Female Representation in Management Firms in Québec: An Evolving Landscape
Montreal, October 27, 2026 – Réseau Capital today published the results of the Capital femmes analysis, the indicator of female representation in management firms in Québec. Launched in October 2021 by Investissement Québec and transferred to Réseau Capital in 2022, the Capital femmes indicator, the first of its kind in Québec, provides a snapshot of female representation in management firms with a presence in Québec and in Québec companies that have received funding from these investment funds.
A Decline in 2025, but Progress Over the Period
After encouraging progress over the 2016 to 2024 period, this year’s analysis results show a decline in female representation in 2025. Indeed, the proportion of investments in companies owned or led by women fell by 15% in 2025 compared with last year, although these investments have still increased by 18% between the 2016–2020 and 2021–2025 periods. We also note a slight decrease in the number of female partners in the surveyed firms.
To collect this data, Réseau Capital contacted 49 investment firms to determine the number of women-founded or women-led companies in the managers’ portfolios. Of these, 78% participated in the study. These venture capital and private equity firms have approximately 541 Québec companies in their portfolios and have made 756 investments.
“This year’s results remind us that progress in women’s representation can never be taken for granted. Despite the setback observed in 2025, the gains made since 2016 demonstrate that the industry can evolve when guided by evidence-based insights and strategic initiatives. Réseau Capital will continue to mobilize the ecosystem, particularly through its ELLE-Invest Committee, to make diversity a true driver of performance and growth for Québec’s private capital industry,” said Olivier Quenneville, President and CEO of Réseau Capital.
Key Findings of the Analysis
- This year’s analysis results show declines, both in female representation in management firms and in the investments made by these funds in companies founded or led by women.
- Nevertheless, investments made in companies founded or led by women have increased by 18% between the 2016–2020 and 2021–2025 periods.
- 65% of surveyed management firms have at least one female partner.
- Female partners represent 20% of all partners in management firms active in 2025.
- Since 2016, 51% of transactions have been made in companies with at least one female co-founder or leader.
- Approximately $4 billion has been invested since 2016 in women-owned or women-led companies, out of a total of $5.5 billion, representing 73% of total amounts invested.
- 24% of venture-capital-backed companies since 2016 have at least one female co-founder.
You can consult the data compiled by Capital femmes here.
Réseau Capital would like to thank its partners, Fondaction, Fonds de solidarité FTQ and Investissement Québec, for their valuable contribution to this analysis.
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About Réseau Capital:
Réseau Capital is the investment capital association that brings together all players in the investment chain operating in Québec. Its mission is to contribute to the development and dynamism of the investment capital industry, which plays a crucial role in the development and financing of businesses in Québec. Founded in 1989, Réseau Capital represents nearly 100 corporate members, including not only private equity firms, tax-advantaged and public funds, but also banks, accounting and law firms, and numerous professionals working in the industry.
Réseau Capital’s Centre of Expertise aims to facilitate access to quality data on investment capital in Québec, establish strategic monitoring of the industry, and contribute to the development of knowledge to better understand and stimulate the ecosystem.
For Information:
Luc Tousignant, vice-président développement et rayonnement des affaires
Téléphone : 514-594-2393
Courriel : luc@reseaucapital.ca