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Making the Invisible Visible: The Women Behind Europe’s Venture Capital Flows
The Female LP Pathways Survey launches to uncover the journeys, barriers, and opportunities for women in venture.
Sointu Karjalainen
November 06, 2025
Twenty years ago, a few women quietly changed the course of my life - opening doors, sharing playbooks, and showing me that venture capital could be a path long before I even knew it was one.
Now, in a rare full-circle moment, one of those early mentors has joined as an LP in a new syndicate we’re building - a vehicle designed to make smaller ticket entries possible for women (and men) alike.
It’s proof of something I’ve seen again and again: representation compounds. When one woman invests, she often opens the path for many more.
But for most women, those bridges don’t yet exist - or if they do, they’re hidden.
We’ve all seen the charts showing how few female founders and GPs there are in Europe. But there’s another layer shaping everything that happens above it - the people deciding where the money flows.
The limited partners.
While women now make up slightly more of the LP base than of GP seats, their presence remains largely invisible. We don’t have real data on their journeys - what drew them in, what held them back, or what could make it easier for others to follow.
Because who funds the funds decides who gets funded.
That’s why we’re launching the Female LP Pathways Survey - the first Europe-wide study mapping how women invest in venture, the obstacles they face, and the opportunities that could unlock the next wave of female funders.
There’s no visible roadmap for women who want to start investing in funds - we’re each building our own bridge as we walk it. That’s why this survey matters - it can make the path clearer for those who come next.
“At unlock VC, we’ve noticed that diversity in the venture capital LP industry is worse than in VC itself. This creates a lack of feeling of belonging for female LPs — not to mention the barriers to progression — as it’s been shown men are more likely to promote people they can relate to which tends to be other men. Plus, in a similar vein, capital is less likely to flow to female GPs. With diverse teams showing better returns, this is a lose-lose situation all round.
The first step for change is always data as we need to know where we stand to know what we need to do. We also need recognition of the diverse LPs that already exist to show that there is a pathway available to aspiring LPs.”
The message is clear: progress begins with visibility. Understanding who gets access — and who doesn’t — is the first step toward lasting change.
"Succeeding in venture is about finding exceptional talent in places others aren't looking. That's the belief behind our Inclusive Alpha investment strategy at Ada Ventures, and it's one we're incredibly proud to stand behind. But the truth is, the industry can't truly move the dial on investing in the best, and not just the best-connected if we don't also address diversity across all parts of the industry.
"That's why this survey is so important. We must double down on the wider mission to unlock more routes for women to become LPs. If we want to build a more inclusive ecosystem that continues to generate alpha, we need representation to be ingrained at every level - starting from the top. This initiative is a great first step towards this. It's on all of us as stakeholders, and not only women, to amplify the message, but to listen to what respondents have to say and take action."
In collaboration with FOV Ventures, Tesi, unlock VC, Ada Ventures, Kvanted, and many more, this 6–10-minute anonymous survey invites all women in Europe interested in venture — from seasoned investors to those simply curious — to share their story.
Every response will feed into a transparent, open-access dataset published in 2026 — available to funds, LPs, networks, and policymakers alike. Because this isn’t about another private report. It’s about building a shared resource the whole ecosystem can use.
We’ve seen growing data around female founders and GPs — but the LP side remains a blind spot. I’ve seen what happens when representation compounds: when one woman invests, she makes it possible for many more to follow. This survey is about making those journeys visible — turning curiosity into clarity, and clarity into change.
Why Now
Governments and institutions are starting to take notice - from the British Business Bank’s £500 million commitment to diverse fund managers to EIF’s inclusion targets.
But we’re still missing the upstream piece: who’s investing behind the funds, and what’s needed to make LP participation more inclusive.
If we want capital to flow more equitably, we need to start at the source - with the people who decide where it goes.
“Tesi has long been committed to researching women's participation in the GP landscape and publishing our findings in our diversity study. Understanding the current landscape of female LP journeys is crucial—by identifying the underlying causes, we can drive meaningful change. I encourage all relevant stakeholders to take a few minutes to complete the survey, and to fill this data gap. “
Your Invitation
If you’ve ever thought about investing into a fund but weren’t sure where to start - this survey is for you.
If you’re already investing and want to see more women beside you - this survey is for you.
If you work at a fund and want to understand how to welcome more first-time LPs - this survey is for you.
Take the 6-10-minute Female LP Pathways Survey
Help us map the pathways, barriers, and opportunities for women investing in venture.
Change starts with visibility.
When we can see the paths that already exist, we can build better ones.
When we make the invisible visible, we make it possible for thousands more to join.
This isn’t just about who invests - it’s about who gets to shape the future of venture capital.
Let’s build that future together.
Help us spread the word
Change starts with visibility.
When we can see the paths that already exist, we can build better ones.
When we make the invisible visible, we make it possible for thousands more to join.
The more voices we reach, the stronger the data becomes.
If you or your organisation want to support this movement, you can find ready-to-share assets and templates here.
A Note of Thanks
This initiative wouldn’t exist without the support of all the amazing partners behind this initiative. Thank you. And my partners and GPs at FOV Ventures - who never once questioned the idea, only asked, “How can we help?”
And to every woman - and ally - who’s shared ideas, experiences, or encouragement along the way: thank you. Your openness is what makes change possible - and unstoppable.