Rachel Townend, certified Chief of Staff, shares her impressive path to growth and success
In 2022, I was promoted to Chief of Staff and General Partner at a venture capital firm called Illuminate Financial – a company I have called home for over 11 years. There was no fanfare or big PR announcement, just solid recognition that my contribution to Illuminate had been seen and, more importantly, that my impact was valued. EA to General Partner is a very unconventional path and is a testament to my partners at Illuminate, who recognise ability and character over conformity.
My journey has been steady and, in many ways, unremarkable. It contradicts the advice I often hear these days: that being reliable and working hard won’t get you far. Yet here I am. So, I thought I’d share my story – and a few lessons I’ve picked up along the way.
Learning the Hard Way
When I was little, I wanted to be a tractor driver. But after a few run-ins with our pet goats, I realised farming life might not be for me. Since then, I’ve simply followed the things I love. I support, I enable, I troubleshoot – and now I lead (albeit from the back).
In 2007, after stints in media, hospitality, and financial advisory, I moved to London and spent a year working on a hedge fund trading floor. It was without doubt the most terrifying year of my life, but also where I learned the most, particularly about attention to detail and finding solutions without always asking questions.
Phone headset on, I spent my days shouting at traders while simultaneously being shouted at myself – either because their funds weren’t performing or the £200 bouquet of flowers ordered for their wife was the wrong shade of pink. My most memorable tasks included taking a black cab to Wimbledon to buy a shooting rifle for a nanny and being sent repeatedly to Café Nero by a senior partner who would down his espresso and immediately demand another, purely for trading floor humiliation. I don’t advocate for a “Wolf of Wall Street” education, but it was certainly a fast way to upskill.
When the financial crisis hit in 2008, I – along with many others – was made redundant.
It’s All About Your Network
As luck would have it, I had made a good impression on a colleague who had left the hedge fund. He offered me a job as EA to three partners at Satya Capital, a private equity fund investing in Africa. I spent five happy years there, earned the nickname “Little Miss Magic,” and still consider them good friends and mentors today.
After a brief stint working for an entrepreneur in Mayfair (an experience that helped clarify that it’s who you work with, not the sector), I met my current founder. My friend Ben recommended him and told me, “Everything this man touches turns to gold.” Perfect, I thought…
Find Your Champion
In February 2014, I became employee #1 at Illuminate, joining our founder, Mark, in his London flat to set up email addresses and create a “game-changing fund in financial technology.” A dummy’s guide to bookkeeping and a leap of faith from two generous investors, and we were off.
I was incredibly lucky; Mark trusted me from day one. He gave me the freedom to make decisions and lead independently, even though my day-to-day work was often directed by his needs. If you can find someone who is a strong delegator and able to trust, you are already ahead. I soon became Business Manager as my responsibilities broadened, though I formally remained EA until January 2022. I am certain I wouldn’t have had the opportunities I’ve had without those who championed me at Satya and Illuminate.
Look for the Opportunity: Run Towards the Gap
Sometimes you need a catalyst for change. For me, it was the departure of one of our partners. I had stayed in my role too long (mainly because I enjoyed it), but I saw an opportunity – and I ran at it.
In January 2022, I hung up my EA boots and became Chief of Staff. I clearly articulated the areas where we weren’t excelling and how I could help. If you’re looking for change, remember, showing how your behaviours and actions contribute to business outcomes is key. It was a strange time. I felt sad to be leaving the EA role, uneasy about stepping into something new (not just for me but for Illuminate) but also excited about the challenges and opportunities ahead.
It’s OK to Be a Generalist
For years, I felt inadequate about not specialising. It’s only now, as CoS, that I’ve become comfortable being a generalist. I believe not diving too deep allows me to think more strategically about the business and its challenges. Today, I sit on the management board and cover operations, people management, IT, and strategy.
‘I’m often thrown into troubleshooting roles; one never knows when the next fire extinguisher will be needed.’
Communication Is Key
Communication really is everything. Those in supporting roles often work incredibly hard yet remain unseen – either because they’re not visible or because they fear being seen as “bragging.”
Introverts, in particular, struggle with the tension between humility and visibility. After reading Melody Wilding’s piece in the Harvard Business Review on visibility, I found that expressing gratitude for others is a great way to communicate achievements without discomfort. A few bullets highlighting your wins, or a simple “just so you know” message, helps your principal stay informed and gives visibility into your impact, without the need for micromanagement. It’s a learned skill, and one to practise daily.
Find Your Superstrength
My honest, direct approach, and often different perspective, helps challenge thinking and make my leadership team more well-rounded. One reason I was given equity is because I have a founder’s mentality and a willingness and passion to contribute. I was already doing a lot of advising, but particularly more recently, I’ve learned that listening is just as powerful. I’m structural, practical, and action-oriented, which contrasts with some of my more analytical and conceptual partners. This balance has built my reputation as someone accountable, detail-driven, and committed to excellence.
It’s easy to see your differences as weaknesses. For me, not being an investment professional once made me feel less integral. But if you lean in, your uniqueness becomes your superpower. Just remember: your strength can also be your derailer. Self-awareness is crucial. My own growth plan includes learning to deliver messages tactfully and staying patient with others who move at a different pace.
‘I’m here because I challenge, I build, and I bring a different lens – and that difference is exactly the point.’
Believe in Yourself
The biggest thing that has held me back is confidence.
I used to think that I didn’t know enough about finance, wasn’t a specialist, and no one would want to hear from me. But the further I’ve progressed, the more I’ve realised how little content or substance some people have – and yet they progress, through confidence alone. I’m not advocating style over substance. But I am saying: you’re better than you think.
Constantly comparing yourself to others is a trap. My company wouldn’t be the same without the diverse thinking I bring to the leadership table. I’ve heard all the comments: “You can’t be a GP without a finance background”, “You can’t be a CoS without an MBA”, “You were probably a diversity promotion.” But I didn’t become a partner because of what I lacked – I became one because of what I bring.
