Fund, as a fellowship (5)
I believe the answer is:
endow
'fund as a fellowship' is the definition.
(I've seen this in another clue)
This is the entire clue.
(Other definitions for endow that I've seen before include "Bequeath estate to" , "Bequeath or give an income or property to" , "Enrich (with a facility or gift)" , "Provide with a permanent income - perhaps a college" , "Invest" .)