Empowering Change: Nupur Garg on Promoting Gender Diversity in Private Equity and Venture Capital
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In this compelling interview, Ms. Nupur Garg, founder of WinPE, shares her journey from a successful career in private equity to championing gender diversity in the investing industry. Inspired by a desire to address the systemic barriers faced by women in finance, she founded WinPE to promote change and increase female representation. Ms. Garg discusses the current trends shaping private equity and venture capital, the strategies WinPE employs to promote diversity, and the challenges she faced in her career. Her insights shed light on the critical need for inclusive practices in the investment landscape and the role of mentorship and community in driving progress.
StartupTalky: What inspired you to start WinPE, and what gaps does it aim to fill in the investing industry?
Ms. Garg: It is a story of serendipity. The inspiration for WinPE struck me during a vacation. While I was transitioning from my full-time role at IFC, I aimed to build a portfolio of work that would not only leverage my investing experience, knowledge, and skills but also serve a deeply meaningful purpose. One day, I found myself discussing the alarmingly low numbers of women and the lack of gender diversity in private equity with my husband. That conversation and my desire to do something about the situation ultimately led to the founding of WinPE.
In the course of my journey as an LP, I noticed the significant lack of gender diversity in the private equity and venture capital (PE-VC) industry. As I examined the challenges faced by women in this sector, I realized there were systemic issues that needed to be addressed. As I reached out to my network in the PE-VC industry, I found those sentiments echoed by industry leaders and firms - all of whom believed that diversity is critical and were looking for the right suite of solutions that they could leverage, support, and champion.
WinPE was born out of this collective desire to fill systemic gaps. WinPE works with PE-VC firms to change their policies, practices, culture, and decision-making, driving change in the investing industry by increasing access and opportunities for women. In addition, WinPE supports women through mentorship, networking, and career resources, ensuring they have the tools they need to succeed professionally. WinPE works to address the gender gap in the investing industry through multifaceted interventions.
We work closely with members of PE-VC firms to identify and solve the challenges that hinder gender balance, bring forward industry and thought leadership in diversity, equality, and inclusion (DEI), and transform the environment to support equal access and equal opportunity. We also run a suite of initiatives designed to support women in achieving career success in PE-VC - including community building, 1:1 mentorship, networking, career resources, job vacancies, board roles, speaking opportunities, etc. Our mission is to enhance women’s representation in the industry ecosystem, both as investors and as recipients of investment capital.
StartupTalky: What major trends are currently shaping the private equity and venture capital industries?
Ms. Garg: If I focus on WinPE’s PoV, one of the major trends shaping the industry is the growing emphasis on gender diversity and inclusion, which is creating a push toward a more equitable investing ecosystem. Investors are increasingly acknowledging that diverse teams enhance decision-making and financial performance. Initially led by institutional limited partners, the growing commitment to gender diversity has become a priority for leading PE-VC firms, gradually reshaping fundraising conversations. Over time, this shift is expected to reshape the demographic landscape of the industry.
Recent times have seen global structural changes, including digital disruption, AI's impact on operations, the low-carbon transition, geopolitical fragmentation, and shifting demographic distributions. These are reshaping private markets and creating new opportunities for private capital. After a slow year in fundraising and deal/exit activity, there is now greater appreciation for fund managers who have been creating value and generating liquidity for investors. With substantial dry powder available, the industry is well-positioned to capitalize on current market dislocations. Key trends include:
- Digital Transformation and Tech-Focused Investments: Technology-driven companies and sectors such as fintech, health tech, edtech, and SaaS are drawing interest owing to their ability for innovation and disruption. The emphasis on digital transformation is expected to intensify as firms seek out startups that offer scalable tech solutions.
- Sustainability and ESG (Environmental, Social, Governance) Integration: Becoming increasingly central to investment strategies. With a growing awareness of the long-term impacts of environmental and social issues, firms are integrating ESG criteria into their decision-making processes.
- Resurgence in Deal Activity and Operational Value Creation: There is a strong expectation that private equity firms will see a resurgence in transactions as market conditions stabilize and dry powder continues to pile up. With valuations holding firms for good quality companies, investors are likely to prioritize operational value creation within their portfolio companies, focusing on enhancing efficiency, scalability, and strategic direction to drive growth and achieve higher returns.
- Heightened Regulatory Scrutiny and Compliance: As private equity and venture capital sectors continue to mature; they face increasing regulatory oversight. Stricter compliance requirements are being imposed by governments and regulatory bodies to ensure transparency and accountability.
StartupTalky: How do you manage your roles across multiple boards while advancing WinPE’s mission?
Ms. Garg: It is crucial for me to remain fully committed to the role I am playing in the given moment. In board meetings, my focus is entirely on the company’s agenda. As an independent director, fulfilling my responsibilities takes top priority. Similarly, when I am working on WinPE, my focus is on advancing its mission and objectives. In terms of overlap, yes, gender diversity is important to me in my capacity as well. So when in a board meeting, I consider where each company stands on DEI and contribute constructively.
