A report this week from the British Private Equity & Venture Capital Association and Level 20 further highlights the lack of gender and ethnic diversity in senior roles within the venture capital and private equity industry.

Findings from the Diversity & Inclusion Survey 2021 reveal the industry is severely lacking ethnic diversity. For example, representation at senior levels, regardless of gender, show only 1 percent of individuals are Black, 1 percent are multi-ethnic/mixed and 10 percent are Asian.

The industry has made some progress towards attracting women. The proportion of women working in investment roles at venture firms for senior (15 percent), mid- (29 percent) and junior levels (37 percent) was slightly better or the same in 2019. Two years ago, the study reported the proportions were senior (13 percent), mid- (26 percent) and junior levels (37 percent). The most recent study included 52 venture firms in the UK and Europe.

“The findings show that the private equity and venture capital community have a long way to go on diversity. In particular, the lack of Black representation is especially troubling,” Jacqueline Taiwo, co-founder and chair of Black Women in Asset Management, said in the report. “Investment firms must interrogate the systemic causes for this inequity and urgently address the barriers to building diverse and inclusive investment teams.”

Overall, the report gathered data from 186 PE, VC and growth capital firms in the UK and Europe. It is the first of its kind to capture ethnicity data from firms, the BVCA noted. The ethnicity survey includes data from 2,703 individuals across 73 firms.

A version of this article first appeared in affiliate publication Private Equity International