FAQS
What do I need to know about California’s Fair Investment Practices by Venture Capital Companies (FIPVCC) law?
- Financing
- Types of Financing
NOTE: As of April 1, 2026, California’s Department of Financial Protection and Innovation (DFPI) has suspended implementation of the FIPVCC pending formal rulemaking. For up-to-date information, refer to DFPI’s VCC Reporting Program website.
Overview
California’s statute on FIPVCC requires that venture capital companies file annual reports to report demographic data related to founders of their portfolio companies in which they have invested in the prior year.
The FIPVCC creates a new venture capital demographic survey and reporting regime administered by DFPI. Under the FIPVCC, certain entities that invest in start-up, 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 demographic information collected under the FIPVCC includes gender identity, race, ethnicity, disability status, LGBTQ+ status, California residency, and veteran status. The demographic data will be reported to the California Civil Rights Department, and each report will also be made publicly available on the DFPI’s website.
For more information about the FIPVCC, see recent client alerts from Wilson Sonsini available here and here.
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