News & Analysis as of

Diversity Venture Capital

Foster Swift Collins & Smith

Recommendations for DEI Programs in the Wake of Recent Federal Court Decision Findings on Diversity Initiatives

On June 3rd, 2024, the 11th Circuit Court of Appeals issued a decision, American Alliance for Equal Rights v. Fearless Fund Management Fund, LLC, et al, that impacts considerations for how diversity, equity and inclusion...more

Cooley LLP

11th Circuit Fearless Fund Ruling Raises Questions About Future of Race-Conscious Corporate DEI and Philanthropic Initiatives

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On June 3, 2024, the US Court of Appeals for the 11th Circuit ordered entry of a preliminary injunction blocking venture capital firm Fearless Fund from administering a grant program through its philanthropic foundation for...more

Littler

11th Circuit Finds Race and Gender-Based Grant Program Likely Unlawful

Littler on

On June 3, 2024, the U.S. Court of Appeals for the Eleventh Circuit granted a preliminary injunction prohibiting a venture capital fund from awarding grants based on race and gender. In reversal of the district court, the...more

Poyner Spruill LLP

Eleventh Circuit Decision Generates Further Concern in Diversity Initiatives

Poyner Spruill LLP on

On Monday, June 3, 2024, the U.S. Court of Appeals for the Eleventh Circuit held that a contest providing venture-capital funding to only Black women was substantially likely to violate section 1981 of the Civil Rights Act of...more

WilmerHale

Eleventh Circuit Temporarily Blocks Fearless Fund Grant Program For Black Women-Owned Businesses

WilmerHale on

On June 3, 2024, the Eleventh Circuit authorized a preliminary injunction in American Alliance for Equal Rights v. Fearless Fund Management, LLC et al., ruling that a grant contest that awards funding and mentorship...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

DEI Under Scrutiny, Part X: Eleventh Circuit Blocks Venture Capital Fund’s Grant Contest for Black Women-Owned Businesses

The U.S. Court of Appeals for the Eleventh Circuit blocked a contest by a venture capital fund that provided grants and other benefits to black women-owned businesses, finding the contest is likely to unlawfully discriminate...more

Constangy, Brooks, Smith & Prophete, LLP

Court halts black-only grants program

Chief Justice Roberts did say, "eliminating race discrimination means eliminating all of it." The United States Court of Appeals for the Eleventh Circuit ruled that a grant program -- which is available only to black females...more

Davis Wright Tremaine LLP

Project W: The Next Generation of Venture Capitalists Is Here

Reflecting on a recent article about a moment of transition in the venture capital industry, Lynn Loacker, Founder and Managing Director of Project W, considers how that transition is well under way and how the next...more

Davis Wright Tremaine LLP

Project W: Q&A with Kange Kaneene

Kange Kaneene is the Vice President of SAP.iO North and Latin America and Caribbean, SAP's global network of startup accelerators. She is an angel investor, a mentor for entrepreneurs, a scout for a VC syndicate, and the...more

Goodwin

Horizon Scan for Private Investment Funds: Key Recent and Expected funds, Regulatory and Tax Developments to look out for -...

Goodwin on

Welcome to the first edition of our Horizon Scan for 2024: key recent and expected funds, regulatory and tax developments to look out for. As before, we focus on the most important developments and changes that we expect to...more

Keating Muething & Klekamp PLL

New Diversity Reporting Law for Venture Capital Companies with a Nexus to California

On October 8, 2023, California Governor Gavin Newsom signed Senate Bill 54 (“SB 54”) into law, which attempts to increase diversity, equity, and inclusion amongst venture capital (“VC”) investments. The law is the first...more

Lowenstein Sandler LLP

Navigating the VC Highway: How Savvy Founders Take the Driver’s Seat in Investor Relationships

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When it comes to securing funding for their ventures, many founders are focused on one thing: money! While obtaining financial support is undoubtedly critical, it’s not the only consideration, and in fact, it’s just the...more

