California’s Venture Capital Diversity Reporting Requirements Take Effect

The FIPVCC creates a new venture capital demographic survey and reporting regime administered by DFPI. Under the FIPVCC, certain entities which invest in startup, early-stage or emerging growth companies and have a California nexus (Covered Entities) are required to register with DFPI, circulate a prescribed demographic survey to collect demographic data from founders of portfolio companies in which they invested in the prior year, and submit an annual report of anonymized data collected. The... By: Wilson Sonsini Goodrich & Rosati