In this paper I use a governmentality framework to explore the growth of women's mentoring programmes in Australian universities over the last 10-15 years. These programmes are supported because they speak to institutional concerns with improving performance in a performative culture, while being seen to deal with the problem of gender inequity. I draw on the mentoring experiences of two women academics from a larger study to illustrate the ways women are governed and self-govern, and negotiate subjectivities through mentoring. This reading locates mentoring within a network of institutional power relations, in so doing unsettling the truths we hold about mentoring as always good and unproblematic. It offers an important account of why mentoring has become so popular in these places in these times and reflects on the implications for feminist political goals. (Contains 1 note.)