MOSAIC FELLOWSHIP
Frequently Asked Questions
What is the ICM Mosaic Fellowship?
This highly competitive paid fellowship gives first-year graduate 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 over one summer. Fellows spend ~10 weeks understanding what it takes to successfully invest for impact and return. The objective of the Fellowship is to build a skilled and diverse impact investing workforce.
ICM’s Fellowship offers students the opportunity to:
Gain on-the-ground experience in a private capital impact fund
Contribute to mission-critical projects and operations
Work closely with senior leaders
Match with a dedicated mentor from another member fund
Participate in weekly calls with peers to share, troubleshoot, network
Leverage a powerful professional network: Fellowship alumni and ICM members, staff & friends
Is there a typical project or set of responsibilities?
Fellow assignments depend on the needs of Impact Capital Managers funds. In previous years Fellows have received exposure to landscape analysis and market research, deal sourcing and due diligence, impact measurement and management, and investor relations.
Are ICM Mosaic Fellows paid?
Yes. Fellows are paid $20,000 for 10 weeks by their host funds, and the mandatory orientation in NYC at the beginning of the summer is reimbursed by ICM Institute. Some host funds may offer an additional stipend for relocation expenses, or performance-based bonuses. These may be negotiated between a candidate and fund during the interview process.
How long is the ICM Mosaic Fellowship?
The Fellowship is ten weeks and runs from mid-June to mid-August. Some flexibility is available on timing and may be worked out on a case-by-case basis with the host fund.
How many Fellows do you select each year?
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 funds. In 2025, we expect to place between 20-25 Fellows.
How do you determine where a Fellow is placed?
During the application process, students may indicate preferences - e.g. host fund preference, location, impact focus, and fund structure/asset class. They also answer questions to demonstrate how they have used relevant skills. Participating ICM funds and staff then review the full applicant pool. Invitations to interview are at the discretion of prospective host funds. Applicants may receive invitations to interview at multiple funds, and some may receive multiple offers. The decision to make an offer or accept one is up to the fund and the student respectively. ICM cannot guarantee placements, and the final cohort must be finalized by mid-March.
Will I get a full-time role after the Fellowship?
Whether a 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: ICM is committed to supporting Fellows in job placement throughout the summer and beyond. Over 30% 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.
Who is eligible to apply?
To be eligible for the Mosaic Fellowship you must be completing a graduate program of two years or more and have at least one more semester after the Fellowship, before you expect to graduate. 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 encourage applications from diverse candidates and from individuals who identify as traditionally underrepresented in the field. For ICM 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.
When is the application deadline?
The timeline for our 2025 Mosaic Fellows is as follows:
Application Opens: October 31, 2024
Virtual Information Sessions: October 25 and November 8, 3-4pm ET
Application Deadline: December 2, 2024 at 11:59 PM PT
Interviews: January 2024 - February 2024
Offers: February – March 2024
Will there be an information session?
Prior to opening the application in the fall, we hold two information sessions for prospective applicants. Students hear from the ICM team, Mosaic Alumni, and past host funds, and have the chance to ask questions. All current graduate students, or those who are about to start a graduate program and are considering options for the summer after their first year, are welcome to attend. Contact Eliya Imtiaz for details at eimtiaz@impactcapitalmanagers.com.