Overview
- Covered investment entities must register with the California DFPI by March 1, 2026, then file an aggregated, anonymized Venture Capital Demographic Data Report by April 1, 2026 covering 2025 activity.
- The DFPI’s standardized survey goes only to founding team members after an investment agreement is executed and initial funds are transferred, and participation is voluntary with nonresponses marked “decline to state.”
- Who qualifies as covered hinges on venture capital company status, primary engagement in investing in startups or early‑stage companies, and a California nexus that can include headquarters, significant presence, investing in California businesses, or soliciting California investors.
- Submitted reports will be publicly posted by DFPI; enforcement includes a notice with a 60‑day cure window, recordkeeping for at least five years, and potential monetary penalties that can reach $5,000 per day for ongoing violations.
- Firms are advised to decide whether to report at the fund or controlling‑entity level, map 2025 investments, send surveys to founding team members, and build systems to aggregate data, with some observers noting the DFPI portal may not be live by March 1.