Industry's most competitive summer immersion program for graduate students will place a record number of students at best-in-class funds
NEW YORK, May 8, 2025 -- Impact Capital Managers (ICM), the leading association of private capital fund managers investing for superior returns and meaningful impact, is proud to announce the sixth cohort of the Mosaic Fellowship, its flagship talent and leadership development initiative that launches careers in impact investing and cultivates a skilled, diverse future workforce. This year, 26 outstanding graduate students will take roles as summer associates at 25 ICM member funds–the largest number of Fellows and host funds ever.
To kick off the Fellowship, ICM will convene students for an intensive two-day orientation in New York City that features panels and workshops with Mosaic alumni, GPs, LPs, and top academic instructors, followed by a capstone networking reception. As they commence their summer associate roles, Fellows are also paired with a uniquely matched mentor from ICM's member network to provide additional support, guidance, and career connections throughout the Fellowship and beyond.
Over ten weeks, Fellows gain hands-on experience in impact investing, including sourcing, diligence, portfolio company support, and other core aspects of the field. They also take advantage of tailored networking opportunities to build their professional profile and community in the field.
Each year, a growing number of Fellows transition into full-time roles at leading impact funds, underscoring how the program not only develops emerging talent but also delivers lasting value to firms. To date, 41% of Mosaic alumni have accepted full-time roles at ICM member funds, with a further 29% taking their new skills into jobs in impact and sustainable finance at name-brand firms outside the ICM network.
These placement rates reflect Mosaics' instrumental role in building a high-caliber talent pipeline of future impact investors and the brand strength of the program and network. ICM funds and other leading firms that have hired Mosaic alumni include Ecosystem Integrity Fund, Builders Vision, Closed Loop Partners, Apis & Heritage Partners, HCAP Partners, Clean Energy Ventures, TruStage Wealth, and SustainVC, among others.
"The Mosaic Fellowship is a catalytic force in advancing both talent diversity and mission alignment within impact investing," said Ted Dillion, Chief Operating Officer at Clean Energy Ventures. "At CEV, we've witnessed how Mosaic Fellows bring intellectual rigor, fresh insight, and a deep commitment to our firm—so much so that we've hired a Mosaic Fellow into a full-time investment role and are entering our fourth year participating in the program. This program doesn't just develop emerging leaders; it fortifies the connective tissue of the impact ecosystem."
Since its launch, the Mosaic Fellowship has experienced rapid growth – from under 50 applicants in its inaugural year in 2019 to over 500 applicants in 2025. After this summer, over 100 Fellows will have graduated from the program. The growth of the program has been fueled in large part by word of mouth and the positive experiences of alumni.
"The Mosaic Fellowship was a game changer for my career," said Fernando Carranza, former Mosaic Fellow and current Venture Investor at Cleveland Avenue, an ICM member fund. "Mosaic didn't just open a door – it gave me the confidence and clarity to walk through it with purpose." Carranza continues to give back to the program by serving as a mentor for incoming Fellows and sharing his career advice during orientation.
"In 2024, we saw an almost two-fold increase in applications to Mosaic, and 2025 will be the largest-ever cohort of Fellows since the start of the program six years ago," said Marieke Spence, Executive Director at Impact Capital Managers. "Clearly, demand from the world's brightest students for experiential learning programs like Mosaic is growing, and demand from top funds for that talent continues, even in the midst of market volatility. If you're curious about what the future of investing looks like: watch this space, and follow this talent."
About Impact Capital Managers: Impact Capital Managers is a network of private capital fund managers investing for superior financial returns and meaningful impact, with a mission to accelerate the performance of its members and to scale the private capital impact investing market with integrity and authenticity. Membership is by invitation only. Today, the network includes 140+ funds collectively representing more than $70 billion in impact-focused capital. ICM is a 501(c)6 organization with an affiliated 501(c)3, the ICM Institute. For more information, visit impactcapitalmanagers.com.
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