Over-Mentored, Under-Funded.
We hope to change that.

Despite some progress, institutional barriers for underrepresented funders and founders persist. These funders and founders get plenty of counsel, but not enough capital. We created Recast Accelerate to address this head-on.

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Mission

Building up women.

Women make up 45% of the VC workforce, but only represent 15% of partners. It takes a woman two to three times longer to raise a venture fund versus her white male counterparts on average, and in 2021 women-founded companies only received 2% of VC funding.

Recast Accelerate will support 90 women-led, emerging U.S. venture capital funds over the next three years. We believe that assisting these women today will prove the impact they can make tomorrow.

Program Overview

Helping underrepresented managers, one fund at a time.

  • Recast Capital launched Accelerate to test a hypothesis: that increasing female representation in VC general partner positions will increase VC funding to women founders and those from other underrepresented backgrounds.
  • Recast will share the findings of the research program in a public report.

How does Accelerate work?

  • Over the next three years, Accelerate will provide 90 women-led emerging venture funds with education, executive coaching, financial support.
  • We will provide ~$100,000 to 30 funds per year, to help pay for expenses in building and managing their firm (legal, tax, audit or fund administration expenses, the firm’s technology stack, etc). Recast will negotiate reduced rates with select providers, however it is not necessary to use those vendors. The dollars previously budgeted to these areas can be redirected to other considerations and/or help to extend their fundraising runway.
  • Participants will also have complimentary access to the Enablement Program, executive coaching, and community-building programs through Recast.

When does it take place?

  • Recast’s Accelerate program will support three cohorts: one each in 2023, 2024 and 2025, working with 30 funds per cohort.
  • We’re currently accepting applications for the 2023 cohort!

Application

Who should apply?

  • US-based emerging venture funds (I-II) led by at least one general partner who identifies as a woman or non-binary, and 75% of companies funded are also based in the US.
  • Venture funds should be focused at the early-stage, and have less than $25M in AUM at the time of applying (not including any closed capital for an open fund for which you’re raising capital currently).
  • Participating funds will be required to report on the demographics of the founders in which they invest. The data will be combined with other participants, anonymized and analyzed; findings will be published by Recast.

FAQ

Frequently Asked Questions

What’s the eligibility criteria to be considered for the Accelerate Program?

  1. The fund must have at least one member of the General Partnership who identifies as a woman or non-binary.
  2. The firm must have less than $25M in assets under management (AUM) (excluding capital raised for an open investment vehicle, prior SPVs, personal capital invested, etc.)
  3. The fund needs to be based in the United States and 75% of companies funded are also/will be based in the United States.

How many fund managers will be accepter to the program each year?

30 funds will be accepted to the program each year.

How will Recast evaluate applications?

Applications will be reviewed by a selection committee composed of individuals who have experience investing in emerging venture funds. Applications will be randomly assigned to selection committee teams, and those teams will make recommendations. Final selections will be made by Recast.

Are there key qualifications or backgrounds the review committee looks for when evaluating Accelerate Program applications?

Recast Accelerate is designed to increase the number of female venture capitalists, with the hypothesis that those investors will invest in more diverse founders. Recipients need to show that they are committed to the industry, have networks that are ripe for investment and have a background that is of importance to the sector/companies they will be backing. Having a track record is not necessary. We welcome applications from those with – or without – prior venture investing experience.

How could I potentially use the funding? Are there limitations or restrictions on the use of the $100K?

The funding is intended to be used to pay for back-office support, including but not limited to legal expenses, fund administration, audit or tax assistance, the technology stack, etc. Funds will be paid directly to the service provider(s) and we are able to pre-pay for services where relevant. We are unable to cover previously paid expenses.

In addition to the $100K, are there other opportunities an Accelerate Program participant can benefit from?

Yes. Each recipient will have the opportunity to participate in the Recast Enablement Program, a virtual educational program for emerging managers in venture, receive executive coaching, and benefit from the Recast network: emerging managers and other investors and allocators that are committed to supporting this space. The Enablement Program also includes pitch practice, a LP Day and hearing from both GPs and LPs who have experience in this industry. The recipients are also able to network with each other – and with the other 65 emerging managers that have gone through the educational program as of Q4 2022 – through virtual events, in-person events and using Slack channels.

Are there tax implications for receiving the money? What's the catch?

As the funding goes directly to the service providers, there is not a tax consequence for the recipients. The funding is a gift with the only requirement that you participate in a research study that tracks the demographics of your founders.

I previously participated in the Enablement Program. Am I eligible for Accelerate?

Yes! If you meet the eligibility criteria for Accelerate, you are encouraged to apply.

