California Deadline: April 1, 2026

California FIPVCC: VC Demographic Reporting (SB 54)

California's Fairness, Inclusion and Proxy Voting for Corporate Compliance (FIPVCC) law requires venture capital firms and fund managers investing in California to collect and report demographic data on portfolio company founders to the California Civil Rights Department. The first reporting deadline is April 1, 2026.

What is FIPVCC?

FIPVCC (Fairness, Inclusion and Proxy Voting for Corporate Compliance) is a California law passed as Senate Bill 54. It requires venture capital companies that invest in businesses located in California to annually report demographic information about the founders of those portfolio companies to the California Civil Rights Department (CRD).

The law is designed to increase transparency around diversity in venture capital investment — specifically who is receiving VC funding in California.

Who must comply?

The law applies to venture capital companies that:

  • Are engaged in the business of investing in business entities
  • Have portfolio companies headquartered or located in California, or
  • Have a principal place of business in California

The definition is broad — it covers institutional VCs, corporate venture arms, family offices making VC-style investments, and angel funds structured as entities.

What data must be reported?

VC firms must report demographic data on the founders of their portfolio companies, including:

  • Gender identity
  • Race and ethnicity
  • Disability status
  • Veteran status
  • LGBTQ+ identity
  • First-generation college student status

The data is gathered from founders via a self-identification survey. Founders are not required to respond, and VC firms must report whether founders chose not to respond.

Key deadlines

April 1, 2026
First reporting deadline. VC firms must register with the CRD and submit their initial demographic report.
Annual thereafter
Reports are due annually by April 1 each year, covering the prior calendar year's investment activity.

Five steps to get ahead

  1. Determine if you're covered — Review your fund structure, LP agreements, and portfolio to determine if the FIPVCC definition applies to your firm.
  2. Register with the CRD — Create a reporting account with the California Civil Rights Department before the April 1 deadline.
  3. Survey your portfolio founders — Send the required self-identification questionnaire to all portfolio company founders. Allow adequate response time.
  4. Compile and review responses — Aggregate the survey results. Note non-responses — these must be reported as such, not excluded.
  5. Submit your report — File the completed demographic report with the CRD by April 1.

How SingleFile can help

SingleFile helps VC firms and fund managers navigate their California compliance obligations — including FIPVCC reporting deadlines, entity registration requirements, and ongoing state compliance for portfolio companies.

If you're unsure whether your firm is subject to FIPVCC or need help structuring your compliance workflow before April 1, contact our team.

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