Good morning, Broadsheet readers! Another woman-led company is going public, Benchmark’s first-ever female GP talks to Fortune, and women’s representation among hedge fund elite is woefully low. Have a rejuvenating weekend.
• Hedging on equality. Are there women in the hedge fund world? Sure—they just aren’t usually in investing roles—the high-profile, money-minting, decision-making jobs that really drive the industry.
A Wall Street Journal analysis finds that “of the largest 50 U.S. hedge funds by assets under management, only two have women as their top investment executive.” Those two are Qi Wang of PIMCO and Nancy Zimmerman of Bracebridge Capital.
And it’s not just the top of the investing pyramid that’s run by the Old Boys. The teams that work for those investing heads are also male-dominated.
Meanwhile, the WSJ analysis found that, “in that same group of 50 hedge funds, half the investor-relations or marketing departments have female heads or co-heads.”
The reasons for that disparity starts early, with women—even the most qualified ones—often slotted into “middle” or “back office” jobs; roles where they are often required to woo or cater to male clients.
“It’s a vicious cycle,” Dominique Mielle, who recently retired as the only female investing partner at Canyon Capital, told the Journal. “The only women we know that exist at hedge funds are in IR or sales, and therefore that’s where they put them.”
ALSO IN THE HEADLINES
• IPO event. Eventbrite, the online ticketing and event invite provider led by CEO Julia Hartz, has filed for an IPO. The company, which Hartz and her husband Kevin founded 12 years ago, aims to raise up to $200 million as it continues to compete with more established outfits like Ticketmaster, Paperless Post, and Evite.
• Nudity rider. Has #MeToo affected the way sex scenes are filmed? Yes and no, according to THR. The old “inherent power imbalances, vulnerabilities and uncomfortable pressures that occur when filming these scenes” still exist. But actors are now feeling more empowered to demand certain protections, including “nudity riders” that spell out specific demands, like a closed set or the ability to sue over leaked footage.
The Hollywood Reporter
• #MeToo goes north. And in more #MeToo news, The Globe and Mail looks at how the movement is playing out in Canada. According to a recent survey, 53% of Canadian board members and 66% of Canadian VCs have discussed re-evaluating harassment policies in direct response to #MeToo. Only 43% of American board members could say the same.
The Globe and Mail
• Tavel talk. Fortune‘s Polina Marinova talks to VC Sarah Tavel, who recently joined Benchmark as the firm’s first-ever female GP. Their conversation covers Tavel’s experience at Pinterest, her recent cryptocurrency investment, and her take on the current trend of startups raising bigger and bigger rounds.
MOVERS AND SHAKERS: Airbnb has named Anne Mather, former CFO of Pixar, to its board. Ad holding company Engine has hired Interpublic Group CEO Kasha Cacy as global chief executive. Remitly has named Rene Yoakum chief customer officer and Susanna Morgan CFO. Denise Landman, CEO of Victoria’s Secret’s Pink unit, is retiring.
IN CASE YOU MISSED IT
• Achieving what, exactly? Education Secretary Betsy DeVos is reportedly considering allowing states to use federal funding—specifically the Student Support and Academic Enrichment Program, which is intended to be a source of flexible funding to help improve student achievement—to purchase guns for teachers.
• Daddy dearest? In this interview, Lisa Brennan-Jobs, whose new memoir is studded with damning anecdotes about her dad Steve Jobs and his highly questionable parenting decisions, insists that her father’s behavior was not as bad as it appears. It seems that she has forgiven him—and she wants her readers to do the same.
New York Times
• Abby vs. Ann. Natalie Portman is set to direct and star in a still-untitled film about the drama between identical twins Esther Lederer and Pauline Phillips—better known as the voices of Dear Abby and Ann Landers. Katie Robbins, a producer on Showtime’s The Affair, will write the script.
The Hollywood Reporter