Full Outsourcing of Private Credit Managers’ Middle Office Responsibilities

• Client had previously used another fund administrator for credit middle office, but had issues with unreliable data, a lack of communication and no backup provided for financial calculations.
• Given this fact pattern, the client was initially hesitant to work with another third party as the credit platform was expected to grow.
• Petra and the client agreed on a trial scope of work, and to continuously discuss ways for the relationship to grow over time.

The Solution

• Petra began with an initial scope of work to establish communication, build trust and develop responsibilities for who should be responsible between Petra and the Client.
• Petra was able to take over timely intensive credit middle office processes, which include loan settlements, tracking bank KYC/AML needs, valuation support and ad hoc reporting requests.

Key Results

• Client able to better leverage internal resources for review, reporting and ad hoc needs for the investment team, given the ability to outsource various credit middle office tasks to Petra.
• Petra was able to expand the scope, leveraging individuals with specific credit middle office experience.
• Petra was also able to make recommendations for best practices and process improvements across technology, reporting and other needs.