A reason is not given, but my guess is that members of the white guys club are more able to fail upwards, which is the very definition of white privilege:
Hedge funds not controlled by white men had returns almost double their peers the last three years, according to a Bloomberg analysis of hedge fund data.
Within Bloomberg’s database of 2,935 funds, the analysis found 35 managed by minorities or women and compared them with 908 peer funds. The database includes over 65% of the industry’s top 1,500 managers by assets under management.
Hedge funds either controlled or managed by a minority or female leader had a return of about 6.6% over the past three years, compared to about 3.9% for their peers, the analysis of Bloomberg’s hedge fund database found.