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Petra hires Riverstone Holdings COO

Susan BarretobySusan Barreto
February 22, 2023
in Manager News, Private Credit, Service Provider News
Petra hires Riverstone Holdings COO

Adam Weiss at Petra Funds Group (provided)

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Adam Weiss has joined Petra Funds Group, a fund administrator aiming to expand its private credit fund business that has nearly doubled in size in the last 12 months.

Previously Weiss had worked for Riverstone Holdings as the COO of Credit, officials said. He brings experience running the credit operations for a large multi-national private investment firm. At Riverstone he provided management and product expertise and led efforts to improve the firm’s credit offerings and assisted in developing a robust portfolio monitoring and risk management framework. The asset management firm invests in the private markets primarily within energy, power, and infrastructure. 

Weiss was directly involved with managing liquidity and financing needs, valuation, counterparty relationship management/marketing efforts, trade allocations, settlements, FX and operational due diligence.

At Petra, Weiss has been named managing director and head of credit. His role will center on offering clients a “best-in-class” loan portfolio monitoring process tailored to track loan covenants, interest rate step-ups, post-closing obligations, financial reporting accuracy and borrowers’ overall health.  

“The need for specialized fund administration solutions delivered by experts has never been greater for credit funds,” said Peter Haskopoulos, managing partner at Petra. “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 team who have actually scaled credit businesses from the inside.”

Petra has been positioning itself as a fund administrator that puts professionals in place who have played on the field before to deliver solutions that private investment funds require to scale their operations, said Stephen Coats, managing partner, in welcoming Weiss to the team.

“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.”

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