Gender-diverse teams in Southeast Asia’s private capital ecosystem have raised more capital than all-men teams, as global frameworks such as the 2X Challenge and ESG-linked LP mandates see wider adoption, according to a new report by DealStreetAsia DATA VANTAGE.
The study, titled Women in Private Capital: Southeast Asia 2025, finds that private equity firms with at least one woman in a senior investment role have raised $29.36 billion across 72 funds since 2020, accounting for 67.8% of the PE capital raised. In contrast, all-men teams raised $13.98 billion across 47 funds, or just 32.2% of total capital raised in the period.
The trend holds in venture capital, too. Although gender-diverse teams raised fewer funds—104 compared with 139 by all-men teams—they were responsible for a larger share of capital raised, accounting for 64.7%, or $14.8 billion, since 2020. All-male leadership teams, by comparison, raised $8.08 billion.
This outperformance, at least in terms of capital raised, is partly driven by the higher number of firms with mixed-gender leadership.
Among VC firms active at any point since 2020, over 57%, or 42 firms, had at least one woman at the partner level. In private equity, the distribution was evenly split, with 37 firms including at least one woman in a senior investment role and 37 composed entirely of men.
While the figures suggest parity, they mask a more nuanced reality. In many cases, women are the only female voice in predominantly male teams, with limited sway over investment decisions. Women leaders are more often found in more mature firms with greater fundraising capacity, broader market reach, or larger teams.
One in five decision makers
One in five decision makers in Southeast Asia’s private capital landscape is a woman. In private equity, the study identified 63 women and 305 men, yielding a women-to-men ratio of 0.21. In venture capital, the ratio is 0.20, based on 89 women and 452 men in senior investment roles.
While headcount ratios are nearly identical across both asset classes, firm-level dynamics show that representation remains limited. Among Southeast Asia–based firms, the average women-to-men ratio in senior investment roles is 0.25 in both PE and VC, equivalent to one woman for every four men. This underscores that despite more women entering the pipeline, female leadership remains sparse at the decision-making level.
The study argues that without gender diversity in the senior roles, the private capital industry risks reinforcing blind spots in how capital is deployed and value is created. It also limits the diversity of thought that is critical to navigating complex markets like Southeast Asia, where demographic nuance and emerging consumer behaviour demand inclusive investment lenses.
Among non-Southeast Asia-based private equity firms that allocate capital to the region, whether as a primary focus or a minority share of their mandate, female representation drops even further. Women make up just 12.1% of senior investment professionals across global, APAC and pan-Asian funds with Southeast Asia allocation.
This relatively low figure partly reflects the scope of the sample, which focuses on regional fund-specific leadership, not the broader firmwide partner population. These regional teams are typically lean and often dominated by senior male professionals based in global headquarters or anchor offices.
Still, the data highlights a significant gender gap at the regional decision-making level, where capital allocation, sourcing, and oversight into Southeast Asia are concentrated.
From framework to practice
While representation metrics offer a snapshot of who is in the room, they reveal little about how capital is actually deployed. Fund managers interviewed for this study agree that the next frontier for gender inclusion lies not in headcount, but in how gender-lens investment frameworks are operationalised.
“There are more GPs talking and some walking the walk on gender frameworks,” said Winnie Khoo, Partner at Antler. “But often, it’s a wink-and-nod exercise that feels more performative than transformational. Southeast Asia’s diversity is its strength, yet gender-smart investing remains the exception, not the rule.”
Khoo believes the region needs to shift from box-ticking mandates to embedding gender intelligence into core investment processes. “Otherwise, we miss out on investing in half the world’s potential. The real shift will happen when returns prove that gender equity and financial performance are inseparable.”
In private equity, Fernanda Lima, Partner and Co-Lead for Asia Financial Services at LeapFrog Investments, notes that the landscape has evolved meaningfully in recent years.
“Five years ago, gender-lens investing was often viewed as a niche theme. Today, it’s an increasingly mainstream expectation. Initiatives such as the 2X Challenge have been catalytic, mobilising nearly $9 billion across Asia in 2023 alone.” LeapFrog’s approach has moved from initial benchmarking to fund-wide application. “In 2024, 80% of Fund IV companies met at least one 2X Criteria,” she said.
At Bintang Capital Partners, CIO Adelene Low brings the conversation back to local context. In Malaysia’s semiconductor sector, gender is not often prioritised.
“Companies tend to prioritise technical talent, production efficiency and workforce stability, while areas such as career mobility for women, workplace safety and leadership exposure receive far less attention,” she said.
For Bintang’s Semiconductor Impact Fund (BSIF I), gender considerations were directly inspired by the 2X Criteria. “This includes evaluating women’s participation in technical roles, representation in supervisory positions, access to leadership development and HR policies that support retention and mobility,” Low explained.
Read the Women in Private Capital: Southeast Asia 2025 report for insights into:
- How SE Asia’s share of women decision makers stacks up globally
- Which country leads the region in women in investment leadership
- The share of PE and VC capital managed by women-led firms
- Candid insights from women in PE and VC across the region