DarrowEverett LLP

Venture Capital Firms Face New Reporting Requirement With California Law

DarrowEverett LLP on

Over three and a half years since the death of George Floyd spurred some members of the venture capital community to enact promises to increase their investments in diverse entrepreneurs, California has enacted legislation in...more

BCLP

California Imposes Sweeping Demographic Reporting Rule on Private Fund Sponsors

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On October 8, 2023, California Governor Gavin Newsom signed into law Senate Bill 54, Fair Investment Practices by Investment Advisers (“SB54”). The law requires that “covered entities” collect and report sensitive demographic...more

Dechert LLP

Sweeping Law for DEI Transparency of Private Funds with a California Nexus

Dechert LLP on

California continues its initiatives to increase workplace diversity through a new law that will require certain funds with a nexus to California to report DEI information about the founding teams of their portfolio...more

Skadden, Arps, Slate, Meagher & Flom LLP

Employment Flash - November 2023

...NLRB Issues Final Rule on ‘Joint Employer’ Standard On - October 26, 2023, the National Labor Relations Board (NLRB) issued a final rule titled “Standard for Determining Joint Employer Status,” which rescinds and...more

Morrison & Foerster LLP

Key Highlights from California’s New Diversity Reporting Law

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On October 8, 2023, California Governor Gavin Newsom signed into law Senate Bill 54[1] (the “Diversity Reporting Law”). The Diversity Reporting Law is intentionally broad in its scope and is intended to help highlight and...more

Davis Wright Tremaine LLP

California's New Employment Laws: Get Ready for 2024

Governor Newsom signed into law a plethora of bills that significantly expand the rights of employees in California, although notably vetoing a bill that would have prohibited caste discrimination. Most of the new laws take...more

Latham & Watkins LLP

California’s New VC Diversity Reporting Law Aims to Increase Transparency

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Venture capital firms should begin planning now for compliance to avoid monetary penalties or court action. California Governor Gavin Newsom signed Senate Bill No. 54 (SB 54) into law on October 8, 2023. The bill is...more

Goodwin

New California Law to Require Venture Capital Firms to Disclose Founder Diversity Information

Goodwin on

On October 8, 2023, California Governor Gavin Newsom signed into law Senate Bill 54 (“SB 54”), which will apply to a majority of U.S. venture capital investment firms, even if they are not based in California. SB 54 aims to...more

ArentFox Schiff

California Introduces New Diversity Disclosure Obligations for Venture Capital Companies

ArentFox Schiff on

On October 8, 2023, in an effort to improve the diversity of venture capital investment in the state, California Governor Gavin Newsom signed Senate Bill No. 54 (SB 54) into law. SB 54 requires venture capital companies (VCC)...more

Allen Matkins

California's Inept Attempt To Define Who Is A "Founding Team Member"

Allen Matkins on

Last week, I reported that Governor Newsom had signed SB 54 (Skinner) even while acknowledging in his signing message that it contained "problematic provisions".   SB 54 requires "venture capital companies", as defined, to...more

Pillsbury Winthrop Shaw Pittman LLP

California Bill Designed to Support Underrepresented Entrepreneurs Signed into Law

The bill requires certain venture capital companies to report demographic information about the founding team members of businesses in which they invested in the prior year. A “covered entity” must gather certain...more

Fenwick & West LLP

California State to Require Venture Capital Companies to Collect Diversity Data

Fenwick & West LLP on

California recently passed a bill, SB-54, in an effort to increase transparency regarding diversity in the venture capital industry and to encourage investments in diverse founders. SB 54 will require “covered entities” to...more

Wilson Sonsini Goodrich & Rosati

California Governor Gavin Newsom Signs ESG Disclosure Bills

In the past few days, California Governor Gavin Newsom signed three bills that will require companies and investors to provide new disclosure. Climate Disclosure - On October 7, 2023, Governor Newsom signed Senate Bill...more

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