Amsterdam-based impact investor Invest-NL has launched the Diverse Manager Programme, a new €50 million initiative to expand inclusion in the venture capital market. The announcement coincides with the presentation of the “Gender Gap in Investments” report by European Women in VC to the European Commission in Brussels. The program aims to channel more capital to funds and companies led by underrepresented leaders while improving decision quality across the ecosystem.
Program Overview
The Diverse Manager Programme is designed to back venture funds with diverse management teams and to catalyze investment into startups with inclusive leadership. Invest-NL frames diversity as a driver of better governance, innovation, and long-term value creation rather than a box-ticking exercise. By allocating a dedicated pool of capital, the organization seeks to accelerate structural change in both Dutch and broader European markets.
Eligibility and Terms
To qualify, a fund must have at least half of its partners or management team composed of women or individuals from ethnically or culturally diverse backgrounds. Funds that do not meet this threshold can still be eligible if they demonstrably invest in companies with diverse leadership. Participating funds must be Dutch or European vehicles active in the Netherlands, commit to investing at least twice Invest-NL’s committed capital domestically, and satisfy standard due diligence requirements.
Strategic Context
Invest-NL positions the initiative as a signal that diversity in entrepreneurship and financing is a strategic priority. The program is intended to strengthen the pipeline of managers who bring differentiated networks and perspectives, which can broaden deal flow and reduce blind spots. It also aligns with national ambitions to advance innovation capacity while ensuring the benefits of growth are more widely shared.
Market Gap
Women remain significantly underrepresented in the region’s venture landscape, both as founders and as capital allocators. Only 10 percent of technology cofounders in the Netherlands are women, and just 15 percent of decision makers within European VC funds are women. Academic and industry studies repeatedly find that diverse teams outperform on several dimensions, including problem solving, resilience, and profitability.
Implementation and Oversight
Invest-NL will evaluate candidate funds on team composition, investment strategy, governance, and measurable commitments to inclusive outcomes. The capital will be deployed with the same risk discipline and impact orientation that guide the organization’s broader portfolio. Reporting will emphasize transparency on who gets funded, how capital is allocated, and what outcomes are achieved over time.
Leadership Perspective
“Diversity in investment management is not only about representation, it is about performance and progress,” said Ulrike Kostense, investment principal for Fund Investments at Invest-NL. She added that the program backs fund managers who bring new perspectives, spur innovation, and help build a stronger, more future-proof, and more equitable economy. The statement underscores the belief that inclusion and returns can be mutually reinforcing objectives.
Alignment with Prior Initiatives
The Diverse Manager Programme builds on earlier efforts by Invest-NL to address structural imbalances in finance and leadership. Previous support for Code-V and for the European Investment Fund’s Gender Smart Equity Investment Programme sought to narrow the pay gap and elevate women into senior roles. Together, these initiatives form a consistent policy arc that connects capital allocation with social and economic outcomes.
Impact Metrics
Invest-NL reports progress on gender representation within its directly financed portfolio as part of its accountability framework. The share of women in senior management at portfolio companies rose from 18 percent to 24 percent in the most recent reporting period. The proportion of female CEOs and founders remained flat, indicating that continued targeted interventions are required to move the top leadership needle.
By seeding diverse managers and setting explicit thresholds, Invest-NL is attempting to convert intent into investable structure. The €50 million program blends inclusion goals with rigorous investment standards, leveraging market incentives to shift behavior. Its success will be measured not only by financial performance, but also by whether more diverse leaders gain durable access to capital and decision-making power.