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Summer Fellowship, Impact Investing

Website Impact Capital Managers

Asset Manager

The ICM Mosaic Fellowship is part of Impact Capital Managers’ commitment to building a pipeline of diverse, skilled talent in the private capital impact investing industry. We expect to select up to 20 Fellows for the 2023 cohort, individually placed across ICM’s network of 90+ best-in-class funds. The Fellowship will take place over ten weeks, from approximately mid-June through mid-August 2023.

Participating funds for Summer 2023 include:

Achieve Partners, Arborview Capital, Clean Energy Ventures, Closed Loop Partners, Community Investment Management, Congruent Ventures, DBL Partners, Ecosystem Integrity Fund, Energy Foundry, GEF Capital, Generation Investment Management, Gratitude Railroad, HCAP Partners, Impact America Fund, IMPACT Community Capital, Jonathan Rose Companies, Leeds Illuminate, Lime Rock New Energy, Meliorate Partners, New Markets Venture Partners, Nuveen Global Impact Fund, Overture Ventures, Pangaea Ventures, Regeneration.VC, Renovus Capital Partners, Second Horizon Capital, SEMCAP, Spring Lane Capital, St. Cloud Capital, The Builders Fund, Reach Capital, Valo Ventures

The Mosaic Fellowship provides high-performing graduate students, who have completed at least one year of their graduate degree program, from traditionally underrepresented backgrounds the opportunity to spend a summer as a Summer Associate at one of ICM’s member funds – North America’s leading private capital funds investing for positive social & environmental impact and superior, risk-adjusted returns. Fellows will have exposure to all areas of fund management including: landscape analysis and market research, deal sourcing and due diligence, impact measurement and management, fundraising, and marketing and branding. Learn more about the Fellowship and read alumni testimonials here.

Fund Placement

During the application process, applicants are asked to rank-order various preferences – namely host fund preference, location, impact focus, and fund structure/asset class. Applicants are then matched to participating ICM funds based on these preferences and fund interest. Decisions regarding placement are also based on an applicant’s background, skills, and experience, and on member funds’ needs. Finalists will be matched for interviews at funds based on their preferences. Some applicants may receive invitations to interview at multiple funds, and some participating funds may choose to host two Mosaic Fellows.

Application Timeline & Key Dates

  • Application Opens: October 3, 2022
  • Application Deadline: November 6, 2022 (Midnight)
  • Interviews Scheduled: December 2022
  • Interviews Conducted: January/February 2023
  • Offers Made: February/March 2023


The selection criteria for Mosaic Fellows are rigorous. We identify students who have proven themselves, even as first-year graduate students, capable of flourishing in the challenging settings of today’s impact funds. The application will include a skills-based assessment and short answers in addition to your resume. ICM’s Talent & Diversity Working Group reviews the candidate’s resume, short answers, and skills-based assessment. Interviews are conducted by host funds.

Fellow assignments depend on the needs of Impact Capital Managers’ funds. Fellows may work on industry and field research, due diligence, deal structure, financial modeling, impact management and portfolio acceleration, critical operational functions of the fund, and more.

All students who have completed the first year of their 2+ year graduate degree are eligible to apply, and we strongly encourage applications from diverse candidates. For Impact Capital Managers, diversity is an inclusive concept and encompasses, without limitation, race, color, ethnicity, nationality, religion, sexual orientation, gender identity and expression, socioeconomic background, age, disability, and marital and parental status. Mosaic alumni can be found HERE.


Fellows receive a stipend of $15,000 for the ten week program. Impact Capital Managers is a 501c(3) organization and many graduate programs and some foundations have summer associate/internship funds that can supplement the salaries of our Fellows. The ICM team will help Fellows secure matching and supplemental funds to the best of its ability. Beyond the stipend, the Mosaic Fellowship offers students the opportunity to:

  • Gain on-the-ground experience in an impact PE, VC, Debt, or Real Estate fund
  • Contribute to projects and operations that are mission-critical for the host fund
  • Work closely with senior leaders
  • Be paired with a dedicated mentor from another member fund and participate in bi-weekly calls with peers to share and troubleshoot
  • Be a part of a connected, collaborative cohort of diverse MBA students from across the country
  • Take part in an in-person, orientation in NYC with the Mosaic Cohort