The fellowship runs for eight months. It includes 12 live, interactive virtual sessions held bi-weekly (September through December), followed by a Deep Dive Seminar series (January through March) for advanced training and various optional “Drop-in Learning Sessions” that are also open to the ARC Alumni network. Fellows can also participate in a bi-annual in-person ARC Summit in 2028.

Core topics include systems change and complex adaptive systems, fund structuring and democratic governance, integrated capital strategies, impact measurement and reporting, capital raising and investor relations, and portfolio management.

Fellows learn from a diverse group of seasoned fund managers, legal and compliance experts, impact investors, and BII’s leadership team. Past mentors and guest experts have included leaders from Black Farmer Fund, CLLCTIVLY, and Denkyem Co-Op, among many others.

Applicants should have a clear fund idea or existing fund model focused on racial, economic, or environmental justice. Funds can be at any stage — pre-raise, actively raising, or deploying. We welcome solo fund managers, co-led teams, and organizations. Fiscal sponsorship is an accepted structure; independent incorporation is not required.

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. Many fellows enter ARC without a fully formed fund.

Yes. We encourage teams to apply, and up to two members may participate under a single application. Additional team members may attend topic-based sessions, peer council sessions, or other events as appropriate. Prior approval by the Program Director is required.

Yes. Our curriculum and expertise is designed for U.S.-based funds.

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 are invited for a brief interview before final decisions are made.

Fellows receive 12 live virtual expert-led learning sessions, 1:1 coaching from seasoned mentors, peer learning roundtables, strategy sessions with cohort feedback, and access to the First Mover Fund for catalytic capital.

The First Mover Fund is a $5 million catalytic capital vehicle that provides grants and low-cost loans to ARC alumni funds. It was co-designed with ARC fellows and is governed by ARC alumni — meaning your peers make the investment decisions. It exists specifically to help alumni funds raise their first capital and attract larger follow-on investments.

Learn more at bostonimpact.org/invest-in-us/first-mover-fund/

The standard program fee is $10,000. (The actual cost to administer this program is ~$60,000.) 

We do offer need-based partial scholarships and can be flexible with payment timelines. Some examples of how BII supports fundraising efforts: writing letters of support, joining funder meetings, giving feedback on pitch decks and presentations, etc…In most cases, ARC Fellows find sponsors and grant funding to cover or subsidize program costs. 

Graduates join the ARC Alumni Community — an ongoing peer network of fund managers who continue collaborating, sharing resources, and supporting each other long after cohort ends. Alumni also have access to annual convenings and ongoing BII programming.