Wells Fargo Foundation

About the fund

The First Mover Fund provides catalytic capital to emerging impact-first fund managers, particularly those focused on communities of color across North America. It employs a blended finance approach combining grants for operational launch support with strategic advisory services. The fund connects recipients with its network of limited partners, experienced fund managers, and mentors to accelerate development and ensure sustainability. With a $5 million target capitalization, of which $1.5 million has been raised, the First Mover Fund primarily attracts foundation investors committed to diversity and inclusion initiatives. The fund has established a strategic objective to mobilize $100 million in investment capital toward communities of color by 2030, emphasizing community ownership models and economic empowerment.