment strategies are explored.
  • PEWIN Events: PEWIN was created to connect and increase the success of women in private equity. Membership is by invitation only. Regional and global events include panels and roundtables, gatherings in conjunction with industry conferences, dinners and charitable causes.
  • Women’s Association of Venture and Equity (WAVE) Events: WAVE is a membership-based association of professional women who work in or are affiliated with the private equity and venture capital industry. WAVE holds numerous regional events throughout the United States each year promoting personal and professional development of its members