Unlocking Diverse Talent for a Stronger Economy
On 22 October, ICG hosted and sponsored a Black History Month Reception in their London office, as part of the BVCA’s Diversity Equity and Inclusion (DE&I) series. The panel discussion included Francis Ward as moderator (Assistant Company Secretary, Governance Manager and In-House Lawyer, BVCA), Rebecca Achieng Ajulu-Bushell (Chief Executive Officer, The 10,000 Interns Foundation), Elvis Anoma-Amoabeng (Associate, ICG), Natalie Gasson-McKinley MBE (Senior Manager, British Business Bank), and Abi Mohamed (Community Lead, Diversity VC).
Unlocking Diverse Talent for a Stronger Economy
During a Black History Month reception, hosted by the BVCA, panellists discussed the access to finance and opportunities gaps that were currently missing in the private capital industry, whilst sharing what more needs to be done to ensure a future of continued empowerment, unity, and growth. Panellists shared that this year’s Black History Month theme, Standing Firm in Power and Pride, feels especially relevant against the backdrop of a shifting global political landscape where DE&I initiatives have increasingly become more politicised. Panellists pointed out that this has resulted in a rollback of DE&I-related funding and a retracting of DE&I language, signalling a broader retrenchment of commitments which have been considered integral to corporate agendas over the past decade. Panellists underlined that this context therefore makes it more important that the industry leaders stand firm in their position on DE&I.
Breaking down barriers and creating opportunities
Throughout the reception, panellists emphasised the need for the industry to continuously create opportunities for young diverse talent and actively remove the barriers to entry they often face. From a recruitment perspective, creating strong skillset pipelines are essential to attracting diverse talent as it enriches companies by bringing together different perspectives and experiences that lead to greater innovation and financial performance.
Data from the BVCA and Level 20 published earlier this year found that progress of ethnic minority representation within the private capital industry is moving in the right direction, if only incrementally. Those from an ethnic minority group make up 18% of investment professionals, a marginal shift from 17% in 2023, with those from a black background making up 2%. These statistics appear to be mirrored in the recruitment process whereby black candidates applying for roles are being recruited at a much lower rate and are 33% less likely to secure a graduate role compared to their white counterparts. The panel highlighted that more can, and should, be done by companies to nurture this important pool of talent.
Elevating talent and leaders
The discussion covered the importance of creating inclusive spaces that improve employee wellbeing. Noting that whilst it is important to create systems that support more people from underrepresented backgrounds to enter the industry, panellists detailed that companies can achieve this through adopting anti-discrimination policies and investing in diversity and inclusion training for all employees, with a focus on understanding and combating unconscious bias.
Beyond this it was panelists highlighted that companies had a deeper responsibility to commit to sustained, long-term progress that enables black professionals not just to enter the industry, but to thrive within it. Speakers suggested practical steps included opening doors through sponsorship, mentorship, and structured career development opportunities that accelerate progression to leadership roles.
A recurring theme was that DE&I cannot sit on the periphery as a ‘nice-to-have.’ It must be woven into the fabric of a business strategy and culture. Meaningfully embedding DE&I into mainstream roles and decision-making processes helps ensure that underrepresented voices influence outcomes across organisations by shaping inclusive policies and driving business innovation and growth.
Unlock potential and sustaining growth across the UK
To close, the panel discussion broadened and explored how embedding DE&I policies do not just make commercial sense but can also have a material impact on the wider economy when integrated into government policy.
Access to finance remains a persistent challenge for many regions in the UK, often stifling innovation and business growth. The panel discussion highlighted the British Business Bank’s (BBB) priority to unlock the potential of people and places by providing underrepresented and ethnic minority groups across the UK greater access to finance in order to catalyse growth in the nations and regions.
It was discussed how entrepreneurs from diverse or under-represented groups also face distinct obstacles in raising finance to grow their business which not only holds back the entrepreneurial possibilities of an important cohort of this country, but it holds back the potential of the British economy.
This reception discussion demonstrated how impactful it can be to have DE&I at the heart of economic policy. Breaking down the barriers of accessing finance has a positive and proportionate impact on the wider economy. After all, embracing diverse talent is setting up diverse growth.
Authored by Breeze Haywood
Sustainability Policy Executive, BVCA
