The Prospect Fellowship 2026, organized by Yale Investments, is now accepting applications. This eight-week intensive program is designed to support visionary investment entrepreneurs who are ready to launch their own funds. Unlike traditional academic fellowships, the Prospect Fellowship provides direct financial support, mentorship, and access to Yale’s vast network, making it one of the most unique opportunities for aspiring fund managers.

The program will welcome up to five fellows who will partner closely with Yale Investments to sharpen their strategies, receive financial backing, and take critical steps toward building their firms.

Why the Prospect Fellowship?

Yale Investments created the Prospect Fellowship to cultivate the next generation of investment leaders. The program’s name pays homage to Prospect Street, the former home of the Yale Investments office, while also symbolizing looking forward to new opportunities and innovation.

The Prospect Fellowship is not an academic exercise; it is a practical, structured program that prioritizes long-term partnerships. Yale provides fellows with resources, institutional knowledge, and direct capital to help them scale their funds and succeed.

Key Program Features

Fellows selected for the Prospect Fellowship will gain access to unparalleled support. The program provides:

• Working Capital Support: Up to $2 million in working capital to help fellows start their fund and build their team.

• Anchor Investments: A guaranteed $25 million anchor investment at fund launch, plus an additional $25 million follow-on investment.

• Mentorship and Guidance: Direct training and mentoring from Yale Investments professionals and its extensive network of institutional investors and service providers.

• Hybrid Format: A mix of in-person and virtual sessions. Fellows will be required to attend a few days on-site in New Haven at the beginning and end of the fellowship, with all travel expenses covered.

• No Equity Stakes Taken: Yale does not take ownership stakes or revenue shares in fellows’ firms. Instead, Yale benefits from capacity rights and pro-rata co-investment rights, aligning long-term success with the fellows.

Who Should Apply?

The Prospect Fellowship is designed for individuals with a differentiated perspective on investing. Yale backs people, not track records, so candidates do not need an established fund before applying.

Applicants may come from varied backgrounds, but serious candidates will likely have significant investment experience. Yale is especially interested in individuals who:

• Have a unique vision for investing.

• Demonstrate hunger for growth and readiness to execute.

• Possess gaps or needs that can be addressed through mentorship and resources.

• Are committed to launching or scaling their own fund.

Both individuals and co-founders can apply. If applying as a team, only one application should be submitted with one representative listed as the applicant, and co-founders should be named in the application.

Program Timeline and Selection Process

The Prospect Fellowship follows a rigorous selection process to ensure the most promising candidates are selected.

• Application Deadline: October 12, 2025, at 11:59 PM EST.

• First-Round Review: Applicants will be updated on their status by the end of October 2025.

• Semi-Finalist Stage: Selected candidates will participate in virtual interviews to discuss their vision and plans.

• Finalist Stage: Finalists will attend an in-person interview in New Haven.

• Final Decisions: Chosen fellows will be notified early in 2026.

Yale notes that while they cannot provide feedback on all applications, semi-finalists and finalists will receive insights following their interviews.

Terms and Funding Structure

Unlike many programs, the Prospect Fellowship is structured to be entrepreneur-first:

• Fellows do not pay to participate.

• Yale provides both capital and strategic guidance.

• Investments are made on market-representative terms.

• Yale requires only capacity rights and co-investment rights, ensuring fellows retain ownership and independence of their firms.

This model is designed to give fellows the financial foundation and strategic support they need to succeed without compromising their autonomy.

Application Details

Applications are open until October 12, 2025, at 11:59 PM EST. Interested candidates should prepare to:

• Share their investment vision and approach.

• Demonstrate their readiness to build or grow a fund.

• Highlight the skills, perspectives, and experiences that make them stand out.

Applicants with non-compete agreements cannot apply until restrictions have expired.

Contact and Additional Information

For questions or further clarification, applicants can contact the program directly at prospect@invest.yale.edu.

More information and the application link can be found at: https://invest.yale.edu/prospect

Conclusion

The Prospect Fellowship 2026 offers a rare opportunity for ambitious investment entrepreneurs to receive direct backing from Yale Investments, one of the most respected institutional investors globally. With up to $2 million in working capital, $50 million in anchor and follow-on investments, expert mentorship, and access to Yale’s network, this program is designed to accelerate the journey from vision to reality for the next generation of investment leaders.

If you have a bold vision for investing and the drive to build something transformative, this is your chance to step forward and shape the future of investment management.

Application deadline: October 12, 2025.

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