California Adopts New Law Requiring VC Companies to Collect Diversity Data From Portfolio Company Founders

California’s governor recently signed into law SB 54, a bill intended to increase transparency regarding diversity of founding teams in the venture capital (VC) industry. The new law will require VC companies, including “venture capital funds” (as defined in the Investment Advisers Act of 1940), with a nexus to California to […]

Facing the SEC’s New Rules for Venture Capital and Other Private Fund Advisers

Just over a month ago, the Securities and Exchange Commission (SEC) adopted new rules for venture capital (VC) and other private fund advisers under the Investment Advisers Act of 1940 (Advisers Act). These new rules, which had been highly anticipated since they were proposed in February of last year, will […]

Q2 2023 Quarterly VC Update: Steve Harrick on the State of Venture Capital Investing

In conjunction with Cooley’s Q2 Venture Financing Report, Jodie Bourdet sat down with Steve Harrick of Institutional Venture Partners (IVP) to get his take on the state of venture capital investing. Key insights from Steve Harrick On public financing in Q3 and Q4 2023: “There is still a lot of capital available that has been […]

SEC Adopts Private Fund Adviser Reforms

On August 23, 2023, the US Securities and Exchange Commission (SEC) adopted new rules and amendments to the Investment Advisers Act of 1940 (the “Advisers Act”) affecting private fund advisers. Under the new rules, all private fund advisers – regardless of registration status – will be prohibited from:

Becoming a Registered Investment Adviser: Worth the Costs?

There is one question that often confronts venture capital firms as they grow more successful and encounter new opportunities: Should we register with the Securities and Exchange Commission (SEC)? While there is no one-size-fits-all response, and each firm will decide based on its own set of facts and circumstances, the […]