Impact investing has also matured. A decade ago, impact-focused investment was often characterised by a tension between financial rigour and social purpose. That tension has not disappeared, but the best impact investors have developed frameworks for measuring and managing it that meet institutional standards. Professionals with experience in impact measurement, blended finance, and mission-driven capital allocation are finding that their skills translate well into the ESG and responsible investment capabilities that larger venture firms are being asked to build.

For professionals thinking about a move in either direction, the practical question is usually about what gets emphasised at interview. A VC associate moving into a development finance role will be expected to demonstrate that they understand the difference between purely financial capital allocation and investment that carries additional objectives. The commercial instincts that serve someone well in venture capital are valuable, but they need to be translated. A development finance professional moving into venture capital needs to demonstrate genuine investment conviction, the ability to source and evaluate opportunities independently, and comfort with the uncertainty that comes with early-stage investing.

Neither transition is as difficult as people assume. What tends to trip candidates up is presenting their experience without adapting the framing. The skills are often more directly relevant than a conventional CV makes them appear.

Portfolio company careers represent another path that is underused. Venture capital professionals who have spent time working closely with founders, sitting on boards, and supporting businesses through growth and difficulty have developed a form of operational credibility that is genuinely rare. Moving into a chief of staff, commercial director, or strategy role at a portfolio company is not a step down from VC. For many people it turns out to be a more direct route to the general management experience that eventually makes them stronger investors.

At Fram Search, we work with venture capital firms, growth investors, development finance organisations, and businesses across the wider UK innovation economy. We place professionals into VC partnerships, operating partner roles, investor relations, and portfolio company leadership, as well as roles within development banks and impact investors. If you are a VC professional thinking through your options, or someone working in adjacent parts of the innovation economy who is considering a move into venture capital, we are glad to have a confidential conversation about where the market is and what a realistic next step looks like.