DFPI VCC Reporting Requirements: What Goes in the Venture Capital Demographic Data Report
Under FIPVCC (Corp. Code section 27500 et seq.), covered venture capital companies must submit an annual Venture Capital Demographic Data Report to the California Department of Financial Protection and Innovation (DFPI). This article explains the report format, required data, aggregation rules, and submission process.
Report Overview
The Venture Capital Demographic Data Report is submitted annually to the DFPI and covers the reporting firm's investment activity and the demographic composition of founding teams at portfolio companies. The report contains only aggregated and anonymized data — individual survey responses are never included.
Reports are made publicly available on the DFPI website, enabling public transparency into the diversity of ventures receiving venture capital funding in California.
Report Structure
The DFPI report is structured in three parts:
Part One: Aggregate Demographic Responses
A summary of all demographic survey responses received across all portfolio companies. This section presents aggregate counts and percentages for each demographic category (gender, race/ethnicity, LGBTQ+ status, disability status, veteran status). It also includes the overall survey response rate and the number of founders who declined to participate.
Part Two: Investment Analysis by Diversity Status
An analysis of the firm's investments categorized by whether the portfolio company is "primarily founded by diverse founding team members" under Corp. Code § 27500(d). This section includes the number of investments and dollar amounts directed to companies with diverse versus non-diverse founding teams, enabling analysis of investment patterns.
Part Three: Portfolio Company Listings
A listing of all portfolio companies included in the report, with basic investment details such as company name, investment date, and investment amount. This section does not include individual demographic data — only company-level investment information.
Demographic Categories
The DFPI report requires data across five demographic categories, aligned with the survey questions mandated by FIPVCC:
| Category | Response Options |
|---|---|
| Gender Identity | Woman, Man, Nonbinary, Transgender, None of the above, Decline to state |
| Race / Ethnicity | Black or African American, Asian, Hispanic or Latino, Native American or Alaska Native, Native Hawaiian or Pacific Islander, White, None of the above, Decline to state |
| LGBTQ+ Status | Yes, No, Decline to state |
| Disability Status | Yes, No, Decline to state |
| Veteran Status | Veteran, Disabled Veteran, Not a Veteran, Decline to state |
Aggregation and Anonymization Rules
All demographic data in the report must be aggregated and anonymized. Specifically:
- Individual survey responses are never disclosed in the report.
- Data is presented as aggregate counts and percentages across all portfolio companies.
- Where sample sizes are small enough that individual identification could be possible, additional anonymization measures may be required.
- The "primarily founded by diverse founding team members" determination is made at the company level, but individual diversity status is not disclosed.
Submission Process
The annual report is due to the DFPI by April 1 each year, beginning April 1, 2026. The submission process:
- Generate your Venture Capital Demographic Data Report (FairVC produces a ready-to-submit PDF).
- Review the report for accuracy and completeness.
- Submit through the DFPI's designated submission process.
- Retain a copy of the submitted report and all supporting documentation.
For questions about submission, contact the DFPI at VCC_Support@dfpi.ca.gov or call (866) 275-2677.
How FairVC Simplifies DFPI Reporting
FairVC generates a PDF report matching the official DFPI template, automating the most labor-intensive parts of the reporting process:
- Automatic aggregation and anonymization of survey responses
- Diversity metric calculations per Corp. Code § 27500(d)
- Investment analysis by diversity status
- Complete portfolio company listings
- One-click PDF generation ready for DFPI submission