Simon Chadwick 👨🚀
12.6K posts

Simon Chadwick 👨🚀
@simonch00
Making subscriptions and money management suck less. | co-founder @orbitearn | ex-@eclipsefi


Sydney




Whoops. Woke up to everyone asking me why i was quitting telegram groups. One of my agents went a bit rogue and nuked my entire telegram, Gmail and iCloud mail 😅 I had asked it to go thru, learn me, save important data, delete old irrelevant emails/messages. It optimised too effectively 💀 Brave new world. The only memory of those messages are now saved in it is memory files - guess I’m stuck with my agent now 🤣











🚨California’s New *Demographic Reporting Law* for VC Funds (Mandatory Registration Starts March 1, 2026 🗓️) California just enacted one of the most significant *mandatory* state-level compliance regimes ever imposed on venture capital firms. The Fair Investment Practices by Venture Capital Companies Law (Corp. Code Div. 2.5, Title 4) requires certain VC firms with a California nexus to register with the state and file annual demographic and investment reports starting in 2026. Here’s what fund sponsors and lawyers need to know. ➡️Who Is Covered⬅️ A “covered entity” is a venture capital company that: 1️⃣ Primarily invests in startup, early-stage, or emerging growth companies; and 2️⃣ Has a California nexus, which includes the following: · VC fund headquartered in California. · VC fund has a significant presence or operational office in California. · VC fund makes venture capital investments in businesses that are located in, or have significant operations in, California. · VC fund solicits or receives investments from a person who is a resident of California. Bottom line: It’s going to apply to tons of VC funds. ➡️What Covered Entities Must Do⬅️ Here are the immediate next steps for VC funds with a California nexus. 1. Register with DFPI (Due March 1, 2026) Covered entities must register with the California Department of Financial Protection and Innovation (DFPI), providing basic identifying and contact information and updating it annually. 2. File an Annual Report (Due April 1, 2026, and annually thereafter) The annual report covers venture capital investments made during the prior calendar year and must include the information described below. Founding-Team Demographics (Aggregated & Anonymous) For each portfolio company funded during the year, the firm must report aggregated survey data from founding team members regarding: · Gender identity · Race and ethnicity · LGBTQ+ status · Disability and veteran status · California residency · Whether founders declined to provide information Key guardrails: · Surveys must be voluntary · Conducted after the investment closes · Include a clear “decline to state” option · Reported only in anonymized, aggregate form Investment Metrics Covered entities must also report: · The total dollar amount invested in each portco · Each portfolio company’s principal place of business · Percentage and dollar amount of investments in companies primarily founded by “diverse” founders ➡️Non-Compliance Penalties⬅️ · DFPI can bring enforcement actions and impose penalties for non-compliance. · Records supporting the annual report must be retained for at least five years. · Reports will be publicly available. ➡️Next Steps for Funds⬅️ 1. Determine whether you have a California nexus (given the very broad definition, this will likely be a significant number of VC funds). 2. Register with the DFPI by March 1. 3. Reach out to your portfolio companies and start collecting information for the April 1 deadline. 4. File your initial report for April 1. 5. Build demographic survey workflows into post-closing processes for future annual reports.