WinPE was built with an institutional foundation and mindset. While my passion undoubtedly drives it, there is an incredible team that is as excited about the outcomes. We all have a role to play in driving WinPE’s mission forward. I do my share as the founder.
StartupTalky: What are the most effective strategies WinPE uses to promote gender diversity in investing?
Ms. Garg: As I mentioned above, at WinPE, we focus on a multi-pronged approach consisting of three main strategies to promote gender diversity:
- Collaboration with PE-VC firms to drive cultural shifts and reduce unconscious biases.
- Support for women who are already in the industry by offering mentorship and networking opportunities.
- Attracting more women into the industry through job and career resources.
We believe that dialogue and action must go hand-in-hand to drive real change. Our approach is multifaceted, focusing on transforming the culture within the investment ecosystem while providing practical tools to support women who are already in or aspiring to enter this field.
What sets us apart is our role as a DEI driver within the PE-VC industry, there is no preaching from the outside. We engage in open dialogues with firms and their decision-makers and catalyze collaborative action toward our shared goal. We complement this with comprehensive resources, including training, networking, and mentorship, to empower women and enable them to thrive professionally. We are also equally focused on building a talent pipeline for the industry via our newly launched career portal. We collate vacancies, job resources, training courses, and close interactions with recruiters for PE-VC aspirants. To increase the representation of women in leadership roles, we have been working with our member firms in placing experienced women on boards of their investee companies.
WinPE adopts a 360-degree approach to this challenge and continuously launches new solutions!
StartupTalky: What barriers to gender diversity have you faced, and how have you addressed them?
Ms. Garg: My professional journey, though fulfilling, has not been without challenges. While discrimination and harassment were prevalent even then, 10-15 years ago no one openly acknowledged either of them. They were often overlooked or dismissed and no one was talking about unconscious biases. When discussing our experiences with senior women and peers in my network, we found a common thread: our strategy for success involved focusing on our work and ignoring gender-based distractions. We worked hard and well, refusing to let surrounding noise distract or drag us down. We must ask colleagues not to view us through gender-coloured lenses, and we must do the same for ourselves.
These experiences have shaped WinPE's initiatives, aiming to create unbiased workplaces and level the playing field. We strongly believe in creating awareness, fostering sensitivity, and ensuring leadership commitment for DEI, alongside managerial accountability. Through our workshops and discussions with women, we discuss the need to build a winning mindset and the confidence to disrupt sexism. Strong industry networks are crucial for success in PE-VC, and WinPE fosters a supportive community for women in this field.
Finally, I have had a powerful support system in my family and I believe it has been crucial to have that safe space that provided positive reaffirmation. So, this is one piece of advice that I share with young women who ask - the choice of life partner could be one of the most important factors influencing professional success for women!
Subham Kumar
StartupTalky: How do current trends in venture capital affect investment opportunities for female-led startups?
Ms. Garg: The emphasis on DEI is one of the current trends in venture capital. Development Finance Institutions are pushing gender lens investing, expanding the pool of investment capital available to female-led firms. Research and data stating the improved performances of diverse teams have added to the case for investing in female founders. Women now make up a significant percentage of the startup workforce, including core tech roles, creating a large pipeline of female founders and investors.
At WinPE, we have observed a significant change in the awareness and conversations on DEI within the Indian PE-VC industry. This change is evident not only in firms but also among women who are increasingly unafraid to ask for their fair share. We also see increased demand from PE-VC firms for diverse teams. All in all, there is progress and we are seeing changes seep through.
At the same time, it is too early to declare victory. Industry data continues to reflect a large gap in funding for women-led startups. This is correlated to the large gap in the representation of women in decision-making roles at PE-VC firms. By promoting more inclusive practices and catalyzing resources that accelerate the growth of women as investors and founders, initiatives like those headed by WinPE are essential in closing this gap.
StartupTalky: What key factors should investors consider when evaluating opportunities in emerging markets?
Ms. Garg: Emerging markets offer significant growth potential due to their rapid expansion, increasing consumer populations, and evolving infrastructure. The shift from low- to middle-income status in these regions drives strong economic growth and rising consumer spending.
At the same time, investors must also navigate the higher risks associated with emerging markets, such as market volatility, regulatory changes, currency risk, and political instability. In the more nascent markets, an underdeveloped ecosystem and scant talent pool are big concerns too. These challenges require careful consideration and a strategic approach to portfolio allocations.
Emerging markets are particularly attractive for industries that are leveraging technology to create access to products and services efficiently and affordably. For example, the ability to sell products across a country with the help of technology versus decades of building capex-intensive retail infrastructure or using AI to create smart underwriting algorithms to underwrite credit for the underbanked and new-to-credit consumers. Innovation is driving growth in sectors like fintech, renewable energy, and mobile technology. Additionally, the young and expanding populations in these regions present long-term opportunities in sectors like financial services, retail, healthcare, and education. Ongoing infrastructure development also creates investment opportunities, particularly in construction and related industries.
