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The initiative is the culmination of eight months of work by the industry group, member firms and experts in legal, HR and employment issues. (Photo: Shutterstock)

Despite investing some $80 billion a year and helping coach the world’s fastest-growing companies, the venture capital business is oddly unsophisticated. Most firms lack basic corporate functions, such as human-resources departments or employee codes of conduct. The consequences of this weren’t readily apparent until last year, when more than a dozen women came forward with allegations of harassment against VCs.

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