Petra Funds Group, the private funds administrator, has appointed former Antares Capital chief executive David Brackett to the board of directors.
Petra Funds Group provides fund administration services to private equity and debt funds globally. The firm administers funds with more than $180bn (£141.2bn) in assets in total.
Brackett was a founding partner of the private credit manager Antares, becoming co-chief executive in 2015 and sole chief executive in 2019.
During his tenure with the firm, Antares grew from a start-up in 1996 to managing more than $40bn in assets at the time of his retirement at the end of 2021.
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He also helped lead the firm through its acquisition by GE Capital in 2005 and its eventual sale to the Canada Pension Plan Investment Board in 2015, a deal that valued the firm at $12bn. Since leaving the firm, Brackett has served as a senior adviser to McKinsey.
“As a private funds executive with more than 25 years of experience, we are excited to welcome David to Petra’s board of directors,” said Stephen Coats, co-founder and managing partner, Petra. “One of our goals since day one has been to build a deep leadership bench of expert industry veterans at both the firm and board level and we look forward to having David be part of that.”
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Prior to founding Antares, Brackett held senior roles at Heller Financial and Continental Illinois National Bank.
“I am delighted to be joining Petra’s board and serve alongside this distinguished group of directors,” said Brackett. “I know first-hand the challenges that today’s private investment managers are facing when it comes to middle- and back-office operations and am deeply impressed by the distinct platform Petra has developed to help solve these issues. Petra has cultivated a truly talented team, and I look forward to working with them to continue building the success they have generated as the leading provider of fund administration.”
Brackett’s appointment comes after Petra Funds Group last month hired Krista McCoy to help develop its client acquisition strategy. McCoy previously worked at fund administrator Ultimus LeverPoint Private Fund Solutions for more than 20 years.