Director of First Mover Fund and Incubator

Overview

Boston Impact Initiative (BII) is a nonprofit impact investing fund working to build a future where entrepreneurs of color and their communities have the financial, social, and political power to create a sustainable, inclusive, and equitable economy for future generations. We do this by investing in the people, places and social enterprises that share our vision of an equitable economy and access to catalytic capital. We also seek to transform the impact investing field through field-building and education for fellow investors, entrepreneurs, and philanthropists so that economic and racial justice becomes integral to any place-based investment strategy.

Over the last 11 years, BII has pioneered how to deploy integrated capital—defined as financial (equity, debt and grants), knowledge and social capital—to regenerative local enterprises owned and controlled by communities of color. Our aim now is to keep moving capital along our mission and expand our efforts to share learnings and best practices with the emerging fund managers who receive our training and the broader impact investment field. BII sees a unique opportunity to grow the solidarity finance movement to fund and strengthen the people, places and enterprises building the solidarity economy in Massachusetts and beyond.

BII manages a national Fund Manager Accelerator Program that trains community leaders to design and launch place-based, blended capital funds focused on economic justice. Diverse managers lead these funds committed to investing integrated capital (debt, equity, and grants) and providing technical assistance to underserved entrepreneurs in high-need regions across the US. To date, BII has trained 65 managers from 30 organizations, resulting in 18 launched funds that have invested over $9M in diverse small businesses. These emerging funds need access to capital, resources, advisors, back office and a community of practice for shared learning and innovation.

As BII expands its team and reach, we are looking for a Director of First Mover Fund and Incubator to play a significant role in delivering on BII’s field building and fund manager program supports. The main areas of responsibility for this role include: developing and delivering a Fund Incubator Program to support new fund design and launch, designing and raising a pilot Fund of Funds to provide first-in capital to these emerging managers, performing due diligence, deploying and managing the fund of funds, and strengthening partnerships within the field of Economic Justice Impact Investing.

We are running an accelerated process for this position and will review applications on a rolling basis.

KEY RESPONSIBILITIES

Fund Design and Development

• Fund Structuring and Creation: Lead a collaborative effort to design and structure the First Mover Fund pilot including defining the investment thesis, fund terms, and governance structure to align with BII’s mission of economic and racial justice.
• Pipeline Development: Identify and cultivate potential investors through targeted outreach, networking events, and presentations at impact investing conferences and convenings. Leverage personal and organizational networks to expand the investor base for the fund.
• Fund Compliance and Reporting: Ensure that all fund structuring complies with regulatory requirements and manage ongoing reporting to investors and stakeholders, including impact measurement and financial performance.

Fundraising & Investor Relations

• Capital Raising and Investor Outreach: Develop and execute a fundraising strategy targeting foundations, institutional investors, high-net-worth individuals, registered investment advisors, and donor-advised funds (DAFs). Maintain and grow relationships with existing and prospective investors.
• Fundraising: Fundraise and close a $5MM pilot fund to demonstrate proof-of-concept, then potentially raise further capital to expand upon pilot.
• Investor Relationship Management: Cultivate long-term partnerships with regular personalized communications, investor updates, and impact reports, aligning with BII’s mission of economic justice and solidarity economy finance.
• Pitch Development and Presentations: Create and deliver compelling pitches and presentations that communicate BII’s investment thesis and fund opportunities to prospective investors.
• Philanthropic Engagement: Build relationships with family offices, mission-aligned donors, and philanthropic organizations to secure support for BII’s fund initiatives and emerging manager programs.
• Donor and Grant Stewardship: Assist in securing and managing donations and grants, ensuring compliance with donor requirements and demonstrating social and financial impact.
• Events: Plan and execute fundraising events, including investor showcases and convenings, to engage current and prospective investors.
• Investor Reporting: Provide transparent quarterly and annual updates on fund performance, financial results, and impact metrics.
• Impact Reporting: Highlight the social and financial impact of BII’s funds, aligning with investors' expectations for both financial returns and measurable social change.

