The Ernst & Young 2020 Global Private Equity Report found that 74% of private equity firms under $2.5 billion did not have set targets for ethnic diversity and had no plans to set any.
While this might come as a surprise to those with no history working in private equity or hedge funds, this statistic and the recent media attention Soo Kim has received regarding the TEGNA takeover, unfortunately, come as no surprise to me.
As a former employee of Standard General, one of only a handful of Black Americans working in the hedge fund sector and an immigrant founder, I’m appalled at the lack of diversity in this space. However, I can firmly say that it would be a lot worse without Soo Kim’s contribution — but we need more than just him to join the cause.
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Entrepreneur | by Andrew Glaze