The path forward4 Progress towards gender parity in private markets can unfold as a reinforcing sequence, widening the opportunity set, expanding total value creation and making capital markets more resilient. The great wealth transfer can provide an important catalyst throughout this sequence as the presence of more high-net-worth women with decision rights starts influencing the types of advice, products and investment opportunities available. Women’s growing wealth presents a pivotal opportunity to spark a series of shifts, reshaping markets towards greater resilience. As women inherit and control unprecedented levels of wealth, they are emerging as a powerful class of capital owners – some investing directly as LPs, others allocating through family offices, private banks and wealth managers. Their growing financial influence sits alongside another decisive force in private markets: the major institutions that supply the bulk of capital to PE and VC funds. Even with the rise of semi-liquid retail vehicles, large limited partners such as pension plans, sovereign wealth funds, insurers, endowments and development finance institutions continue to act as anchor investors. Through their mandates, pacing decisions and due-diligence requirements, they still set the tone for private markets. These institutions operate within the same global capital ecosystem that is being reshaped by women’s rising economic power. As the investor base becomes more diverse, aligning with this shift is a way for LPs to remain competitive, attract differentiated sources of capital and future-proof their portfolios. LPs influence the system at its most consequential leverage point: they define the terms on which capital flows. Their decisions determine who raises funds, how managers are evaluated and what counts as “success”. When LPs integrate gender balance into their capital allocation and governance decisions – the effects cascade throughout the market, improving pipeline quality, governance standards and, ultimately, investment performance. Because private markets have limited public disclosure, accountability depends heavily on what LPs choose to request, measure and reward. Standardized gender criteria and consistent reporting across fund reviews, side letters and advisory committees can turn inclusion into a trackable performance metric – one that signals to the market that gender balance is part of fiduciary rigour. 4.1 Limited partners As LPs integrate gender parity into their capital mandates, GPs become the mechanism through which those expectations take shape. Gender- balanced GP investment teams bring diverse perspectives that are proven to create less correlated errors, stronger signal detection and produce networks that enhance Series A → B → C conversion. Technology can extend this advantage further. AI-enabled deal sourcing and due diligence can broaden access to overlooked founders, but only when paired with transparent design and human oversight. When gender-balanced GP teams guide algorithmic processes, automation becomes a tool for discovery rather than replication, expanding the investable universe and reinforcing the inclusive intent of the capital behind it. 4.2 General partners Transforming Capital for the Next Era: Gender Parity and the Expansion of the Investable Frontier 15

Transforming Capital for the Next Era 2025