I’m currently a VP at a middle-market private credit fund and have been in private credit for ~5 years after starting in lev fin at a large bank.
I’m considering making a move out of private credit and am trying to assess whether Corporate Development is a realistic exit path, particularly at tech or software companies.
A few questions for anyone who has seen this move or made a similar transition:
- Is Private Credit → Corporate Development a viable exit, or is the lack of traditional M&A / equity investing background a major hurdle?
- Would tech / fintech Corp Dev teams view private credit experience as relevant, or would they strongly prefer M&A banking, PE, growth equity, or prior Corp Dev?
- Are there certain types of Corp Dev roles where a credit background is more valued, such as fintech, payments, lending, marketplaces, capital-intensive businesses, or strategic investments?
- Would Strategic Finance be a more realistic bridge, or is it too close to FP&A depending on the company?
- Are there other exits from private credit worth considering for someone who wants broader strategic / operating exposure, better long-term flexibility, and potentially better WLB?
Trying to think through whether now is the right time to pivot before becoming too specialized in credit, or whether it makes more sense to stay on the private credit path toward Director / MD.
Based on the most helpful WSO content, transitioning from private credit to corporate development is a viable exit, but there are nuances to consider:
Viability of Private Credit → Corporate Development:
While corporate development roles often favor candidates with traditional M&A or equity investing backgrounds, your private credit experience can still be relevant, especially if you’ve worked on deals involving complex capital structures or strategic financing. However, the lack of direct M&A experience might be a hurdle for some teams, particularly in tech or software companies that prioritize those skills.
Relevance to Tech/Fintech Corp Dev Teams:
Tech and fintech corporate development teams may value your private credit background if it aligns with their focus areas, such as payments, lending, or capital-intensive businesses. These sectors often require a deep understanding of credit markets, structured finance, and strategic investments, which could make your experience more appealing. However, teams with a heavy emphasis on equity investing or growth strategies might still lean toward candidates with M&A, PE, or prior Corp Dev experience.
Types of Corp Dev Roles Where Credit Background is Valued:
Your background may be particularly relevant in:
Strategic Finance as a Bridge:
Strategic finance could be a realistic bridge, especially in companies where it overlaps with corporate development. However, be cautious of roles that skew too close to FP&A, as they may not provide the strategic exposure you’re seeking.
Other Exit Options from Private Credit:
If you’re looking for broader strategic exposure, better work-life balance, and long-term flexibility, consider:
Timing the Pivot:
If you’re feeling too specialized in credit and want to diversify your skill set, now could be a good time to pivot. Waiting until you’re closer to Director/MD might make the transition harder, as you’ll be more entrenched in the credit space.
Ultimately, your success in making this transition will depend on how well you can position your private credit experience as relevant to the specific corporate development roles or industries you’re targeting. Networking and tailoring your pitch to highlight transferable skills will be key.
Sources: Breakdown of Post-IB Exit Opportunities, Exit opps for corporate strategy, https://www.wallstreetoasis.com/forum/private-equity/qa-non-target-top-bucket-ssg-private-creditdirect-lending?customgpt=1, Private Credit -> Public Credit Exits?, https://www.wallstreetoasis.com/forum/credit/private-credit-will-it-hold-up?customgpt=1
bump
If you are at a name brand PC shop and were focused on tech underwriting its no problem at all. Anyone from Blackstone, KKR, Golub, Ares, Sixth Street, Blue Owl, BlackRock/HPS software credit teams can easily move to strategic finance if you did more than vanilla software sponsor unis, especially in CA. If not, it's definitely tougher. Corp Dev also possible but they are more selective would rather just hire a tech M&A banker or GE/PE guy (name brand does a lot of lifting here if known in tech universe)
How to distinguish between an FP&A and strat fin role is just through conversations - some roles help with pricing and incl. breathing down PMs neck on metrics etc. Some are just doing FP&A.
Very helpful. Thanks for the response.
I’m at a middle market direct lending shop ($10B AUM, not name brand) with some tech transactions but no dedicated sector focus. Given that background, whats the most realistic path to break into strat fin or corp dev at a tech company? Am I better served targeting pre-IPO fintech names where a credit background might be more valued, or would I be better served switching to a name brand credit fund with a tech focus first to build the pedigree? My main concern on the latter would be the additional years of work required and the headwinds hitting software credit right now.
Main impetus for the career switch would be for an improvement in lifestyle (better WLB, improved remote flexibility).
I was going to ask why you want to make the move from a reputable PC shop to Corp Dev. But sounds like its mainly WLB based, what are your hours like currently? I was always under the impression PC, especially MM, had pretty good WLB. But maybe I am wrong.
Hours are actually pretty good, rarely above 50, sometimes closer to 40 during slower periods. The WLB at my current shop has been more than good compared to most credit roles. On the other hand, my firm has currently shifted from 2x week in the office with global remote work optionality for a month here or there, to no remote flexibility at all and 4x week mandated.
The move is less about escaping brutal hours and more about wanting location flexibility long term. I've historically spent 3 - 4 months living and working abroad and the 4x/week in-office push that's happening across the industry is increasingly at odds with how I want to live. I'm thinking that Strat fin or corp dev at a remote-forward company solves that in a way another credit seat wouldn't.
I recognize this is probably an unconventional reason to pursue the switch, but location flexibility is genuinely one of my highest personal priorities and worth optimizing for even if it means leaving a seat I otherwise enjoy.
Can be tough will need to have the right story. Corp dev obviously much more technical than private credit
Haven’t done research into corp dev roles, but do these tend to be so remote-forward? Would expect policy to be in line with whatever broader policy is at the company?
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