Oct. 10, 2023
Lawyers cautiously approve of diversity disclosures for venture funds
Some critics of SB 54 have pointed out that the law may lead to misleading statistics and unnecessary spending by investment companies as they compile data for public review.
California passed a first-of-its-kind law promoting transparency in venture capital by requiring these firms to disclose information regarding the diversity of the businesses in which they invest.
Senate Bill 54, signed into law by Gov. Gavin Newsom on Sunday, will take effect in 2025. It will require any venture capital firm operating in California to collect and make publicly available the company's demographics, including race, gender identity, and disabilities. SB 54 mandat...
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