StartupTalky: How does WinPE measure the success of its programs, and how do you use this data to improve?
Ms. Garg: A focus on outcomes has been a foundational aspect of WinPE from Day zero. We emphasize initiatives where we can have a tangible impact in a sustainable way and at scale. WinPE operates with a fully developed Theory of Change that guides our work and metrics to measure outcomes.
Through our Collegium discussions, we work closely with our member firms to create incremental changes in their policies, practices, and operations to support equal opportunity, equal access, and greater gender balance. Every 12 months, our members identify areas of action and corresponding KPIs. For example, to enhance the hiring of women into teams, WinPE member firms now require a diverse candidate pipeline and are implementing blind screening practices, diverse interview panels, etc.
We have achieved significant progress, with 70% of member firms reporting progress on their KPIs. Very importantly, we have seen a 3x growth in our member firms which we believe is a testament to the incredible work that WinPE and all its partners have done in the 4 years since WinPE’s inception. More than 400 firms from the industry ecosystem have participated in WinPE initiatives and we are excited to have reached that level of penetration in such a short period.
Through the last 4 years, WinPE has organized 40+ knowledge sessions, training etc for women that have seen >9000 registrants and >90% satisfaction scores. More than 70% of the mentees from 3 completed cohorts of our flagship mentorship program have reported career progress within 12 months. And most heartwarming of all, we have countless testimonials from firms and women who love the positive change that WinPE is driving.
A very interesting phenomenon we are experiencing now is the expectation and request that WinPE take the lead in building solutions. For example, last year, we rolled out curated training and workshops on unconscious bias for the PEVC industry. This year, we have launched a career portal to build a talent pipeline for the industry and to support our members in accessing the same. We are helping member firms place senior women professionals on the boards of their portfolio companies. We are also compiling a superset of best practices as a reference guide for our member firms.
By emphasizing results, WinPE has been able to start addressing challenges to DEI from multiple fronts.
StartupTalky: What actions can institutional investors take to support gender diversity more effectively?
Ms. Garg: I believe institutional investors are in a privileged position from where they can strongly influence the industry. Institutional investors can promote gender diversity by setting transparent, quantifiable targets for gender diversity in their operations and investment portfolios. This may include goals for female representation in decision-making roles, leadership positions, and across the workforce.
For LPs, this translates into gender-action plans for their teams and for the funds they invest in. For fund managers, it means gender action plans for their teams and the companies they invest in. Gender needs to be mainstreamed rather than confined to impact initiatives.
I don’t say that gender should be a decisive criterion where investors reject a non-diverse fund manager or company. However, we can certainly advocate for a roadmap to build that missing diversity. While representation levels won’t change overnight, the collective will of institutional investors can kickstart meaningful progress. A great example is the Investor Leadership Network (ILN), a collective of institutional investors representing billions of dollars, advocating for sustainability and diversity in their investments.
WinPE today represents a collective of 30+ global and regional investing firms with billions of dollars in AUM, spearheading the transformation in the Indian PEVC ecosystem. These firms are continuously implementing incremental changes in their operations, policies, portfolios and teams to pursue an outcome oriented DEI agenda. And that I believe is an incredibly powerful force of change.
StartupTalky: How do your roles on investment committees influence your work with WinPE?
Ms. Garg: My roles on investment committees are an extension of the work I did in my last full-time role as an LP. They keep me abreast with market developments across various developing markets.
From WinPE’s perspective, these roles offer me a window into how the DEI conversation is progressing across different regions, how LPs are pushing the agenda and what challenges hinder these initiatives. Conversely, I use my industry knowledge in IC discussions, leading to cross-pollination since knowledge is fungible. However, my IC role is distinct and independent from my WinPE role; I don't try to fit WinPE into IC discussions or vice versa.
While the knowledge is fungible, the agendas are completely independent.
StartupTalky: What advice do you have for female entrepreneurs looking to enter the investment field?
Ms. Garg: Entering the investment field is a genuinely interesting choice. It offers intellectual stimulation and constant learning and can be highly rewarding if you are willing to put in the necessary effort. It’s important to recognize that this isn’t a typical nine-to-five job; it is a demanding profession where success comes from passion, dedication and from truly enjoying the process.
For women to succeed in this industry, it’s essential to approach their careers with an understanding that the industry is still male dominated and therefore, role models may be difficult to find. You may have to carve your own path. It is not to say that it will be difficult - the industry has many men who strongly champion diversity and are great allies, sponsors and mentors. But the onus to reach out and gain support lies on the individual. It is an industry that rewards outperformance like none other so it is important to be proactive, grab opportunities, develop strong networks and build solid credentials.
Ria Sahni
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