Building the foundations for the next generation of fund managers
How Heading for Change’s partnership is supporting VC Include’s Fund Fundamentals programme
“We’re excited that through this programme, 93% of participants now self-identify as an investor.”
For many aspiring fund managers, the gap between idea and action can feel vast. Questions around fund structure, legal set-up, financial planning, and LP expectations often sit alongside a deeper uncertainty: “Am I actually ready to do this?”
This is the gap that VC Include’s Fund Fundamentals programme is designed to close. Supported by a catalytic grant from Heading for Change and other impact-aligned partners such as Nasdaq Foundation, Fund Fundamentals is a pre-accelerator for first-time fund managers interested in impact investing, including climate and gender-smart approaches to capital allocation.
The programme is about equipping future fund managers with clarity, confidence, and community, before they go to market.
What the programme offers
Fund Fundamentals grew directly out of VC Include’s flagship Fellowship programme, which since 2020 has supported first-time venture capital and private equity fund managers as they raise their inaugural funds.
Head of Programs at VC Include, Nina Sharma says, “We saw first hand that so many burgeoning investors were seeking additional support and insights right at the start of their fund management journey. Our goal was to support future fund managers seeking a roadmap and get help in preparing to launch their fund, plan for financial implications, and build a robust network before they go to market to increase their potential for success.”
“The program has been incredible to my journey as a fund manager, and really reinforces that although black women receive less than 1% of VC funding, and it sometimes feels as though we are all we have, the wonderful thing about it is that we are all we need. And I truly believe that with the VC community, VC Include community. I’m going to build something that’s truly transformative for diverse funders. ”
Impact, climate and early-stage ideas
As a pre-launch programme, many participants arrive without a fully formalised investment thesis. A core element of Fund Fundamentals is helping participants articulate an impact thesis, whether focused on climate, gender or broader systems change. This aligns closely with Heading for Change’s mission to advance how capital flows to the next generation of gender and climate-smart fund managers.
Seeing themselves as investors
While the technical knowledge matters, one of the most significant outcomes of the programme is how participants see themselves by the end.
“We’re excited that through this programme, 93% of participants now self-identify as an investor,” says Nina.
For many women, particularly those coming from underrepresented backgrounds, that shift in identity is profound. It signals not just capability, but belonging.
The pilot cohort of 25 women completed the programme equipped with practical tools, clearer decision-making frameworks, and most importantly, a community.
“The VC Include Fund Fundamentals program really helped me to think about my dream. I really want to help provide equitable access to resources and funding, especially for entrepreneurs from underserved and marginalized communities. In the climate space, I’ve been seeing a lot of gaps and challenges, and I am very grateful to VC Include for empowering me to help bring this access to funding and resources to our next generation of entrepreneurs.”
“They left armed with the information, tools and skills they need to determine their fund readiness and launch when the time is right,” says Nina. “They also walked away with a strong peer network and connections to over ten of VCI’s trusted advisors, partners and experts, which is a great start to building their networks.”
Where catalytic capital goes next
VC Include is continuing to explore how best to scale this programme- globally, thematically, across capital types and more. Heading for Change’s catalytic support helped to unlock earlier-stage interventions, the often invisible but essential work of shaping who gets to manage capital in the first place.