Because PE and VC rely on active ownership, GPs shape much more than capital deployment – they influence how portfolio companies (e.g. capital recipients) are governed, who sits on their boards and who is hired into senior roles. Gender gaps inside portfolio companies can originate at this GP level, through sourcing choices, pre-screening and early governance formation. When GPs model gender balance within their own investment teams, it sets a governance standard that cascades through their portfolios. This makes it more likely that qualified women founders, executives and board members are identified, selected and supported on merit. Over time, this builds a deeper and more diverse leadership pipeline across companies. Embedding parity at this level also strengthens the market. Diverse decision-making teams challenge assumptions earlier, identify risks more accurately and spot opportunities homogenous groups miss. This improves capital discipline, reduces blind spots in strategy and leads to higher-quality value creation plans. Portfolio companies with balanced leadership also retain talent more effectively, innovate more reliably and deliver stronger exit outcomes – improvements that compound across a fund’s portfolio. As portfolio companies grow and eventually exit, the governance norms shaped under GP ownership do not disappear. Listings, buyouts and follow-on rounds often preserve or even deepen the structures put in place earlier. By integrating parity considerations into board composition, executive hiring and syndicate formation from the outset, GPs create durable governance practices that strengthen performance at both the firm and market level. 4.3 Capital recipients When private-capital-backed companies eventually list on public exchanges, a new layer of accountability can lock in the progress achieved under GP ownership. Stock exchanges and regulators can accelerate this shift by embedding parity and transparency into listing standards. When reporting, readiness and representation are aligned before going public, gender balance becomes a visible signal of governance quality – one that feeds back into how the broader investment ecosystem assesses long-term performance. Preparing for listing is therefore a moment for both GPs and portfolio companies to embed gender parity as part of corporate DNA. This includes disclosing gender data across leadership levels, aligning nomination and succession planning to sustain parity after listing. When companies align early on board-level gender representation and gender-disaggregated disclosure, they benefit from stronger board effectiveness, more credible risk oversight, higher investor confidence and more durable valuations. These gains reinforce gender-balanced leadership not only in public markets but also in private- market norms, creating a feedback loop that strengthens the overall ecosystem. 4.4 Public markets Not all portfolio companies reach public markets. Many transition through secondary buyouts, trade sales or continuation funds, where GPs re-emerge as critical stewards of continuity. Their influence over sale agreements, management incentive plans and board composition help ensure that inclusive leadership and governance norms endure through ownership changes – carrying gender balance forward into the next phase of value creation. LPs can further sustain these efforts by reinforcing these expectations through fund terms, due diligence and post-exit reporting requirements. Together, GPs and LPs can turn buyouts into a mechanism for continuity, ensuring that the gains of inclusive leadership persist across cycles of investment and renewal. 4.5 Buyouts Transforming Capital for the Next Era: Gender Parity and the Expansion of the Investable Frontier 16

Transforming Capital for the Next Era 2025