Overview
- DFPI’s VCC Reporting Portal went live on February 24, enabling registrations that began March 1 under the Fair Investment Practices by Venture Capital Companies Law.
- Covered entities must file their first annual report by April 1, 2026, covering 2025 investments with aggregated, anonymized founder demographics and per‑company investment amounts and principal places of business.
- The law’s scope is expansive, reaching many funds, SPVs, family offices, and venture studios outside California via a single California investor or investments in California businesses, with key terms like “significant presence” still unresolved.
- Founder surveys must use DFPI’s standardized form and can be sent only after an investment agreement is executed and initial funds are transferred, with participation voluntary and free from influence.
- DFPI will post reports publicly, charge a $175 filing fee, require five years of record retention, provide a 60‑day cure after notice, and may impose penalties up to $5,000 per day with broad investigative authority.