Standard job titles in PE/VC firms—The role of Director

In most private equity firms, a successful investment manager is typically promoted to Director—the title may instead be 'Vice President', 'Investment Director', or even used concurrently with 'Director'. There is no fixed rule governing such nomenclature; broadly speaking, these positions are all considered mid-level management roles within investment firms. Directors bear certain project execution responsibilities, yet generally play only a limited role in the firm’s investment decision-making process and do not participate in corporate governance decisions. Instead, Directors typically oversee some of the firm’s portfolio companies—and may even serve on the boards of those portfolio companies, offering strategic investment advice. Typically, Directors do not receive carried interest from the entire fund; however, like Partners, they may earn carried interest tied specifically to the portfolio companies under their direct responsibility. As project executors, Directors identify, manage, and close deals. The Director role is the final step before promotion to Partner. The functional scope of mid-level titles—such as Vice President, Investment Director, and Director—varies significantly across investment firms of different sizes and investment stages. • In large firms: Especially in large USD-denominated PE firms, responsibilities are more finely divided. Here, Directors function more like 'project managers', playing a central role throughout the deal lifecycle: coordinating junior investment managers and analysts, gathering project information, conducting industry and company research, performing due diligence, serving as the primary external point of contact with target companies, coordinating transaction negotiations, and reporting progress to Partners. Post-investment, Directors often assume responsibility for post-investment coordination with portfolio companies; some may even secure actual board seats (i.e., genuine 'director' positions) at those companies. However, individuals at the Director level usually lack the authority to make core transaction decisions—and often lack the extensive network and experience required to independently source major deals (precisely where Partners add critical value). Not every Director advances to Partner. Beyond hard work, a measure of luck is also involved. Without a credible track record of successful deals, a Director may remain at that level for many years. • In small firms: Especially in early-stage investment firms, mid-level titles are often largely nominal—and may not entail any managerial responsibilities. A Director may operate entirely solo: sourcing deals, executing them, and managing outcomes without leading a team or having dedicated investment managers or analysts reporting to them. In such cases, a 'Director' is essentially an experienced, high-performing investment manager.

What exactly is the CFO’s role in capital operations—including fundraising, M&A, and IPOs?

The CFO cannot personally execute every task—but must lead cross-functional efforts spanning legal affairs, risk management, valuation, and business operations. For instance, many corporate CFOs oversee functions such as risk control, legal affairs, and human resources. Yao Yong emphasizes that this leadership is defined from the perspective of capital market operations—not internal operational control: “It’s about being a leader, not a manager—and there is a fundamental, inherent distinction between the two, with vastly different levels of strategic impact.” He further explains that data governance, process design, and organizational design are all concrete, operational tasks. A CFO may lead, supervise, or even perform such tasks directly. Yet the higher-level mandate transcends these: it encompasses securing long-term financial and capital support for enterprise growth, managing market capitalization, shaping market narratives ('market noise making'), and contributing to corporate strategic planning. All such matters should ultimately be decided by the Board of Directors—or even the Shareholders’ Meeting—and the CFO must therefore be granted commensurate authority. Exceptions exist: in smaller, less complex enterprises, the CFO may effectively function merely as a finance manager or funding manager—a relatively common scenario. “The title ‘CFO’ (Chief Financial Officer), rather than ‘CAO’ (Chief Accounting Officer), is deliberate,” notes Yao Yong. “Many companies do appoint a CAO—but that role almost always reports directly to the CFO.” Yao Yong believes soft skills far outweigh hard skills in importance for a CFO. Soft skills include influence, decision-making ability, communication skills, resilience, and more—each carrying significantly greater weight than technical competencies such as financial accounting, financial reporting, or risk control. For listed companies, the CFO is typically the sole executive entering the Board of Directors through the finance and capital markets lens. Yao Yong points out: “The CFO’s primary duty is accountability to the Board of Directors and to the Shareholders’ Meeting—not merely building a strong finance or treasury department.” CFO and Secretary to the Board: A tightly integrated 'single entity' In many enterprises, the CFO’s internal and external responsibilities are separated: some finance heads do not assume capital operation duties—and thus lack related authority. In such cases, the CFO must closely collaborate with the Secretary to the Board, who handles disclosure, investor relations, corporate governance, equity investments, and reports directly to—and is accountable to—the Board of Directors. How should responsibilities between the CFO and the Secretary be allocated? What considerations are critical for effective collaboration? Cheng Yanhua, Founder & CEO of Caineng Technology and Dean of Caineng Academy, observes: “How the CFO and Secretary coordinate during capital operations is not just a technical matter—it’s an art.” Whether the capital operations department—or investment department, securities department—is placed under the CFO’s purview or separated from the finance function depends on the company’s overall organizational structure and division of responsibilities. Listed companies and non-listed conglomerates differ significantly in this regard. Capital operations impose exceptionally high demands on the CFO. Those with investment banking backgrounds often find this domain more intuitive—but most CFOs come from accounting backgrounds. Their greatest challenge lies in deepening their understanding of capital markets, cultivating external resources (on both the funding and asset sides), strengthening their internal voice and influence, and honing their organizational, coordination, and communication capabilities throughout the entire process.

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