“Better Decisions Come From Diversity”

Who would ever have thought that the title quote of this blog came from the mouth of a private equity CEO!

Refugees, Economic Migrants

In an article in today’s New York Times entitled “Pursuing Gender Equality as a Competitive Advantage,” written by Leslie Picker, she notes (quite correctly) that there has been a “sluggish grind toward gender equality in all areas of finance, with perhaps none slower than private equity. Firms often blame a lack of female applicants, while women say the clubby nature of the industry has been a hurdle to their entry.”

Nothing new to those in the field.

However, one firm’s CEO promoted a female investor repeatedly – even when she announced that she was pregnant! – because it bestowed upon the firm a “competitive advantage.”

Businesswoman, Women'S Power, Specialist

The CEO said that “Better decisions come from diversity. Realizing that over 80 percent of the purchase decisions were made by women meant that a balanced perspective in the organization could further enhance the success we had.”

His conclusion, referring to “gender balance” (and a good takeaway):   “We’ll see a time in the not-too-distant future where our industry embraces it.”

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Richard Cohen

Richard B. Cohen is a partner in the New York City office of FisherBroyles, LLP, a national law firm. Richard Cohen has litigated and arbitrated complex corporate, commercial and employment disputes for more than 35 years, and is a trusted advisor to business owners and in-house counsel both in the United States and internationally. His clients have included Fortune 100 companies, domestic and foreign commercial and investment banks, Pacific-rim corporations and real estate development companies, as well as start-up businesses throughout the United States. Email Richard at [email protected]