VCs' duty is to act in the interests of their limited partners, so they have to make investments that they think will generate the highest returns, within the fund's investment mandate.
It may make sense for the activists to apply pressure on the limited partners (many of these being institutions with some social / public angle, such as pension funds, university endowments or sovereign and municipal funds) to demand higher diversity of founders from the venture funds they invest in.
Some large-scale investors have a history of adopting a social or environmental based elements in their investment strategy (for example, Norway's SWF divesting from coal and oil companies) - probably similar moves (but aimed at equal opportunities for all backgrounds) can be demanded from major US based asset management institutions - I don't see why, just to take an example, Harvard's board of trustees can't agree to that - even if that change is not directly aimed at generating the highest return on investment, it may be the right move from the longer term societal development perspective and for the university's brand value.
It may make sense for the activists to apply pressure on the limited partners (many of these being institutions with some social / public angle, such as pension funds, university endowments or sovereign and municipal funds) to demand higher diversity of founders from the venture funds they invest in.
Some large-scale investors have a history of adopting a social or environmental based elements in their investment strategy (for example, Norway's SWF divesting from coal and oil companies) - probably similar moves (but aimed at equal opportunities for all backgrounds) can be demanded from major US based asset management institutions - I don't see why, just to take an example, Harvard's board of trustees can't agree to that - even if that change is not directly aimed at generating the highest return on investment, it may be the right move from the longer term societal development perspective and for the university's brand value.