How past financial performance affects future fundraising outcomes for diverse-owned and non-diverse-owned PE fund managers

The rapid growth of the world economy and the increasingly large middle class have made the vigorous development of the wealth management industry an inevitable trend. The operation and management of the fund usually adopts the "fund manager responsibility system led by the investment decision-making committee." Investors usually also consider the characteristics of fund management companies and fund managers when investing in and buying funds. So, will the characteristics of fund management companies and fund managers affect fund performance? What characteristics will affect fund performance? What impact will it have? This article plans to study the impact on fund performance from the individual characteristics of fund managers, that is, the characteristics of gender and ethnic differences and the characteristics of funds themselves, namely vintage and fund size. 1. When examining the impact of the characteristics of the fund manager separately, the gender of the fund manager has no significant impact on the fund's returns and performance, but has a significant impact on the preference on fund-raising cashflow; 2. When examining the impact of the characteristics of fund management companies and fund managers at the same time, the ethnic minority of fund managers has positive impact on fund performance, and either minority or female fund managers raise fund faster then average group. Through the analysis and empirical test of the characteristics of fund management companies and fund managers and their relationship with fund performance and empirical testing, we can draw inspirations for fund management companies and fund investors. This paper tries to enlighten fund management companies and fund investors. From the perspective of income, performance and risk, fund management companies should treat gender and ethnicity equally when choosing fund managers.