Client Challenge – Client outsourcing for the first time

• The client is a $100b+ fund manager with multiple fund structures and a large volume of activity within its portfolio.
• Petra began its engagement & onboarding with the fund manager in March 2024.
• The initial agreed upon SOW was for three active fund platforms including:
  • 3 Main Fund Vehicles
  • 3 Feeder and Parallel Vehicles
• The client had experienced attrition on its team at the Senior Accountant and Manager levels and needed a partner who could bring experienced people with private equity knowledge to the engagement.
• The client was raising a new multi-vehicle fund with three feeders and wanted a partner who could scale and meet the needs and demands of the new fund once closed.

The Solution

• Petra assigned one of its Senior Director’s with 25+ years of in-house PE experience to lead the engagement. The Senior Director assembled a team of six Petra individuals with either prior in-house private equity experience or Big Four experience in the alternative asset space.
• Working closely with the client, Petra established a plan to provide Co-sourcing services to the client in their environment and working as an extension of the client’s existing team.
• Petra’s team effectively and efficiently worked side by side with the client’s existing team, utilizing the client’s GL system and following their established processes.

Key Results

• Petra quickly gained the trust and confidence of the client, with respect to its abilities, prior in-house GP experience, working as an extension of the client’s existing team.
• The client has communicated to Petra it’s plans to continue to steadily increase the number of funds Petra provides fund administration services.