Executive summary A great wealth transfer is under way, with $83 trillion set to pass within and between generations and position women to hold an unprecedented share of global financial wealth. This shift, driven by inheritance patterns, entrepreneurial activity and evolving social norms, is creating the conditions for a meaningful shift of how capital flows. By 2030, women are projected to own nearly 40% of global investable wealth – a trend visible across all major regions – with North America driving absolute growth and Asia-Pacific and Latin America showing the greatest momentum. Converting this rising ownership into allocator power can widen the investable frontier, diversify opportunity and risk perception and strengthen long-term value creation across private markets where allocators determine which technologies, teams and business models scale. Women’s rising share of global wealth is not yet matched by their influence within financial institutions, which presents one of the most immediate opportunities for market evolution. While women represent 43.5% of the finance workforce, their lower presence in senior roles and in private- market decision-making creates a case for greater balance that enhances sourcing, governance and investment outcomes. In private equity and venture capital, women hold 19.9% of top roles – an imbalance that signals untapped potential for diversifying perspectives and broadening the types of opportunities that enter the pipeline. The same is true for capital recipients: women-founded companies attract only a small share of venture funding, revealing how much room exists to widen deal flow, deepen innovation and expand the investable universe for all market participants. The frictions identified in this white paper – decision rights concentrated in narrow networks, uneven access to investor rooms and legacy approaches to risk assessment – represent some of the highest-impact levers for strengthening market performance. Addressing these points offers the chance to diversify insights, reduce correlated risk and accelerate innovation. Broadening who gets into the room can unlock stronger early-stage pipelines; updating how due diligence and AI-driven screening operate can surface high-quality founders who are currently overlooked; and reducing allocator concentration can open new pathways for technologies and business models to scale. These frictions point to areas where focused action can yield system-wide gains in market dynamism, resilience and value creation. Finally, the paper identifies opportunities to strengthen momentum across the investment ecosystem, setting the conditions for more balanced capital allocation and long-term market strength. Limited partners (LPs) can steer market behaviour through mandates, due diligence and reporting expectations. General partners (GPs) can reinforce this by diversifying investment teams, widening sourcing channels and pairing AI and data tools with human oversight in a way that expands the range of opportunities considered. Portfolio companies, in their turn, can institutionalize inclusive governance and leadership pipelines. Whether through IPOs or private exits, governance norms set under GP ownership can endure when gender parity is embedded early: public listings lock in transparency and accountability standards, while private transitions carry forward inclusive practices through successor ownership and syndicate continuity. The great wealth transfer is a catalyst for accelerating change at systems level. As women’s ownership grows, converting that ownership into allocator power – and embedding parity standards from first check to final exit – unlocks the full potential of this capital in the market and transforms a demographic shift into a market upgrade. Building parity into financial systems widens the investable frontier, strengthens governance and supports more durable value creation across cycles. The great wealth transfer is only the beginning. As women’s financial power grows, markets have a unique opportunity to embed gender parity as a driver for innovation and resilient growth. Transforming Capital for the Next Era: Gender Parity and the Expansion of the Investable Frontier 4

Transforming Capital for the Next Era 2025