MOSAIC FELLOWSHIP

The Mosaic Fellowship — Impact Capital Managers' (ICM) flagship Talent & Leadership Development program — is designed to cultivate skilled, diverse talent in the impact investment industry. Since 2019, the Mosaic Fellowship has provided 115+ high-performing graduate students the opportunity to be Summer Associates at ICM member Host Funds — the leading private capital funds investing for meaningful impact and superior returns. Over the summer, at their Host Fund, Mosaic Fellows have exposure to all areas of fund management, including due diligence and landscape analysis, financial modeling and deal sourcing, portfolio company support and impact management, and marketing and fundraising.

This highly competitive paid fellowship gives grdaute students who want to build careers with purpose, the opportunity to “learn the ropes” of private equity, debt, real estate or venture capital impact investing through placement with an Impact Capital Managers member fund. Mosaic Fellows spend 10 weeks learning what it takes to successfully invest for meaningful impact and superior returns.

ICM’s Mosaic Fellowship offers students the opportunity to:

• Receive a $20,000 stipend for the 10-week summer program

• Gain 10 weeks (June-August 2026) of immersive experience within a private capital impact fund

• Contribute to mission-critical projects alongside full-time staff

• Match with a dedicated Partner-level mentor from another ICM member fund

• Attend Mosaic Orientation in New York City (June)

• Build camaraderie with peer Mosaic Fellows through weekly Friday check-in calls

• Participate in additional networking events and a career pathing session

• Leverage a powerful professional network of Mosaic alumni, ICM members and staff, and ICM’s friends in the field

The Mosaic Fellowship is open to any student enrolled in a graduate degree program at the time of application. You do not have to be completing an MBA or business/finance-related program to be eligible however some familiarity with quantitative analysis is strongly recommended.

We value diversity and are strongly committed to creating equal access to the Mosaic Fellowship opportunity through nondiscriminatory measures.  We encourage applications from diverse candidates and from individuals who identify as traditionally underrepresented in the field.  We do not select, prioritize, or exclude any candidates based on the individuals’ race, color, creed, religion, sex, sexual orientation, or any other status or characteristic protected by applicable law. For ICM, diversity is an inclusive concept and encompasses, without limitation, geographic background, socioeconomic background, educational background, language diversity, first-generation status, age, disability, marital and parental status and applicants own definition or explanation of how their backgrounds and experiences may contribute to the Mosaic Fellowship’s program diversity. ICM does not discriminate in selecting Mosaic Fellowship candidates in violation of any federal, state, or local anti-discrimination laws.

The Mosaic Fellowship is a full-time, 10-week summer program (June–August, 2026). Some flexibility is available on timing and may be determined on a case-by-case basis between a candidate and a fund during the interview process. Applicants should ensure they can fully commit to the program, as it may not align with other summer academic or professional obligations. Please note that the Mosaic Fellowship is an at-will program, meaning both Host Funds and Mosaic Fellows retain the right to modify or terminate participation at any time.

• Application Opens: October 14, 2025

• Virtual Information Session, Option 1: October 21, 2025

• Virtual Information Session, Option 2: November 6, 2025

• Application Deadline: November 16, 2025 at 11:59 PM ET

• Interviews: January - February, 2026

• Offers: February – March, 2026

• Please click here for more details.

Altura Capital, Apis & Heritage, Blackhorn Ventures, Cherryrock Capital, Clean Energy Ventures, Cleveland Avenue^, Closed Loop Infrastructure Fund, Closed Loop Ventures Group, Congruent Ventures, DBL Partners, Ecosystem Integrity Fund^, Generation Investment Management, HCAP Partners, Impact America Fund, Lime Rock New Energy, Renovus Capital, S2G Investments, Second Horizon Capital, Shift Capital^, Spring Lane Capital, St. Cloud Capital, The Builders Fund

^ Indicates funds that are prioritizing applicants able to access up to $5,000 in matching support through their school’s fellowship or internship funding program.

Please click here to view Host Funds descriptions

Fellow assignments depend on the needs of Impact Capital Managers’ Host Funds. In previous years, Mosaic Fellows have received exposure to due diligence and landscape analysis, financial modeling and deal sourcing, portfolio company support and impact management, and marketing and fundraising.

Yes. Fellows are paid $20,000 for 10 weeks, and costs associated with the mandatory orientation in New York City at the beginning of the summer are reimbursed by Impact Capital Managers. Some Host Funds may offer an additional stipend for travel or relocation expenses, or performance-based bonuses. These may be negotiated between a candidate and a fund during the interview process.

During the application process, candidates will rank-order their preferences - including Host Fund, impact vertical, investment stage, asset class, and work location. They also answer questions to demonstrate how they have used relevant skills. Host Funds will then review the full applicant pool and select top candidates based on background, skills, and alignment with fund priorities. Interview selection is at each fund’s discretion. Some applicants may be invited to interview and work with multiple funds. The decision to make an offer or accept one is up to the fund and the student, respectively. Please note that certain participating funds may host more than one Fellow, while others may ultimately decide not to host a Mosaic Fellow for the summer. ICM cannot guarantee placements.

The number of Fellows who receive and accept offers differs each year. Some funds may select more than one Mosaic Fellow. In 2024, there were 25 Fellows at 24 Host Funds. In 2025, there were 26 Fellows at 24 Host Funds. In 2026, we anticipate there will be roughly 21 Fellows at 20 Host Funds.

Whether a Mosaic Fellow receives an offer to join their Host Fund after the summer depends on many factors, including the anticipated growth of the fund, how leadership expects to grow the team, and the performance of the Fellow. It’s always smart to get as much clarity as possible during the interview process to manage expectations. That said, Impact Capital Managers is committed to supporting Fellows in job placement throughout the summer and beyond. Over 40% of Mosaic alumni have gone on to take full-time roles at ICM member funds - including in some cases, with their mentor’s fund - and a further ~30% have accepted roles in impact or sustainable investing outside of the network.

Following the opening of the application in the fall, we hold two information sessions for prospective applicants. Candidates hear from the ICM team and Mosaic Alumni, and have the chance to ask questions. All current graduate students or those who are about to start a graduate program are welcome to attend.

• Virtual Information Session, Option 1: October 21, 2025

• Virtual Information Session, Option 2: November 6, 2025

If you have any additional questions, please contact Camille Doherty (ICM Analyst, Talent & Leadership Development): cdoherty@impactcapitalmanagers.com