California Venture Capital Demographic Reporting (FIPVCC)

What is the California FIPVCC law?

The Fair Investment Practices by Venture Capital Companies (FIPVCC) law requires certain venture capital firms to collect demographic survey data from founders of companies they fund and submit an aggregated annual report to the California Department of Financial Protection and Innovation (DFPI).

The law is intended to increase transparency around venture capital investment patterns and provide policymakers with better insight into access to capital across different founder groups.

Covered firms must provide founders the opportunity to complete a voluntary demographic survey, and report the results in aggregated and anonymized form.

Who the FIPVCC law applies to

The regulation applies to venture capital firms that qualify as a Covered Entity.

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In general, a firm may be covered if it:

• Meets the regulatory definition of a venture capital company

• Primarily invests in startup or early-stage companies

• Has a California nexus

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A California nexus may exist if the firm:

• Is headquartered in California

• Maintains an office in California

• Invests in California-based companies

• Solicits or receives investments from California residents

Some growth equity or crossover funds may also fall within scope, depending on their investment strategy.

Key compliance deadlines

March 1, 2026

DFPI registration opens for Covered Entities.

Registration includes basic information such as legal entity name, address, website, and compliance contact details.

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April 1, 2026

First FIPVCC report due.

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The report must include aggregated demographic data related to the prior year’s investments. Because surveys must be distributed before the report can be prepared, firms should begin the compliance process well in advance of the deadline.

What demographic data must be collected?

Covered firms must distribute a standardized DFPI demographic survey to founding team members of portfolio companies that received investment during the prior year.

The survey may include:​

• Gender identity

• Ethnicity

• LGBTQ+ identification

• Disability status

• Veteran status

• California residency status

Participation is voluntary. If founders do not respond after reasonable outreach, the firm records a non-response.

What must be reported?

Venture capital firms do not submit individual survey responses.

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Instead, they must submit an aggregated and anonymized report summarizing investment activity during the prior year.

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The report includes:

• Aggregated founder demographic data

• Investment totals by demographic category

• Percentage of investments in diverse founder companies

• Portfolio companies funded during the reporting period

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The DFPI provides a standard reporting template that firms must use.

FIPVCC compliance checklist

To prepare for the April 1 reporting deadline, venture capital firms should:

• Determine whether any funds qualify as Covered Entities

• Register covered entities with the DFPI

• Identify portfolio companies funded during the prior year

• Identify founding team members

• Distribute demographic surveys

• Track responses and document outreach

• Aggregate demographic data for the report

• Maintain records demonstrating compliance

For a deeper overview of the law and reporting requirements, read our guide:

California Venture Capital Demographic Reporting: What VC Firms Need to Do Before April 1, 2026

How SingleFile supports FIPVCC compliance

SingleFile provides an end-to-end solution to help venture capital firms manage FIPVCC reporting requirements.

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Our platform supports the full workflow, including:

• Applicability assessment

• DFPI registration

• Founder survey distribution with automated reminders

• Automated data aggregation

• DFPI report preparation and submission

• Secure record storage for the required five-year retention period

This provides venture capital firms with a single system of record for FIPVCC compliance.

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FIPVCC Disclosure
 

For additional information, please visit the DFPI website.
 

From here, you will be able to access the survey, the report, and other information.
 

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CA's DFPI Suspension FAQ's
 

What does this mean?
VCs covered by CA’s Fair Investment Practices by Venture Capital Companies (FIPVCC) law no longer have to register and submit reports on their 2025 investments by April 1st. VCs that have started to collect demographic information from founding team members can stop these efforts.

How long will the delay be?
The agency stated it will first consult with venture capital companies, industry associations, founders, investors, and other relevant parties for a few months before starting the formal rulemaking process later this year. Once started, the rulemaking process must be completed within a year.

Why did the DFPI suspend the law? 

There’s some ambiguity in the text of the FIPVCC and it appears that the agency did not take into account certain fact patterns. We’ve reached out to the DFPI for guidance and we know that law firms and VCs have as well.

What’s next?
The DFPI will initiate informal consultations over the next few months. It will announce when the formal rulemaking process begins.

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Note: While SingleFile recently announced the support of the CA FIPVCC, we will await guidance from the DFPI and will resume service at that time.

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