Fund Manager Incubator 2.0 - FAQs

About the Programme 

1. What is the Fund Manager Incubator (FMI) 2.0? 

The FMI 2.0 is an intensive 6-month programme designed to support talented first-time Venture Capital fund managers from Black and Ethnic Minority communities in the UK. Our mission is to provide the capital, training, mentorship, and network access required to help you launch your first fund and build a more equitable investment ecosystem. 

2. Who is the programme for? 

The programme is specifically for first-time or emerging Venture Capital fund managers based in the UK who identify as being from a Black or Ethnic Minority background. We are looking for individuals or teams with a strong, specific & differentiated investment thesis. From an additionality perspective, we encourage those who are committed to driving positive social and/or environmental impact. 

3. What is a Venture Capital fund?

A pooled investment vehicle that provides capital to early-stage, high-growth companies, often startups, in exchange for equity. These funds are typically managed by a general partner (GP) who raises capital from limited partners (LPs), such as institutional investors or high-net-worth individuals. VC funds not only provide financial backing but also offer strategic guidance and support to help these companies grow and eventually exit, often through an initial public offering (IPO) or acquisition

4. How many places are available for FMI 2.0? 

For the 2025-2026 cohort, there are 3 places available for 3 teams. 

5. What does the programme involve? 

The programme is built on three pillars of support: 

• Funding: A £50,000 unrestricted grant to provide you with the capacity to focus on your fund. This is repayable should you raise your fund within 18 months of the programme’s start.

• Training & Coaching: 44 hours of learning, including expert-led workshops on everything from fund structuring to pitch coaching, plus 1:1 monthly sessions with the Pathway Fund team and dedicated executive coaching. 

• Network Access: Facilitated introductions to Limited Partners (LPs), mentors, and a network of industry service providers (legal, admin, etc.). 

6. Is the programme virtual or in-person? 

Ideally in-person, with an option for hybrid depending on participant location. Key elements, such as the intensive Pitch Coaching bootcamp and LP networking events, will be held in-person in London. 

7. What is the time commitment? 

The first 3 months are expected to be intensive, with participants committing 10-20 hours per week. While we understand you may have other commitments, we expect participants to fully commit to all scheduled training sessions, workshops, and coaching to get the most out of the experience. A willingness and capacity to commit time is a key part of our "Coachability" selection criteria. 

Eligibility & Application 

8. What are the key eligibility criteria? 

• You must be a fund manager raising your first or second independent fund. 

• You must identify as being from a Black or Ethnic Minority background. 

• You must be based in the UK and focused on investing primarily in the UK. 

• You must have a strong commitment to impact investing. 

9. What do you mean by "first-time" fund manager? 

This typically means you have not yet raised and are not currently managing a discretionary fund from third-party institutional and/or high-net-worth investors. Individuals who have managed syndicates or their own capital (e.g., angel investing) are welcome to apply. If you are unsure, please get in touch with impact@pathwayfund.org.uk  

10. Do I need to have a registered company to apply? 

No, you do not need to have a registered company or a fully formed fund structure at the point of application. We are looking for individuals or teams with a strong vision and plan. 

11. What is the application timeline? 

• Applications Open: Wednesday, 16th July 2025 

• Information Webinar: Wednesday 30th July 2025 

• Application Deadline: Friday, 15th August 2025 

• Final Decisions: Monday, 15th September 2025 

12. What do I need to submit for my application? 

You will need to complete an online application form (13 questions, ~1 hour to complete) which includes questions on your motivation behind starting a fund, fund vision, thesis & terms, sourcing pipeline, fundraising strategy, team profile (solo GPs are welcome) and rationale for applying to the programme.

Funding & Support 

13. What is the £50,000 grant for? Are there any restrictions? 

The £50,000 grant is unrestricted. This means you can use it in the way that best supports your journey. Our first cohort used the grant to cover dedicated staff time for fund modelling, hire part-time support, conduct in-depth research, attend fundraising conferences, and even make small angel investments to build a track record. The grant is repayable should you raise your fund within 18 months of the programme start.

14. Is there any cost to participate in the programme? 

No, the programme is completely free for the selected participants. 

15. Will the programme help me get my fund authorised by the FCA? 

While we do not provide direct regulatory services, the programme includes expert-led sessions on fund structuring and the regulatory landscape. We will also provide referrals to trusted legal and compliance partners who can provide the specific advice needed for FCA authorisation. 

16. Will you introduce me to Limited Partners (LPs)? 

Yes. A core feature of the programme is providing network access. This includes an LP pitch event, dedicated LP breakfast sessions, and facilitated introductions to potential anchor investors and other LPs within our network. 

Selection Process 

17. How will the final teams be selected? 

The process involves an initial application with 13 questions (~1 hour to complete), a first-round interview with the Pathway Fund team, and a final interview where finalists will pitch to our external Selection Committee, which is composed of experienced investors and industry leaders. 

18. What are the key selection criteria? 

We assess candidates across seven core criteria, with a strong emphasis on your Fundraising Potential and the strength of your Investment Thesis and Team. We also look for a differentiated Sourcing Ability, strong Motivation, Coachability, and Additionality (your potential for systemic impact).