California’s Fair Investment Practices by Venture Capital Companies Law (FIPVCC), commonly referred to as SB 54, as amended by SB 164, requires certain venture capital companies (including venture capital funds) with a California nexus to register with the Department of Financial Protection and Innovation (DFPI), and to collect and annually report anonymized, aggregated demographic data about the founding team members of businesses in which they invest. The first registration is due March 1, 2026, and the first annual report is due April 1, 2026. (For more information on covered entities, data collection and reporting, public disclosure, and enforcement, please refer to our December 23, 2024, alert on California’s Venture Capital Diversity Reporting Law.)
The authors
Selin Akkan
Rachel Goddard
Michael Egan
Allison Nostdahl
Joshua Mates
Kathleen R. Hartnett
Katia MacNeill
Beth Sasfai
Jennifer Barnette
Amis Pan