Incubator Program Leadership

• Develop Pilot Incubator Program: Design and launch a pilot incubator for emerging fund managers shaping economic justice funds, refine support mechanisms, and use feedback to scale for larger cohorts in future years.
• Program Operations Management: Lead the incubator, providing strategic oversight and guiding participants through every stage from program participation to fund launch.
• Participant Selection and Pipeline Development: Oversee participant selection, ensuring alignment with BII’s mission, and build a pipeline of high-potential fund managers focused on economic and racial justice.
• Comprehensive Support for Fund Managers: Provide holistic support, including capital raising, deal structuring, impact management, and investor relations, equipping participants to launch sustainable funds.
• Recruitment of Experts and Mentors: Recruit top experts and mentors to deliver educational content and offer tailored support to each fund manager based on their specific needs.
• Curriculum Development and Facilitation: Design and continuously refine the incubator curriculum, recruiting subject matter experts and guest speakers to cover key topics in fund management and impact investing.
• Impact Reporting and Program Evaluation: Collaborate with the Education and Partnerships Director on a “State of the Cohort” report to track progress, impact, and outcomes, using insights to improve program effectiveness and communicate results to stakeholders.

Ecosystem Building

• Partnerships: Foster partnerships with leading foundations, movement leaders, and community-based investors.
• Conferences and Networking: Actively represent BII at impact investing conferences and events, dedicating time to build strategic relationships within the ecosystem.
• Community of Practice: Work in collaboration with the Director of Impact Investing Education to support cohort funds with shaping a community of practice for racial equity investing.

DESIRED SKILLS AND EXPERIENCE

• Strong Interpersonal and Collaborative Skills: Exceptional ability to build and maintain relationships with diverse stakeholders, including funders, community partners, participants, and colleagues. Proven track record in building robust networks and fostering communities.
• Fundraising & Capital Allocation Expertise: Proven experience raising capital for funds, ideally within the impact investing or community-based finance sectors.
• Financial and Economic Acumen: Skilled in performing fund diligence, including financial modeling, assessing fund managers’ investment theses, and aligning investments with impact objectives.
• Investment Management: Demonstrated experience in managing or supporting investment programs, particularly fund-of-funds and emerging manager strategies. Expertise in fund structuring, modeling, and capital deployment, with a strong understanding of financial analysis and regulatory compliance.
• Strategic and Programmatic Thinking: Deep strategic thinking capabilities, coupled with practical experience in program management or investment with small businesses and community investors (e.g., CDFIs, business support organizations, impact funds). Ability to align program goals with broader organizational objectives.
• Impact Investing Ecosystem Knowledge: Comprehensive understanding of the impact investing ecosystem, including familiarity with key investors, funders, and stakeholders. Ability to navigate and leverage this ecosystem to advance programmatic goals.
• Partnership Development and Relationship Management: Proven ability to establish and sustain strong partnerships with community partners, funders, and other key stakeholders. Skilled in nurturing and maintaining relationships to support program success and access to diverse funding streams.
• Project Management: Strong project management skills, with a demonstrated ability to organize, prioritize, and execute tasks efficiently. Adept at managing multiple projects simultaneously in a fast-paced, team-oriented environment.
• Commitment to Social Justice: Demonstrated interest in and understanding of economic justice, racial justice, gender equity, sustainability, and related topics. Passionate about advancing these causes through impactful programming and partnerships.
• Resourcefulness and Proactivity: Highly resourceful and proactive, capable of prioritizing tasks and navigating complex challenges with ease. Strong problem-solving abilities and a can-do attitude.
• Effective Communication Skills: Excellent written and verbal communication skills, with the ability to convey complex ideas clearly and persuasively to diverse audiences.
• Team Collaboration Experience: Multi-year experience working as part of a professional team, demonstrating the ability to collaborate effectively and contribute to team success.
• Nonprofit and Mission-Driven Experience: Experience in nonprofit or mission-driven contexts is highly desirable, as it showcases a commitment to impactful and meaningful work.
• Bilingual Proficiency: Bilingual in Spanish is a plus, enhancing the ability to engage with a broader range of stakeholders and participants.