Key Takeaways
- • Women Backing Women Fund, the UK's first fund of funds with explicit mandate to invest in female fund managers, has announced a £130m first close with a target of £250m at final close.
- • Four institutional anchors are backing the initiative: retail banks Barclays and Nationwide, the British Business Bank (public fund), and investment manager M&G.
- • Bootstrap4F, the operating team led by Fatou Diagne, Stéphanie Heller, and Matthias Ummenhofer, can now begin capital commitments to female-led and mixed-gender investment teams who will deploy capital into female-founded startups.
- • The fund is part of the UK government's Invest in Women Taskforce launched two years ago to position the UK as the leading jurisdiction for female entrepreneurs; deployment through investment partners has already begun in 2025 with £70.5m invested across 15 deals.
- • The fund faced operational challenges including the departure of two Bootstrap4F founding partners and reported communication delays with prospective fund managers, though formal first close now enables deployment acceleration.
Summary
The Women Backing Women Fund has closed its first institutional tranche at £130 million, marking a significant milestone for the UK's first fund of funds specifically mandated to channel capital to female fund managers and, by extension, female-founded startups. The fund aims to reach £250 million by final close and operates as a core initiative under the UK government's Invest in Women Taskforce, which was established two years ago with the strategic objective of positioning the UK as the world's leading destination for female entrepreneurs.
The £130 million first close is anchored by four institutional investors: Barclays and Nationwide (retail banks), the British Business Bank (a public development finance institution), and M&G (an investment manager). Bootstrap4F, the operating partner selected to manage the fund, is led by Fatou Diagne and Stéphanie Heller, cofounders and managing partners of Bootstrap Europe (a debt fund), alongside Matthias Ummenhofer, a founding partner of Mojo Capital and former head of venture capital at the European Investment Fund. With first close formalized, Bootstrap4F can now begin making commitments to female-led and mixed-gender investment teams, which are contractually obligated to deploy the capital into female-founded businesses.
The fund's launch was not without operational friction. In March 2026, fund managers interested in raising capital from the Women Backing Women vehicle reported communication breakdowns and shifting deadlines from the Bootstrap4F team. More recently, Sifted reported that two founding partners of Bootstrap4F departed the initiative. An Invest in Women Taskforce spokesperson acknowledged concerns at the time, stating: "We are acutely aware that fund managers are eager to proceed, and we share that urgency."
Despite these early-stage challenges, deployment activity is already underway. According to Invest in Women Taskforce updates, investment partners began deploying capital in 2025 and have committed £70.5 million across 15 deals to date—comprising one fund investment and fourteen female founders. This activity sits within a broader £635 million funding pool across the taskforce's initiatives, demonstrating the scale of the UK's institutional commitment to closing the gender investment gap.
The £130 million first close is anchored by four institutional investors: Barclays and Nationwide (retail banks), the British Business Bank (a public development finance institution), and M&G (an investment manager). Bootstrap4F, the operating partner selected to manage the fund, is led by Fatou Diagne and Stéphanie Heller, cofounders and managing partners of Bootstrap Europe (a debt fund), alongside Matthias Ummenhofer, a founding partner of Mojo Capital and former head of venture capital at the European Investment Fund. With first close formalized, Bootstrap4F can now begin making commitments to female-led and mixed-gender investment teams, which are contractually obligated to deploy the capital into female-founded businesses.
The fund's launch was not without operational friction. In March 2026, fund managers interested in raising capital from the Women Backing Women vehicle reported communication breakdowns and shifting deadlines from the Bootstrap4F team. More recently, Sifted reported that two founding partners of Bootstrap4F departed the initiative. An Invest in Women Taskforce spokesperson acknowledged concerns at the time, stating: "We are acutely aware that fund managers are eager to proceed, and we share that urgency."
Despite these early-stage challenges, deployment activity is already underway. According to Invest in Women Taskforce updates, investment partners began deploying capital in 2025 and have committed £70.5 million across 15 deals to date—comprising one fund investment and fourteen female founders. This activity sits within a broader £635 million funding pool across the taskforce's initiatives, demonstrating the scale of the UK's institutional commitment to closing the gender investment gap.
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