Advancing Regenerative Capital
The ARC Fellowship
Where Changemakers Shape the Future of Finance
Join a transformative learning community where visionary fund managers design, launch, and lead funds that drive economic, and environmental justice.
By the Numbers
22
Funds Launched
70
Fund Managers Trained
$12
Million Deployed
91%
People of Color, 63% Women
The ARC Fellowship
Advancing Regenerative Capital
The ARC Fellowship is Boston Impact Initiative’s flagship cohort-based education program for fund managers, capital stewards, and community wealth builders working to advance racial, economic, and climate justice through finance. Founded in 2020 as the Integrated Capital Fund Manager Fellowship, the program is now entering its fifth cohort in 2025.
Grounded in technical rigor and systems change, the ARC Fellowship equips fund leaders with the tools, relationships, and strategies to design and manage impact-first, integrated capital funds rooted in community power and purpose.
Over the course of this immersive eight-month journey, ARC Fellows participate in expert-led workshops, personalized coaching, and a peer learning network of impact fund managers and aligned investors. Fellows gain practical experience in designing fund structures, raising catalytic capital, and mobilizing resources in service of community ownership, economic resilience, and climate sustainability.
The ARC Fellowship is not just about fund development—it’s about building lasting community wealth, leadership, and power while shaping the future of regenerative finance.
What is Regenerative Capital?
At BII, we define regenerative capital as capital that restores rather than extracts. It flows into communities—not out of them—and is deployed with purpose, patience, and reciprocity. Regenerative capital is structured to circulate locally, support long-term community ownership, and build economic systems rooted in care, resilience, and shared prosperity.
Unlike extractive capital, which concentrates wealth and power, regenerative capital seeks to repair harm, equitably distribute opportunity, and sustain life—financially, socially, and ecologically.
Fellowship Curriculum
The ARC Fellowship provides a 12-session, systems change-focused curriculum designed to equip fund managers with the skills and strategies to launch and scale community-based impact funds.
Core Topics Include:
- Systems Change and Regenerative Finance
- Designing Fund Structures and Governance Models
- Integrated Capital Strategies (Grants, Debt, Equity, Recoverable Grants)
- Capital Raising and Investor Relations
- Impact Measurement and Reporting
- Portfolio and back office management
Benefits of the Fellowship:
- 1:1 Coaching: Individualized support from BII leaders and expert mentors.
- Strategy Roundtable Sessions: Collaborative problem-solving with peers.
- Alumni Peer Learning Circles: Ongoing connection to a national community of practice.
- Access to First Mover Fund & Advisory Support: Catalytic capital and advanced advisory support.
Frequently Asked Questions
Program Basics
What is the ARC Fellowship?
Formerly the Emerging Fund Manager Cohort Program, the ARC (Advancing Regenerative Capital) Fellowship is a hands-on, peer-driven education program for emerging and established fund managers who are designing and launching funds that advance racial, economic, and environmental justice. Fellows gain access to expert-led learning, peer support, catalytic capital, and a lifelong community of practice.
Who is this program for?
The Fellowship is designed for fund managers at all stages—whether you are in the early design phase, actively launching your fund, or scaling an established model. Ideal applicants are committed to using capital as a tool for social, economic, and environmental justice.
What types of funds are eligible?
We welcome a diverse range of fund types, including:
- Grant-making funds
- Debt funds (micro-lending, revenue-based finance)
- Equity funds (venture capital, cooperative funds, impact funds)
- Hybrid funds using integrated capital (a mix of grants, debt, equity, and recoverable grants)
Place-based funds serving specific communities
How long is the program, and how is it delivered?
The Fellowship runs for six months, with 12 live, interactive sessions held bi-weekly (August–December), followed by a Winter Deep Dive Series (January–March) for advanced training. Sessions are delivered virtually for accessibility, with additional in-person events at the annual Summit & Showcase.
What does the curriculum cover?
Core topics include:
- Systems Change and Regenerative Finance
- Designing Fund Structures and Governance Models
- Integrated Capital Strategies (Grants, Debt, Equity, Recoverable Grants)
- Impact Measurement and Reporting
- Capital Raising and Investor Relations
- Policy Advocacy for Systems Change
Who are the instructors and mentors?
Fellows learn from a diverse group of seasoned fund managers, legal and compliance experts, impact investors, and BII’s leadership team. Past mentors include leaders from Black Farmer Fund, CLLCTIVLY, and Denkyem Co-Op.
Application & Eligibility
What are the application requirements?
Applicants should have a clear fund idea or existing fund model focused on racial, economic, or environmental justice. We welcome solo fund managers, teams, and organizations designing or scaling mission-driven funds.
Can I apply if I’m still in the early planning phase of my fund?
Yes. Our curriculum is designed to help you refine your fund concept, develop a viable model, and navigate the legal, financial, and strategic steps required to launch.
Can multiple team members from my fund participate?
Yes. We encourage teams to apply and up to three members may participate under a single registration, ensuring your team gains shared knowledge and skills.
Does my fund have to be based in the US?
Our content and expertise is applicable to US-based funds only.
What is the selection process?
Applications are reviewed by a selection committee that considers mission alignment, fund concept clarity, potential for impact, and readiness to benefit from the program. Selected applicants will be invited for a brief interview before final decisions.
Program Benefits and Support
What support will I receive during the Fellowship?
Fellows receive:
- 12 live, expert-led learning sessions.
- 1:1 coaching with seasoned mentors.
- Peer Learning Circles for ongoing support.
- Strategy Council Sessions for customized feedback.
Access to the First Mover Fund and Fund Incubator for catalytic capital and advisory services.
What is the First Mover Fund?
The First Mover Fund is a flexible, mission-aligned funding source available to fellowship alumni. It provides catalytic capital (grants, recoverable grants, and low-cost loans) to help you launch or scale your fund.
How does the Fund Incubator work?
The First Mover Incubator offers tailored advisory support to help you design, launch, and operate your fund. This can include legal compliance, back-office support, capital raising, and fund structuring.
Will I be able to connect with investors?
Yes. In addition to peer networking, Fellows gain access to investor convenings, pitch opportunities, and direct introductions to mission-aligned investors through the BII network.
Cost and Financial Assistance
What is the cost of the Fellowship?
The total cost of the ARC Fellowship is $10,000 per team, which includes access to all curriculum sessions, coaching, advisory support, and membership in the BII Fund Manager Network.
Is financial assistance available?
Yes. We are committed to accessibility and equity. Scholarships and sliding scale options are available for mission-aligned teams with demonstrated need.
Are there payment plans?
Yes. Payment plans can be arranged to help you manage the cost of participation.
Can I get a refund if I decide not to continue?
Refunds may be considered on a case-by-case basis before the program start date. Once the program begins, fees are generally non-refundable.
Alumni Community & Long-Term Support
What happens after I complete the Fellowship?
Graduating Fellows join a lifelong community of practice, with continued opportunities to:
- Access Peer Learning Circles and regional gatherings.
- Apply for catalytic capital from the First Mover Fund.
- Receive custom support through the First Mover Incubator.
Lead or participate in future fellowship sessions as a mentor.
Can I continue to receive coaching after graduation?
Yes. Alumni can access ongoing coaching and advisory support, as well as join advanced training sessions in the Winter Deep Dive Series.
How do I stay connected with the network?
Fellows join the BII Fund Manager Network, where they can connect with peers, access exclusive resources, and receive updates on new opportunities.
Ready to apply?
If you still have questions or need more information, please contact us at [email protected].
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