By Dana Sanchez
Men dominate financial services and women-led businesses aren’t getting the investment they deserve, according to Goldman Sachs.
The New York City-based investment banking, securities and management giant is doing something about it. Goldman plans to invest $500 million of “our firm’s and clients’ capital” in private, late-stage, women-founded, women-owned or women-led companies, wrote Stephanie Cohen, chief strategy officer for Goldman Sachs, in a June 19 blog.
Named “Launch With GS,” the initiative includes directly funding companies as well as seeding women investment managers who are starting their own funds.
Just for perspective, Goldman Sachs had total assets of $916.8 billion in 2017, and 37,300 employees as of 2018.
Men make up 89 percent of partners at venture firms, and companies founded by men raised 36 times more money in 2017 than those founded by women, according to the National Venture Capital Association and PitchBook Data Inc.
“Women-led businesses don’t seem to be getting the investment they deserve,” Cohen wrote, citing these stats: