The purpose of this study was to examine and better comprehend the concept of mentoring functions as they apply to leadership development within the American Council on Education Fellows Program— from the Fellows’ (or protégés’) perspectives. The study sought to generate knowledge in how to develop future higher education administrators in response to the documented increase of turnover among campus leaders. A sequential explanatory mixed methods design was used, collecting quantitative data followed by qualitative data. This mixed methods study highlights the functions of mentoring that enhanced the learning experience for leaders in higher education, and has resulted in a proposed conceptual model.