Petra Funds appoints head of credit

Petra Funds Group has appointed Adam Weiss as managing director and head of credit, based in New York.

Previously, Weiss worked as principal and COO of credit at Riverstone Holdings for five years, where he was responsible for management and product, leading the firm’s efforts to improve its credit offerings. His time at Riverstone saw him additionally responsible for portfolio monitoring and risk management, as well as acting as a middleman between credit investment professionals, the accounting team and third-party service providers. He was also involved with managing liquidity and financing needs, valuations, relationship management, trade allocations, settlements, FX and operational due diligence.

His move to Riverstone came after almost six years as operations manager at KLS Diversified. He joined KLS following five years as an analyst at Perry Capital.

In his new role, Weiss will be responsible for overseeing the firm’s loan portfolio monitoring process and expanding its private credit fund administration business.

“Petra has established a reputation for providing best-in-class solutions for global private equity, venture capital and credit funds,” said Weiss. “I’m excited to work alongside Pete and Steve again, and help build on the successful platform they’ve created.”

Peter Haskopoulus, managing partner at Petra, added: “The need for specialised fund administration solutions delivered by experts has never been greater for credit funds. Implementing and running robust investment operations for an equity fund is very different from doing so for a credit fund, and there are few firms with teams who have actually scaled credit businesses from the inside. Adding Adam to our leadership team will help us continue to deliver best-in-breed fund administration solutions to global credit investment managers, including fund operations consulting process development and implementation, fund administration and reporting.”

“Adam is a long-time friend and leader in the credit space, and I’m delighted to welcome him to the Petra team,” commented Stephen Coats, managing partner at Petra. “We have been successful in establishing Petra as a different kind of fund administrator, one that puts professionals in place who have played on the field before to deliver solutions that private investment funds require to scale their operations. Adam’s experience combined with the secular shift towards private credit creates an opportunity to expand Petra’s credit fund administration offering and deliver institutional-grade solutions for managers.”