Investors in private equity funds, who have criticised the industry for its under-representation of women, are also less gender-diverse than the national average, according to new research.

The study, conducted by the British Private Equity & Venture Capital Association (BVCA) in conjunction with diversity charity Level 20, looked at 97 fund managers, pension funds and family offices that invest in private equity funds, and found almost a quarter of them have all-male investment teams.