Overview
- DFPI launched the VCC Reporting Portal on February 24 with an external user guide, and it will publish submitted reports on its website.
- Coverage is broad on an entity-by-entity basis, reaching funds, SPVs, family offices, venture studios and incubators with a California nexus, which can be met by investing in California or having a single California investor.
- The first annual reports due April 1 must aggregate anonymized founder demographics, show counts and dollar percentages for businesses primarily founded by diverse founders, and list per‑company investment amounts and principal places of business.
- Covered entities must use DFPI’s standardized survey, send it only after executing an investment agreement and making the first transfer of funds, ensure participation is voluntary, and avoid influencing responses.
- Administrative obligations include a $175 filing fee, five‑year record retention, DFPI notice with a 60‑day cure window for deficiencies, and potential monetary penalties generally up to $5,000 per day for noncompliance.