As part of the GIIN’s mission to accelerate the scale and effectiveness of impact investing, we publish job openings from members of the GIIN Investors’ Council and other impact investing leaders.

Mosaic Fellow

at Impact Capital Managers in USA/Canada

About the Job

The ICM Mosaic Fellowship is part of Impact Capital Managers commitment to build a pipeline of diverse, skilled talent in the private capital impact investing industry. We expect to select up to 15 Fellows for the 2022 cohort, individually placed across ICM’s network of 70+ best-in-class funds. The Fellowship will take place over ten weeks, from approximately mid-June through mid-August 2022.

2022 host funds will be announced on a rolling basis, starting the week of October 11, 2021. Participating funds for the 2021 summer included: Achieve Partners, Ecosystem Integrity Fund, New Markets Venture Partners, Arborview Capital, Energy Foundry, Wireframe Ventures, Lumos Capital Group, Urban Us, Generation Investment Management, Lime Rock New Energy, The Builders Fund, Jonathan Rose Companies, Closed Loop Partners, New U Venture Partners, Reach Capital, HCAP Partners, Community Investment Management.

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 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 4, 2021
  • Application Deadline: November 15, 2021
  • Interviews Conducted: December 2021 - January/February 2022
  • Offers Made: February 2022


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, debt or VC 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


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, and may ask for references. Interviews are generally 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 first-year graduate students 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.

To apply

Impact Capital Managers

Impact Capital Managers is a network that brings together the general partners of market-rate funds deeply committed to impact investing in the United States and Canada. Collectively representing over $15 billion in impact-focused capital, we are working together to accelerate impact and financial performance.