Virginie Morgon, Ardabelle's Founder and Managing Partner, was among the industry leaders interviewed for a Real Deals investigation into the structural barriers facing women in private equity.
Only 5.7% of Europe's active private equity firms have at least one female founder. The conventional explanation — that women are more risk-averse — persists across the industry. But the founders who have actually built firms tell a different story.
The obstacles are overwhelmingly structural: restricted access to capital, narrow networks, allocator bias toward familiar profiles, and a risk-return calculus that is materially worse for women attempting the same leap.
Women do not need to become 'more risky'; they need access to capital and to decision-making circles that recognise their entrepreneurial capability.
Virginie Morgon, Karen Sands (Federated Hermes Private Equity), Michele Giddens (Bridges Fund Management) and Runa Alam (Development Partners International) share their perspectives on what needs to change — from dedicated LP capital pools for diverse managers to stronger mentorship networks and a long-overdue shift in how allocators evaluate talent.
Real Deals — Access to Capital Keeps Women Away from PE