What’s the difference between the Accelerate and Enablement Programs?

The Enablement Program is a tuition-free, virtual educational program for U.S.-based emerging managers in venture. Learn more on the Enablement webpage here. There are no fund iteration or fund target size/AUM limitations on the participants of the Enablement Program – whomever feels like they could benefit from our content is welcome to apply. Accelerate is meant to really focus on smaller funds and earlier fund iterations where the monetary support, in addition to the educational components, can be transformative for a fund’s staying power in the industry.

I'm also interested in the Enablement Program. Can I apply to both?

Feel free to apply to both programs, but if you do get selected to the Accelerate Program, you will automatically have the opportunity to participate in the Enablement Program.

I want to learn more about Accelerate and have some questions. How can I best get in touch with the Recast Team?

Email us at Accelerate@recastcapital.com. We will also be holding information sessions – stay tuned for details.

Future

Accelerate doesn't
stop here

Accelerate is a three-year program, but we’re not stopping here. We plan to bring in other funding partners to support more female or other underrepresented emerging managers. If you or you organization is interested in supporting Accelerate’s future, please contact us.

Our Team

Experience brought us here.
Values keep us here.

Institutionally-trained investment professionals with decades of experience supporting and investing in emerging managers in venture.

Courtney McCrea

Co-Founder & Managing Partner

Courtney McCrea

Co-Founder & Managing Partner

Courtney is Co-Founder and Managing Partner at Recast Capital. Prior to co-founding Recast, Courtney was a Managing Director of Weathergage Capital, a boutique fund of funds that provided its clients with access to premier venture capital, growth equity and micro-VC partnerships. Venture fund commitments included both brand name funds and emerging managers. In addition to fund investment responsibilities, Courtney led the direct co- investing program at Weathergage. During her 10 year tenure at Weathergage, Courtney made commitments to 100 funds and seven direct co-investments.

Prior to Weathergage, Courtney was a General Partner with Weston Presidio, a leading diversified private equity firm based in San Francisco. After 7 years at Weston Presidio, she left in 2004 and founded Silver Partners, a private equity advisory firm where she evaluated secondary and co- investment opportunities and advised consumer growth businesses. Courtney was also a Director at Sterling Stamos, where she managed investments in buyout funds, venture capital funds and hedge funds.

Courtney has an M.B.A., with honors, from the Kellogg Graduate School of Management and a B.A. in Economics from the University of Illinois, Champaign-Urbana. She is a member of the Kauffman Fellows Class 3. Courtney is a member of the Alzheimer’s Association Northern California and Nevada Board of Directors and the Chair of the Episcopal Impact Fund Investment Committee.

Courtney McCrea

Co-Founder & Managing Partner

Courtney McCrea

Co-Founder & Managing Partner

Courtney is Co-Founder and Managing Partner at Recast Capital. Prior to co-founding Recast, Courtney was a Managing Director of Weathergage Capital, a boutique fund of funds that provided its clients with access to premier venture capital, growth equity and micro-VC partnerships. Venture fund commitments included both brand name funds and emerging managers. In addition to fund investment responsibilities, Courtney led the direct co- investing program at Weathergage. During her 10 year tenure at Weathergage, Courtney made commitments to 100 funds and seven direct co-investments.

Prior to Weathergage, Courtney was a General Partner with Weston Presidio, a leading diversified private equity firm based in San Francisco. After 7 years at Weston Presidio, she left in 2004 and founded Silver Partners, a private equity advisory firm where she evaluated secondary and co- investment opportunities and advised consumer growth businesses. Courtney was also a Director at Sterling Stamos, where she managed investments in buyout funds, venture capital funds and hedge funds.

Courtney has an M.B.A., with honors, from the Kellogg Graduate School of Management and a B.A. in Economics from the University of Illinois, Champaign-Urbana. She is a member of the Kauffman Fellows Class 3. Courtney is a member of the Alzheimer’s Association Northern California and Nevada Board of Directors and the Chair of the Episcopal Impact Fund Investment Committee.

Sara Zulkosky

Co-Founder & Managing Partner

Sara Zulkosky

Co-Founder & Managing Partner

Sara is Co-Founder and Managing Partner at Recast Capital. Prior to co-founding Recast, Sara served as a Venture Partner at Greenspring Associates, a venture capital platform with over $12B in assets under management. Sara managed Greenspring’s early-stage venture fund evaluation committee, supported the firm’s Micro venture fund evaluation committee and led the firm’s impact investing initiative. She was also responsible for sourcing, due diligence efforts and/or managing a number of Greenspring’s direct and secondary investments.

A new vision for venture.

Interested in the Accelerate program?
We're accepting applications now!

Apply Now