Image (from left to right): Ana Maria Harrison, Fay Margo, Cilian Jansen Verplanke and Manuela M. Froehlich.
At this year’s Informa’s SuperReturn Europe, Brackendale’s CEO, Fay Margo, joined a panel discussion entitled “Work to be done: the need for meaningful progress in DEI," alongside senior industry peers from across private markets. This conversation came at a pivotal moment for corporate DEI and its governance, as political pushback in the US has raised new questions about how DEI is being perceived and practiced.
At Brackendale Consulting, we’ve been monitoring these shifts closely and investigating what they mean for the private market industry. As part of our 2025 LP Sentiment Survey, we explored how limited partners view DEI today and whether attitudes in the US are having a ripple effect in Europe’s private equity landscape. The results and conversations at the panel paint a nuanced but encouraging picture.
DEI in Focus: What LPs Are Really Saying
During the panel, Fay Margo touched on some pertinent points that our research revealed. For instance, within our sample of LPs 78% believed that more diverse management teams are linked to stronger financial performance. 71% rated DEI’s importance at 6–10 out of 10, and an overwhelming 92% disagreed that progress was moving fast enough.
Interestingly, 73% of respondents initially predicted that the US backlash against DEI would significantly influence European attitudes. Yet, in practice, this hasn’t fully materialised. Many of our European GP clients report that European LPs remain highly motivated on DEI and ESG priorities. While a few US investors have been more cautious, most have continued to engage positively especially when DEI is integrated into broader ESG reporting.
We’ve seen this firsthand. A Spanish fund manager client told us a US investor was impressed at their integration of DEI in their ESG practices in accordance with ILPA guidance, while a Swiss client noted increased DEI interest from several US investors. In other words, we have seen that rigour in reporting and authentic communication is replacing lip service.
Panel Feedback: Polarisation versus Progress
The US investor base cannot be viewed as being monolithic. As we discussed on the panel, attitudes typically fall into three broad groups:
- Those aligned with the current US administration and resistant to DEI initiatives
- Those who quietly support DEI but want to avoid public visibility or acknowledgement
- Those who are vocal advocates of DEI and are actively challenging the anti-DEI mindset
Our panel agreed that while polarisation exists, European fund managers should stay true to their values, adjust their messaging to suit different audiences, and demonstrate the real value of DEI through data and performance.
Jess Carter from Level 20 noted "a bold, confident attitude" towards the US has been observed in European firms by people in the industry. Attitudes also depend on investor type, with institutional investors requiring more accountability.
Ben Jennings from Linklaters also noted that certain fund managers may be more accustomed to DEI reporting making them more efficient, though some ESG teams are quieter.
Manuela Froehlich from Fondsfrauen gave insight into how things are operating in Germany and the message was clear: if quotas aren’t set, progress stalls. She highlighted that removing targets has historically led to stagnation and regression, citing how women were the first to suffer once gender equality quotas were dropped by the Trump administration and that this is something Europe must guard against.
The impact of data and resources
The discussion also turned to data arguably the most powerful tool in maintaining momentum. Anna Maria Harrison from Adams Street emphasised that we should “start with data" and focus on measurable outcomes, not just the right messaging. Another discussion participant added that firms with more women on boards consistently outperform, while Silvia Filip from Pension Mandate noted that in the last 12 months female representation has declined, a stark reminder that potential stagnation of both representation and impact could be on the horizon if not adequately challenged.
Cilian Jansen Verplanke from Karmijn Kapitaal shared that in the Netherlands, only 4% of managers are women, as the focus is only whether ‘returns are good’ which can create a corporate atmosphere that is unbalanced and unrepresentative, leading to skewed investment or governance decisions. All of these examples make it clear that placing explicit focus on reported numbers can directly highlight which areas are in need of development and can be linked back a firm’s success.
How to Find the Balance
Encouragingly, initiatives such as the UK’s Investing in Women Code continue to gain traction, with LPs and banks being encouraged to sign up. Jess Carter also pointed to Level 20’s new careers portal as one initiative helping young women see private equity as an accessible career path. These initiatives offer hope, both for women currently working in private markets and the next generation of women to come.
As Fay Margo noted during the session, progress relies on both accountability and action not just policy statements. It’s about defining clear goals, tracking data, and making inclusion part of every firm’s DNA. Ultimately, DEI is a long-term investment in talent and performance. Even amid political unrest, the European private equity industry remains largely committed to meaningful progress.
At Brackendale, we continue to see authentic DEI storytelling backed by data and delivered with purpose and this is what seems to resonate with LPs and investors alike. The question isn’t whether DEI should remain on the agenda, but how the industry will continue translating these intangible values into tangible, measurable change.
