ImpactAlpha, June 23 — The venture capital industry, with over $2 trillion in assets under management, is still heavily male-dominated. Women-led funds manage a little under 2% of venture capital. The disparity is even more stark for women of color.
This week, Black women-owned Impact America Fund closed $112 million for its third venture fund. The fund is more than double the size of Impact America’s second fund, which raised $55 million in 2020 in what was then one of the largest raises by a solo Black female general partner.
Women-led Avaana Capital in India reached a first close of $70 million for a climate and sustainability fund. Avaana, which is targeting a total of $120 million, was founded by Anjali Bansal, a former partner with TPG’s Growth Fund, and Swapna Gupta, who led Qualcomm Ventures’ investment in the region.
Bank of America last week said it committed over $500 million in equity to more than 150 minority- and women-led fund managers. Among them are several women of color-led venture capital funds, including Backstage Capital, The 22 Fund, The BFM Fund, Chingona Ventures, Fearless Fund and Serena Ventures.