About Us

Spinning glass

Pallas Capital is a CRE debt and equity investment manager. The business was established as a direct response to the lack of CRE debt availability for borrower’s requiring debt solutions up to $50 million, a situation exacerbated by the shortage of reputable and experienced non-bank lenders.

Who we are

A growing funding gap, precipitated by regulatory requirements requiring major Australian banks to reduce their CRE debt exposures and the failure of market structures to keep step with demand, has created sustainable opportunities for private capital to access, relative to risk, outsized returns. Entrenched and trusted local lenders and managers such as Pallas Capital are leading the way.

$1.86b
Total investments managed since inception 2016
$1.14b
Open and performing investments
$723m
Fully repaid investments across 120 transactions
260
Debt and equity transactions across the capital stack
$103m
Paid to investors as interest or equity returns
0
A flawless track record with no loss of capital or interest on Pallas investments

“I was introduced to Pallas Capital three years ago and have since invested across the entire portfolio. Their service has been faultless, everything is exactly as promised. It’s reassuring to know I can pick up the phone to an Executive Director, any time.”

Matthew Willis
High Net Worth Investor

Why choose
Pallas

01
Discipline
Pallas Capital observes a robust investment approach based on rigorous due diligence, cross-cyclical experience that can calibrate risk with inherent value. With industry best-practice and highly active investment management practices, we work hard to identify and deliver strong risk adjusted returns, as compared to other fixed income investments for our investors.
02
Risk Adverse
In each and every transaction, detailed credit, sponsor, asset and sensitivity modelling analyses is undertaken. All loans are secured against quality Australian real estate assets, backed by corporate and/or personal guarantees. We observe conservative Loan to Value Ratios (LVRs) and require multiple achievable exit strategies.
03
Flexibility
Pallas Capital blends industry-leading financial and CRE expertise with the flexibility and agility only a non-banking institution can provide. Our leadership team is able to move confidently and quickly for our borrowers and investors, adjusting strategies in line with prevailing market conditions and emerging opportunities.
04
Insight
Beyond investment expertise, Pallas Capital has extensive in-house property development capability through Fortis, a wholly owned subsidiary of Pallas Group. This unique relationship provides rare insights into Australia’s property landscape and the highly nuanced borrowing needs of developers and asset owners in the current environment.
05
Relationships
Strong results are built upon integrity, trust and enduring relationships. From pre-investment or financing to full repayment, our ethos has always been hands-on, proactive and deeply personal. Through working closely with our investors and borrowers, we're able to grow with their dynamic needs and ensure the highest level of client satisfaction.
06
Confidence
Zero is not a number often celebrated by investors. Nor does it typically inspire market confidence. But it’s a number we’re proud of, as it represents our flawless track record of capital preservation. In the past five years, Pallas Capital has returned over $723 million to investors with no loss of capital or interest on Pallas investments.
  • Our Team
  • Board of Directors
  • Executive Team
  • Distribution
  • Origination
  • Portfolio Analysts
Patrick Keenan
Executive Chairman
Patrick Keenan
Patrick is our co-founder and Executive Chairman, responsible for leading the overall strategic direction of the business. He has a professional background spanning 30 plus years as both a lawyer, investment banker and business owner/manager. Patrick started as a lawyer with Freehill, Hollingdale & Page, was a director of Australian investment bank Dominguez Barry Samuel Montagu, and later became an owner/manager for the Prebon Yamane Group, with 1,650 staff in 24 global offices. Patrick has extensive deal-making and investment experience across a wide range of assets and projects.
Dan Gallen
Executive Director & CIO
Dan Gallen
Dan is a co-founder and Chief Investment Officer, responsible for overseeing all real estate debt and development transactions for Pallas Capital. During his 20-year career, Dan’s sharp financial instincts have seen him personally complete over $3 billion in structured real estate transactions in the capacities of lender, developer, investor and debt advisor. Dan is fully RG146 compliant with ASIC, a member of the Pallas Capital Credit Committee and is also the Director and Responsible Manager on the Pallas Funds AFSL.
Charles Mellick
Executive Director
Charles Mellick
