In McGuireWoods’ next Celebration of Women Dealmakers, we highlight four women from Great Rock Capital, an asset-focused commercial finance company that specializes in serving middle market companies across the United States and Canada.
Women comprise 40% of Great Rock’s leadership team, holding positions in areas including risk management, financial operations and new business. The ability to attract and retain women successfully has helped the firm create a welcoming atmosphere, which facilitates communication and collaboration across the team, promoting Great Rock’s solution-oriented culture. Insights from four women leaders demonstrate why the firm is poised for long-term success.
Kathy Auda
Kathy Auda joined Great Rock in 2020 and serves as the firm’s chief risk officer where she oversees the underwriting and portfolio management teams. Auda pursued a career in private credit because she loved finance and enjoyed helping businesses grow. “After a long career in commercial banking, I jumped at the chance to work in private credit, where I have the ability to be nimbler and more flexible in putting together financing solutions,” she says.
Auda credits mentors and strong executive leaders — women and men — for impacting her successes by pushing her to advocate for herself and others. “I have had some great mentors help me along the way. A few of them have been tough, but they were instrumental in my development into a leader.”
These mentors helped Auda overcome challenges she faced in the private credit industry, including those associated with being a woman. “Especially early in their career, there can be a perception that women aren’t tough,” she says. “I spent about eight years doing workouts and restructurings, and I had an advantage because ‘the other side’ assumed I would be a pushover. I find most women to be solution-oriented and consensus builders. Even in the most challenging negotiations, I focus on the endgame and make compromises, if needed, to get there quickly and efficiently.”
Auda participates in networking events for women, because they present opportunities to let women know they have a common base and to encourage them to pursue leadership roles in the private credit space. Women who showcase their talent at industry events, speak on panels, receive recognition in industry magazines, author articles and work in other ways to be “visible” can inspire other women to pursue higher-level positions within private credit, she says.
Auda strives to make a positive impact on other women by “inspiring fellowship,” she says. “That phrase always has resonated with me. The leaders I admire the most inspire me and others to support them and their vision. I hope I have a similar impact on the people who work with me and around me.”
Jenn Cronin
Jenn Cronin joined Great Rock in 2018 and serves as the managing director and head of marketing. Like Auda, Cronin credits female and male mentors for serving as invaluable resources throughout her career. “A great mentor will provide candid feedback and advice that will help you reach the next step. I had a tough-love mentor about 12 years into my career. At the time, this experience seemed brutal. Looking back, that was the time of my career when I made the big leap by taking a position that was out of my comfort zone, and it led me to my current path.”
Cronin is encouraged to see the percentage of women in the private credit space continue to grow, but she acknowledges that the scale still tips in favor of men. However, this represents an opportunity for women, she says. “Don’t be shy. This is your time to shine. Take full advantage of it to demonstrate your intellect and confidence.”
Companies can benefit from women’s ability to collaborate and provide fresh perspectives that can guide different dealmaking outcomes, Cronin says. “In our ever-changing world, thinking outside of the box is a skill that should be strongly valued across all industries.”
While Cronin recognizes the need to work hard to find success in private credit, she advises women pursuing careers in the space to keep an eye on their health. “There is a substantial difference between being busy versus being productive. While there are circumstances beyond our control where we must work around the clock, exhaustion can backfire. A sharp and fresh mind is invaluable to you and your company.”
Mignon Winston
Mignon Winston joined Great Rock is 2023 and serves as the vice president of underwriting, acting as a team leader. She was drawn to private credit because it offered her the ability to lend creatively at a smaller, less regulated and more nimble company.
Winston’s success has not been without its challenges. “I find that the private credit industry is a microcosm of the society at large, and therefore pockets of negative attitudes toward women are present,” she says. “These negative attitudes have caused other deal constituents to believe that I am not the transaction’s team leader. Rather, this distinction belongs to my male junior colleague.”
Winston addresses this misconception head-on by introducing herself as the individual leading the Great Rock deal team. “This way, people understand my role and bring me into situations appropriately. It’s important to present oneself, one’s work and thought processes, and one’s company as positively as possible to mitigate these attitudes.”
Mentors within and outside Great Rock have played ongoing roles in Winston’s career. “It’s important for women to seek out mentors from every background, not just other successful women,” she advises. “It’s also important to study successful people in one’s industry and emulate their strengths.”
Winston offers young women working in private credit additional advice:
- Network wherever you can.
- Ask for informational interviews to learn what it’s like to work in a specific position at a particular company.
- Safeguard your résumé. Do not take a job at a poorly regarded company just because it pays well.
- Do not stay stuck at a bad job where you experience dread for the workweek every Sunday night.
- Assume each job will last a few years and think continuously about what the next steps in your career should be.
- Make your manager look good, whether you like them or not.
Christina Zielinski
Christina Zielinski joined Great Rock in 2016 and now serves as a managing director and head of underwriting. She believes women are finding success in private credit because they have abilities essential for the industry, including fostering inclusivity and collaboration. “Given the complexity of many deals, where the path to a solution may be unclear, extensive discussion and multiple iterations often are required,” she says.
Like her Great Rock colleagues, Zielinski sings the praises of several mentors who played a crucial role shaping her professional path. “Their guidance has been instrumental in influencing important career decisions. I make it a point to stay connected with these mentors, as they’ve generously shared their knowledge, experiences and expertise, helping me navigate challenges and make well-informed choices. Their support and feedback have been invaluable in refining my skills, expanding my network and reaching my goals.”
Zielinski hopes to see a greater representation of women in private credit at all levels within organizations, but she recognizes that achieving this goal will require a concerted effort. “Attracting talented women to smaller firms in these industries can be challenging,” she says. “To achieve more balanced representation, firms must prioritize diversity in hiring across all functions.”
Reaping the Rewards of Women Leadership
The women leaders at Great Rock speak highly of the firm’s commitment to bringing in diverse candidates, noting the benefits of these efforts. Team members have a variety of prior experiences and skills. Some are veterans of private credit while others are newer to the industry, helping create a well-rounded team that avoids the risks that can come from an echo chamber.
The firm has embraced a culture of transparency, with everyone contributing insights and recommendations, no matter their title or role. Through weekly lunches, planned activities and group outings, along with celebrations for personal and professional milestones and successes, Great Rock’s women leaders strive to set a positive internal culture and keep morale high. These efforts, they say, help position the firm as an attractive place to work and an appealing partner to businesses that appreciate the tremendous value that can come from a broad spectrum of perspectives and expertise.
The McGuireWoods Women in Private Equity & Finance Initiative promotes the advancement of women in private equity and lending through a series of varied experiences that provide substantive educational and networking opportunities.