Leaving IB to Start a Corp Dev function? Experiences?

Working on the sell-side now and have had a great experience working with one of our clients. They are being acquired by an interesting strategic in the space that has a clear line of site towards IPOing in the coming years. They do not have a specific corporate development function, but will need one given how acquisitive they plan to be.
 

My question is, has anyone joined a firm with a brand new corporate development function and/or helped start one, and what was your experience like? I see the pros of doing this, including starting early with a strong growth trajectory and upward mobility, as well as being involved in the strategy aspect, but cons include a lack of structure / defined role within the company as well as comp structure, which could be risky. Open to any thoughts/ experiences that anyone has had.