Charles is a co-founder and Executive Director of Pallas Capital, responsible for overseeing current and future investments made by the business. With an in-depth knowledge of the property industry gained over 30 years, he has funded and directed a multitude of successful residential and commercial projects, with a focus on Sydney, Melbourne and Brisbane inner-city suburbs. Charles also brings unrivalled industry networks to Pallas Capital, allowing him to expertly engage with professional firms to service opportunities across the development, construction and asset management sectors.
Mark Spring
Executive Director
Mark is an Executive Director, responsible for growing Pallas Capital’s distribution capabilities both in Australia and the Asia Pacific. During a professional career spanning more than three decades, he has consistently demonstrated a deep understanding of international capital markets through trading, leadership and senior executive roles across the region. Mark’s primary focus is introducing asset managers, family offices, high net worth individuals and sophisticated investors to Pallas Capital’s ever-expanding portfolio of property-backed investment opportunities.
Steve Lawrence
Executive Director - Lending
Steve Lawrence
Steve is an Executive Director for Lending, responsible for all origination and assessment of loans placed in the various Pallas funds. His banking and finance career spans more than four decades – the last 27 years specialising in property lending – and has seen him work in major financial institutions in London, Sydney and Melbourne where, most recently, he was Chief Lending Officer – Commercial at La Trobe Financial. Steve’s vast lending experience includes overseeing credit departments, underwriting numerous complex and sizeable loans and managing substantial domestic and international loan portfolios.
Craig Bannister
Executive Director - Distribution
Craig Bannister
Craig is an Executive Director for Distribution, responsible for managing our investor base of high net worth individuals, family offices and wealth planners. Working extensively across Asian financial markets while based in Singapore for over 20 years, he’s held a variety of strategic roles with major international financial services firms. Having built high-end relationships with senior managers and traders at key trading banks across the Asia Pacific region, Craig brings formidable financial expertise to Pallas Capital and its clients.
Chris King
Head of Distribution - Wealth
Chris is Head of Distribution (Wealth), responsible for overseeing Pallas Capital’s move into the wholesale intermediary and advice networks. Chris began his career in London where he held a number of business development roles for global fund managers. More recently, he spent 14 years with First Sentier Investors (formerly Colonial First State Global Asset Management) in Australia, working as Head of Sales for the wholesale and retail business. Chris holds a Bsc (HONS) in Economics & Politics from the University of Southampton and is fully RG146 compliant.
Alexis Holloway
Head of Credit
Alexis is the Head of Credit, responsible for approvals, transaction structuring and credit policy at Pallas. His career in the real estate and structured finance sector spans more than 13 years, with key skills including structured credit management, loan work outs and joint venture structuring. Alexis has previously held roles with CVS Lane Capital Partners and Deloitte. Most recently, he was senior credit manager at Balmain overseeing a $1.6 billion CRE fund. Today, Alexis also sits on the Pallas Capital investment committee.
Mabel Zhou
Group Manager - Finance
Mabel Zhou
Mabel is our Group Manager of Finance, responsible for overseeing all financial and reporting functions at Pallas Capital. Her 20 year career in finance began as an accountant with Ernst & Young in Shanghai before she completed a Master’s in Accounting at the University of Sydney between 2003 and 2005. Immediately prior to joining Pallas Capital, she held a senior accounting role with Ron Bennett Menswear, responsible for cashflow management, payroll, sales turnover management, compliance reporting, budgeting and financial reporting.
Sharon Woodley
Group Manager - Human Resources
Sharon is our Group Manager of Human Resources, responsible for implementing core company policies and procedures and provides integral support and resources to all Pallas Capital employees. Sharon has over 20 years HR experience gained across a range of sectors including property and financial services. She was previously Head of HR with 151 Property and Knight Frank Australia (800 staff). Her experience also spans a broad range of businesses from 100 to 3,000 employees, both private and listed companies, and responsibilities from local to regional or global remits.
David McGilvray
Group Manager - Operations
David McGilvray
David is our Group Manager of Operations, responsible for ensuring the successful operation of Pallas Capital including client services, fund administration, portfolio reporting, IT, and compliance. A finance professional with over 20 years of experience, David has held numerous senior positions across a variety of different industries in senior finance and operational roles, including 10 years with Macquarie Direct Investment portfolio companies. David was most recently CFO of a Melbourne-based hotel developer where he oversaw project financing and development management. David’s unique combination of financial, operational and development expertise, coupled with a passion for commercial real estate, provides a strong platform to support the ongoing growth of the business.
