Only about 10 percent of venture funds ever make it to a fourth vintage. Of those, just 5 to 10 percent are led by women. I’m one of them.

When I started Female Founders Fund in 2014, I believed that solid returns and conviction would speak for themselves. Strong performance would unlock capital and the industry would reward the achievement, especially from those breaking new ground—or so I thought. What I’ve come to learn is that venture capital isn’t a pure meritocracy. It’s a network-driven ecosystem where who you know often matters just as much as what you build.

Cultural and political changes, and a tight market environment, are making it especially difficult for fund managers to maintain momentum. Now is the time for the industry to reflect on how to ensure that these funds, especi

See Full Page