Petra Funds Group said that it has named Adam Weiss as managing director and head of credit.
The move builds on the service provider’s founding talent pipeline: Weiss was previously COO of credit at Riverstone Holdings, which Petra was effectively spun out of via an outsourcing method.
The method, known as a lift-out, entails an investment firm’s support staff leaving to form their own company. However, they can continue to offer the same services to their former employer.
Petra pointed out that Weiss is joining its fast-growing private credit fund administration business, noting that its size has almost doubled in the past year.
In Weiss’s new role, the firm said, he will “offer Petra clients a best-in-class loan portfolio monitoring process tailored to track loan covenants, interest rate step-ups, post-closing obligations, financial reporting accuracy, borrowers’ overall health, and other fully customizable needs.”
The service provider noted Weiss’s experience at Riverstone, which included supporting the development of a framework for risk management and portfolio monitoring. Petra also said that he “acted as a liaison between the credit investment professionals, the accounting team, and third-party service providers.”