Jarrod Brooks
General Counsel
Jarrod
Jarrod is our General Counsel, responsible for all legal aspects of the Pallas Group. During a career spanning over 20 years, he has gained a breadth of experience across regional real estate capital markets, including roles with leading ASX-listed investment management firms and top-tier law firms in Sydney, New York and London. Jarrod’s expertise includes real estate transactions, corporate investment initiatives and governance, partnering activities, complex development projects, financing and leasing. Jarrod has been recognised in Doyle’s Guide as one of Australia’s leading in-house real estate lawyers since 2015.
Ben Keenan
General Counsel
Ben is our General Counsel, overseeing legal matters for the Pallas Group as well as working on the design of new investment products. With 20+ years’ experience, Ben has held numerous senior positions in the legal and property sectors, including 17 years at Multiplex, where he sat on the executive board of directors for 10 years and served as General Counsel for the UK, Middle East and Canadian regional businesses. Ben’s expertise in contract review and negotiation, business strategy and change management, risk management and dispute resolution saw him responsible at Multiplex for all aspects of their legal and compliance functions, including the negotiation of contracts worth more than £5 billion.
Kristina Granberg
Head of Marketing
Kristina Granberg
Kristina is our Head of Marketing, responsible for overseeing all marketing required to build awareness and reputation for the brand. With over 15 years of agency experience, her past property and financial clients include GPT, QIC, Mirvac, Dexus, Investa, AMPC and Charter Hall. Leading the Pallas Capital marketing team, her focus is on identifying customer insights that help to drive effective decision making. Kristina holds a Bachelor of Commerce with majors in Marketing and Management, and a Bachelor of Arts in Psychology.
Mark Spring
Executive Director
Mark is an Executive Director, responsible for growing Pallas Capital’s distribution capabilities both in Australia and the Asia Pacific. During a professional career spanning more than three decades, he has consistently demonstrated a deep understanding of international capital markets through trading, leadership and senior executive roles across the region. Mark’s primary focus is introducing asset managers, family offices, high net worth individuals and sophisticated investors to Pallas Capital’s ever-expanding portfolio of property-backed investment opportunities.
Craig Bannister
Executive Director - Distribution
Craig Bannister
Craig is an Executive Director for Distribution, responsible for managing our investor base of high net worth individuals, family offices and wealth planners. Working extensively across Asian financial markets while based in Singapore for over 20 years, he’s held a variety of strategic roles with major international financial services firms. Having built high-end relationships with senior managers and traders at key trading banks across the Asia Pacific region, Craig brings formidable financial expertise to Pallas Capital and its clients.
Chris King
Head of Distribution - Wealth
Chris is Head of Distribution (Wealth), responsible for overseeing Pallas Capital’s move into the wholesale intermediary and advice networks. Chris began his career in London where he held a number of business development roles for global fund managers. More recently, he spent 14 years with First Sentier Investors (formerly Colonial First State Global Asset Management) in Australia, working as Head of Sales for the wholesale and retail business. Chris holds a Bsc (HONS) in Economics & Politics from the University of Southampton and is fully RG146 compliant.
Anne-Louise Wills
Partner - Distribution
Annie Wills
Anne-Louise is a Partner of Distribution, responsible for guiding Pallas Capital’s distribution and investor relations functions. During her 14-year career she’s held executive and managerial positions with global real estate service provider CBRE, MaxCap Group and, most recently, Gravitas Group. Anne-Louise brings a deep understanding of Australia’s commercial and residential real estate markets to our distribution team, together with extensive operational, marketing, communications and client portfolio management skills.
David Morgan
Partner - Distribution
David Morgan
David is a Partner of Distribution, responsible for growing the distribution and investor base of Pallas Capital’s property-backed investments. With more than 30 years of experience in trading and deal execution in foreign exchange and global listed derivatives, he’s held several senior distribution positions during his career. Highlights include his roles with Société Générale Australia and Newedge Financial Services, where he was responsible for developing extensive client relationships and delivering continued revenue growth in the Australasian markets.
