Morgan Stanley Strategist Says Some Business Models Lag Women’s Economic Influence

Teams made up entirely of women accounted for 1.1% of U.S. venture-capital deal value in 2025, as Morgan Stanley strategist Ellen Zentner argued some firms should adapt to women’s economic influence.

Those teams represented 5.2% of U.S. venture-capital deal count, across 770 deals worth $3.9 billion. The figures cover founding teams composed entirely of women; they do not include every startup with at least one woman founder.

Zentner, Morgan Stanley Wealth Management’s Chief Economic Strategist and Global Head of Thematic and Macro Investing, published a commentary Oct. 31. She argued that businesses and financial firms should account for women’s roles in household spending, investing and wealth management.

“Access to that capital remains uneven,” said Joanna McGinley, PitchBook’s executive vice president of strategic partnerships and initiatives.

The venture figures measure financing for one group of startups. They do not show how well companies or financial advisers have adjusted to broader economic changes, or establish how prepared firms are to serve women.

Zentner’s wealth-management argument also touches on the projected transfer of assets to women. A projected $124 trillion U.S. wealth transfer includes substantial transfers to women. Those wealth-transfer projections concern a different measure from venture funding and should not be read as evidence that businesses have changed their practices.

The 2025 deal figures provide a measure of capital flowing to all-women founding teams. They do not, on their own, test Zentner’s broader argument about business and financial-services models.