Private equity and venture capital firms are making strides on improving diversity, equity and inclusion, according to an industry ranking, but the changing political landscape in the US is widening the gap between businesses on different sides of the Atlantic.

Eurazeo topped the 2025 Honordex Report from Equality Group, which scores almost 300 firms on DEI criteria, including the diversity of leadership teams and their commitment to reporting and making improvements at a portfolio company level.