Robert Burge
Partner - Distribution
Rob Burge
Rob is a Partner of Distribution, responsible for growing and servicing our investor base of high net worth, family offices and institutional investors. With 30+ years of financial services experience across the APAC region, including over a decade based in Singapore, Rob brings a formidable skillset to Pallas Capital. His expertise has been honed through a variety of banking, broking, trading, structuring, executive and regional management roles, including serving as a Director for Prebon Yamane Singapore and BGC Singapore. Rob is a RG146 compliant.
Adam Baker
Partner - Distribution
Adam Baker
Adam is a Partner of Distribution, responsible for leveraging technology to help drive the growth of our distribution model and investor base. With over 22 years of experience in Europe, APAC and the USA, he’s a tech industry sales leader, skilled at creating new market opportunities with transformational digital technologies. Across a variety of senior global roles, Adam has helped companies facilitate innovation, accelerate into new markets and outperform the competition – something that remains his firm focus at Pallas Capital.
Justin McFarland
Partner - Distribution
Justin McFarland
Justin is a Partner of Distribution, responsible for assisting Pallas Capital investors achieve the best returns possible from their portfolios. A fixed interest professional with over 25 years of experience in financial markets, he’s spent the majority of his career in broking and sales roles and, more recently, investment management. Having worked with several major banks and privately owned investment firms, Justin brings particular expertise in asset classes including mortgages, private debt, corporate bonds and equity.
Mark Schwarz
Partner - Distribution
Mark Schwartz
Mark is a Partner of Distribution, responsible for growing our investor base with high net worth individuals, stockbrokers, financial planners and family offices. With a career spanning more than 20 years in the region’s key financial markets, he brings deep experience to the Pallas Capital team, specialising in stockbroking and derivatives. Mark has a Bachelor of Commerce, majoring in Real Estate Development and Finance, as well as Diploma of Financial Planning.
Ellie Aitken
Partner - Distribution
Ellie is a Partner of Distribution responsible for growing Pallas Capital’s investor base with wealth managers, high net worth individuals and family offices. She began her career as a research associate at JPMorgan, and subsequently practiced as a solicitor in the Mergers and Acquisitions group at Clayton Utz, specialising in property funds management, following her clerkship at Allens Arthur Robinson. She acts as a director on various boards including global equity fund Aitken Investment Management. Ellie is currently admitted as a solicitor and holds a Bachelor of Laws as well as a Bachelor and Master of Commerce (Finance and Accounting) with Honours.
Esther Fang
Partner - Distribution
Esther Fang is a Partner of Distribution, responsible for servicing high net worth investors, family offices and institutional investors in Australia and the Asia Pacific. With extensive expertise in fund management and a background in both finance and law, the past four years have seen Esther build a $100+ million client portfolio under her independent management. Based in Melbourne, Esther is fully RG146 compliant with ASIC, a Certified FRM-Financial Risk Manager and a Level 3 Chartered Financial Analyst candidate, having recently been awarded a CFA Women’s Scholarship. She is fluent in Mandarin.
Hugo Clark
Partner - Distribution
Hugo Clark
Hugo is a Partner of Distribution, responsible for managing family offices as well as private high net worth clients. Prior to joining Pallas Capital, his career in finance began with commercial property non-bank lender Balmain Private, where he worked as a Senior Account Executive for four years managing a book of more than $150 million and 500 accounts.
Brad Gowenlock
Partner - Distribution
Brad is a Partner of Distribution, responsible for managing family offices, wealth advisors as well as private high net worth clients. With more than 20 years of experience in trading and deal execution in foreign exchange and global listed derivatives, Brad has held senior positions in Tokyo, Singapore and more recently with Tullett Prebon Sydney managing their interest rate derivatives team.
Rowan Bates
Head of Client Services & Partner - Distribution
Rowan Bates
Rowan is our Head of Client Services & a Partner of Distribution responsible for managing Pallas Capital’s investor platform, trade capture and reconciliation. With a Bachelor of Commerce and Masters of Finance, he has worked in financial services for more than six years, most recently servicing large-scale domestic Superannuation Funds at J.P Morgan. Rowan brings considerable expertise to the Pallas team, with hands-on experience spanning fund and trade management, investment accounting, valuations, cash forecasting and corporate action administration services with a Global Macro Hedge Fund.
