The UK's first fund of funds dedicated to investing in female fund managers has secured its first close at £130m. Women Backing Women, launched a year ago, aims to raise £250m total to channel capital into female-led and mixed-gender investment teams, who will then invest in female-founded startups. This initiative is a cornerstone of the UK government's Invest in Women Taskforce, launched two years ago to position the UK as the world's top destination for female entrepreneurs. However, the fund's launch faced turbulence.

Earlier this week, Sifted reported that two founding partners of the Bootstrap4F team, tasked with running the fund, departed. Concerns also surfaced in March over poor communication from Bootstrap4F and shifting deadlines, as highlighted by fund managers hoping to participate. 'We are acutely aware that fund managers are eager to proceed, and we share that urgency,' a Taskforce spokesperson told Sifted.