According to Business Insider, 23 women investors were promoted to partner or higher at venture capital firms in 2025. These dealmakers work at major firms like Khosla Ventures, Greylock, Lightspeed, and Bain Capital Ventures. This advancement comes despite a difficult fundraising environment, where U.S. venture firms are on track for their lowest annual fundraising haul since 2017, raising just $45.7 billion through Q3. The share of women decision-makers at large VC firms remained flat at 17% in 2024, unchanged from the previous year. Furthermore, fund managers are taking a median of 15.6 months to close a fund, a significant slowdown from 9.7 months in 2022, which typically leads to slower hiring and fewer promotions.
The broader chill
Here’s the thing: that 17% figure is the real story. It’s a stark reminder that individual success stories, while crucial and worth celebrating, don’t automatically translate into systemic change. The fundraising slowdown creates a risk-averse environment. When firms are scrambling to close their own funds, they get conservative. It’s easier to justify a new, expensive partner seat when the capital is flowing in, not when it’s taking over 15 months to secure commitments. So the fact that any promotions happened at all in 2025 is a testament to these women’s performance. But it also highlights how fragile progress can be when the market tightens.
Why this matters beyond headlines
Look, this isn’t just about fairness or hitting diversity metrics—though those are important. It’s about portfolio performance and seeing opportunities others miss. A homogenous group of decision-makers tends to fund homogenous ideas. More women in partner roles means different networks, different perspectives on market needs, and a better chance of spotting the next big thing that a room full of similar people might overlook. For founders, especially those building companies for diverse audiences, this representation at the decision-making table is critical. It can mean the difference between getting a “I don’t get it” and a term sheet.
A silver lining with caveats
So, is the glass half full or half empty? The list from Business Insider is genuinely good news. It shows that talented women are still breaking through, even in a tough climate. Firms like Greylock and Lightspeed aren’t promoting people out of charity; they’re doing it because these investors deliver results. That’s a powerful signal. But the flat overall percentage is a warning. It suggests the industry is still relying on one-off promotions rather than building a reliable pipeline. When the next fundraising boom comes, will that 17% finally budge? Or will we just see more lists of exceptional individuals while the underlying structure stays the same? I think that’s the billion-dollar question.
