Investing with Intent: Insights from my Summer Mosaic Fellowship with HCAP Partners
When I first learned about the Impact Capital Managers (ICM) Mosaic Fellowship and HCAP Partners, I knew I was stepping into a unique opportunity. The Mosaic Fellowship provides first-year graduate students with the opportunity to serve as Summer Associates at one of ICM’s member impact funds. The Fellowship aims to build a skilled and diverse impact investing workforce encompassing candidates that traditionally would not have had an opportunity to enter the impact investing field. Applicants are selected based on their academic achievements, demonstrated interest in impact investing, and potential to contribute to the field.
The fellowship's emphasis on fostering diversity in impact investing aligned perfectly with my own aspirations. As someone with an academic background in labor relations, I was particularly drawn to HCAP, a founding member of ICM, and longstanding impact investor known for their Gainful Jobs Approach™, which focuses on creating quality employment opportunities for frontline workers in underserved communities. This approach resonated deeply with my studies and personal values.
My previous experience in healthcare venture lending further fueled my interest in HCAP. The firm’s broader focus on healthcare, alongside their dedication to small business growth, convinced me that this internship would be an invaluable learning experience. I was eager to deepen my understanding of growth capital and contribute to the support of small businesses that are often the backbone of local economies.
Becoming an ICM Mosaic Fellow
It is no small feat to join one of ICM’s member funds like HCAP for the summer. The fellowship application process is rigorous and begins with an online application where candidates detail their academic and professional experiences, their motivations for pursuing impact investing and describe an example company they would invest in for impact and financial return. Applications are reviewed and scored by a cross-section of ICM’s member funds. Selected candidates are then invited to interviews with potential host funds. These interviews assess both technical skills and cultural fit, ensuring that each Fellow is placed in an environment where they can thrive.
Once selected, Fellows are matched with a host fund that aligns with their interests and expertise and Fellows are also paired with a mentor from another ICM fund. The Fellowship includes a comprehensive orientation in New York City, where Fellows are introduced to the key concepts and practices of impact investing through closed door workshops led by industry leaders.
What I Learned at HCAP Partners
During my time with HCAP, I was actively involved in a variety of tasks that deepened my understanding of impact investing. I presented potential investments at investment committee meetings, where I learned the importance of articulating both the financial and impact potential of each opportunity. I also prepared Indications of Interest (IOIs) on prospective investments and conducted comprehensive deal screenings and structuring, which allowed me to gain hands-on experience in evaluating the viability of investment opportunities. My responsibilities also included conducting monthly portfolio reviews and contributing to quarterly valuations by analyzing financial performance. Preparing detailed management reports for Limited Partners (LPs) was a critical part of this process, ensuring transparency and informed decision-making. Additionally, I attended due diligence site visits and assessments of prospective portfolio companies, collaborating closely with investment teams to evaluate growth potential and align our investment strategies with the firm’s objectives.
However, beyond these technical skills, I learned lessons that underscored the importance of integrating impact into the core of investment strategies. One of the most valuable insights I gained was the importance of being present and participating in as many conversations and meetings as possible. Whether it was an internal team discussion or a meeting with a portfolio company, I found that my familiarity with ongoing projects and my active involvement helped me develop a broader skillset. It also allowed me to see firsthand how impact considerations were woven into every decision.
Another key lesson was the value of voicing my opinion or asking questions, even as a junior member of the team. There were moments when a fresh perspective was exactly what the team needed to challenge existing assumptions or break through a mental block. This experience reinforced the idea that every team member, regardless of their level, can offer valuable insights that drive both financial returns and social impact.
Finally, I realized that work relationships can develop informally, and these connections can be just as important as formal ones. Getting to know colleagues or business partners outside of a work setting gave me a better understanding of their strengths and unique character traits which, in turn, helped us work more effectively together. This human element in investing—understanding the people behind the portfolios and the companies—echoes the ethos of impact investing, where the focus is not just on financial returns but on real, positive outcomes for communities.
Looking Forward: A Future in Impact Investing
As I reflect on my time with HCAP Partners, I am more convinced than ever that impact investing needs to become more mainstream. The lessons I’ve learned about the value of diverse perspectives, the integration of impact into every investment decision, and the importance of understanding the human side of business have shown me that impact investing is not just a trend, but a necessary evolution in the financial world.
The challenges we face today, from climate change to social inequality, demand that we rethink how we allocate capital. Impact investing provides a framework for doing just that, ensuring that our investments not only generate financial returns but also contribute to the greater good. Moving forward, I hope to continue my career in investing, ideally within the impact space. I am excited to bring the perspective I have gained on impact investing, along with the lessons learned from my time at HCAP, to my future endeavors.
Advice for Future Fellows
For those considering or preparing for the Mosaic Fellowship, my biggest piece of advice is to fully immerse yourself in the experience. Take every opportunity to participate in meetings, ask questions, and contribute your ideas. The more you engage, the more you’ll learn and grow. Don’t be afraid to take initiative—whether it’s suggesting a new idea or taking the lead on a project. Your host fund selected you because they believe in your potential, so don’t shy away from showing them what you can do.
Take advantage of the networking opportunities provided by the Fellowship. Building relationships with your peers, mentors, and colleagues can open doors to future opportunities and provide invaluable support as you navigate your career in impact investing.
Lastly, remember that the work you’re doing has real-world implications. Impact investing is about making a difference, and your contributions, no matter how small they may seem, are part of a larger effort to create positive change. Keep that in mind as you go through your Fellowship and beyond.