Yvette Calma
Client Services Manager
Yvette Calma
Yvette is in charge of Client Services, responsible for managing our investor database and distribution payments. A property finance specialist for over 15 years, she’s worked with some of largest and most respected names in the Australian property industry, including Stockland, Charter Hall and AMP Capital. As a key member of the Pallas Capital accounting team, Yvette brings extensive experience across all facets of Property Management, Financial Reporting and Fund Accounting.
Dan Gallen
Executive Director & CIO
Dan Gallen
Dan is a co-founder and Chief Investment Officer, responsible for overseeing all real estate debt and development transactions for Pallas Capital. During his 17-year career, Dan’s sharp financial instincts have seen him personally complete over $2 billion in structured real estate transactions in the capacities of lender, developer, investor and debt advisor. Dan is fully RG146 compliant with ASIC, a member of the Pallas Capital Credit Committee and is also the Director and Responsible Manager on the Pallas Funds AFSL.
Steve Lawrence
Executive Director - Lending
Steve Lawrence
Steve is an Executive Director for Lending, responsible for all origination and assessment of loans placed in the various Pallas funds. His banking and finance career spans more than four decades – the last 27 years specialising in property lending – and has seen him work in major financial institutions in London, Sydney and Melbourne where, most recently, he was Chief Lending Officer – Commercial at La Trobe Financial. Steve’s vast lending experience includes overseeing credit departments, underwriting numerous complex and sizeable loans and managing substantial domestic and international loan portfolios.
Alexis Holloway
Head of Credit
Alexis is the Head of Credit, responsible for approvals, transaction structuring and credit policy at Pallas. His career in the real estate and structured finance sector spans more than 13 years, with key skills including structured credit management, loan work outs and joint venture structuring. Alexis has previously held roles with CVS Lane Capital Partners and Deloitte. Most recently, he was senior credit manager at Balmain overseeing a $1.6 billion CRE fund. Today, Alexis also sits on the Pallas Capital investment committee.
Denis Dundovic
Associate Director - Lending
Denis is an Associate Director for Lending, responsible for sourcing and originating loans for a variety of Pallas Capital funds. Specialising in the Australian property industry for over 15 years, his expertise spans valuations, real estate advisory and banking. Most recently, Denis was a relationship manager with Westpac Institutional Bank, where he oversaw a high-profile portfolio of real estate clients with investment and development exposures. He is a registered valuer and holds a Bachelor of Commerce, majoring in Property Economics.
David Mellick
Partner - Strategic Relationships & Distribution
David is Partner for Strategic Relationships & Distribution, responsible for identifying and nurturing opportunities to grow Pallas Capital’s funds under management. With extensive experience across Asset Management, Property Investment, Operations and Facilities Management, David is actively involved in building our reputation with Australian developers, whilst also introducing potential investors to the Pallas Capital client base. Previously, David spent 15 years as Managing Director for a major retail business with over 400 staff, overseeing all functions from property acquisitions, leasing and store design & construct, to product development, marketing and HR. David holds a Bachelor of Business (Accounting & Finance) from UTS and a Marketing degree from UNSW.
Matthew Taylor
Technical Business Analyst
Matthew Taylor
Matthew is a Technical Business Analyst, responsible for overseeing core business processes at Pallas Capital. His corporate career began with Advantage Financial Services and, most recently, he worked with MaxCap Group where he administered CRE loans and investments. Matthew’s experience in non-bank finance operations is complemented by a strong affinity for enhancing systems, financial modelling and business processes. He holds a Bachelor of Commerce majoring in Finance and is holds Data Analytics qualifications.
Sabab Khan
Portfolio Analyst
Sabab is a Portfolio Analyst, responsible for financial modelling, portfolio analysis and research across our unlisted CRE funds. With a wealth of experience in financial reporting and analysis, he began his finance career in Citi Group’s graduate program. He has previously worked with NAB and, most recently, provided fund insights and research house ratings for active fund manager, Pendal Group. Sabab holds a Bachelor of Mathematics and Finance and a Graduate Diploma in Applied Finance (MappFin), specialising in alternative investment. He is currently undertaking the CAIA certification.

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