We’re making a space to build the next generation of leading investment firms, envisioned by you and supported by the resources and expertise of Yale Investments. To reflect the duality of rootedness and motion, our name makes a gesture: looking forward from established ground. It’s also an homage to the former home of the Investments office on Prospect Street on Yale’s campus in New Haven, CT.  Finally, we are a fellowship, not in a formal academic way, but in that we are creating a community connected by a common purpose, driven to succeed together.

We prioritize long-term partnership over short-term commercial objectives. Everything that we do is aligned behind your success, because we view your success and ours as intertwined. We will help you navigate it all, from understanding fund docs to demystifying the opaque world of institutional fundraising— supporting you, as a partner, every step of the way.

In addition, the Prospect Fellowship is the only place where aspiring fund managers can participate in a structured program with access to the unique resources Yale has to offer: our brand and track record, our rich history of backing successful firms, and our unparalleled investor network.

No, although you will learn a lot! Yale Investments has developed deep domain expertise partnering with some of the most successful investment managers over the last 40 years.  We are excited to share that institutional knowledge with you.  In addition, we will tap our extensive network of investment managers, institutional investors, and service providers to impart valuable insights as you stand up your business.

It is not necessary to be onsite for the duration of the program. We will require you to be in person for a few days at the beginning and end of the fellowship — we will cover transportation! — but all other programming will be available virtually. We recognize that everyone has different circumstances, and we want you to work wherever will be most effective. If that is in New Haven, we would love to host you for the entirety of the program!

We bet on promising individuals who have a differentiated perspective on investing. If you have a vision and a drive to be the best, we want to hear from you.

Serious candidates will likely have significant investment experience, although we do not favor one particular candidate profile — you may have developed your skills through life experience, which we find exciting. You should be hungry for growth and ready to execute, whether or not your plans are fully baked. We are here to enable you, and expect you to come in with gaps, needs, and a will to make your idea happen.

No. The goal of this program is to help you get your fund off the ground. It’s ok if you already have a fund or have one in the works, at any stage, but do not be dissuaded from applying if all you have is an idea. Our role is to help make it a reality.

Unfortunately, we can’t partner with candidates who have legal restrictions that this program — or any later investment — would violate. 

Of course, we encourage you to reach out to us as soon as those restrictions expire.

We will review your application and get back to you by the end of October. The next step would involve a virtual interview in which we get to know you better and discuss your plans in greater detail. Finalists will be selected from that group for an in-person interview in New Haven.  Final decisions will be made by the end of the year.

Yes, that needs to be your intention. Of course, we understand that life happens, and we are willing to work with you if your situation or plans change.

This program funds you, not the other way around.

We have intentionally built this program to meet your needs as an aspiring fund manager.  

We know it is difficult to build a company and recruit a team without a significant balance sheet, so we will lend fellows up to $2 million in working capital to get started.  

We will anchor your fundraise to kickstart the process.  Each fellow will receive a minimum investment of $25 million at launch with an additional $25 million as a follow-on investment, because we understand that time is just as important as capital.  If that is more money than you need, we will consider smaller amounts for certain strategies.

We are not here to extract economics from you.  All investments will be made on terms that are representative of market. We will share more detailed terms with finalists.

The benefit for us is the ability to partner with you on day one. We derive enormous value from building close relationships with our partners. The only things we are asking for are capacity rights and pro rata co-investment rights so that we can grow with you and fund your best ideas. 

No stakes, no revenue shares. We will benefit from the returns that your fund generates, but your company belongs to you and your team.

Certainly. We know that your business, experience, and thinking evolve from year to year and we invite you to keep us in view as your vision evolves.

Yes. You should submit one application under the name of one individual representative. Applicants can list co-founders in the ‘investment partner’ question, and both of you can be in the supporting video. If selected, both co-founders will participate in the fellowship, representing one firm.

Don’t hesitate to reach out to prospect@invest.yale.edu. We’re here to help.