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Investors have concentrated their investments into ideas led by white, male founders and this situation is problematic for talented underrepresented founders and investors who aim to invest in valuable opportunities. Audit studies and experiments have modelled demographic disparities as conditional on a given or fixed evaluation process, but evaluation practices can vary across investment organizations, which could affect outcomes. To reduce demographic disparities, investment organizations face a tension between structuring evaluation to enable equitable comparison across novel ideas by all evaluators and founders, and leveraging evaluator intuition, which can improve decision-making in uncertain environments. I conducted a multimethod field study leveraging interviews, observation data, and two field experiments with 69 trainee investors making over 510 $20,000 investment decisions. I theorize that by …