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.

$3.8b
Total investments managed since inception 2016
$1.7b
Open and performing investments across 245 transactions
$2.1b
Fully repaid investments across 309 transactions
554
Debt and equity transactions across the capital stack
+$260m
Paid to investors as interest
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 seven years, Pallas Capital has returned over $1.9 billion to investors with no loss of capital or interest on Pallas investments.
  • Our Team
  • Board of Directors
  • Executive Team
  • Distribution
  • Origination
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 is a co-founder and Chief Investment Officer, responsible for overseeing all real estate debt and equity transactions for Pallas Capital. During his 20-year career, Dan’s sharp financial instincts have seen him personally complete over $4 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.
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.
David McGilvray
Chief Operating Officer
David McGilvray
David is our Chief Operating Officer 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.
Alexis Holloway
Group Executive - Head of Credit
Alexis is the Head of Credit and General Manager of Victoria, 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.
Jason Arnold
Group Executive - Origination
Jason is the Group Executive of Origination at Pallas Capital, responsible for strategic business growth. With over a decade of experience, he has been honoured with two MFAA Commercial Finance Awards and consistently ranked among Australia's top 10 commercial brokers for eight consecutive years by MPA Magazine. Having originated and settled mortgages exceeding $1.4 billion, Jason's extensive knowledge ensures wide distribution of Pallas Capital's lending products through high-quality commercial loan introducers. His leadership drives Pallas Capital's ongoing success by fostering growth opportunities and maintaining a prominent presence in the lending industry.
Ben Keenan
Associate Director - Product Development
Ben is our Associate Director of Product Development, responsible for designing and establishing new investment products to meet investor demand and access new capital markets. With over 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.
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.
Mabel Zhou
Chief Financial Officer
Mabel Zhou
Mabel is our Chief Financial Officer, 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.
Kristina Granberg
Group Manager - Marketing
Kristina Granberg
Kristina is our Group Manager 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.
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.
Esther Fang
Partner - Distribution & Head of Asian Desk
Esther Fang is a Partner of Distribution and head of Asian desk, 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, is a Certified FRM-Financial Risk Manager, Chartered Financial Analyst, and fully RG146 compliant with ASIC.She is bilingual,and she can communicate in both Chinese and English at a professional level.
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.
Bianca Wise
Partner - Distribution
Bianca is a Partner of Distribution in Queensland, responsible for growing our investor base of high-net-worth individuals, family offices and financial planners. Bianca brings extensive knowledge of the Wealth industry to Pallas Capital, having spent over 27 years working in business development roles on behalf of some of the largest Wealth Managers in Australia. Most recently, Bianca spent six years as Manager for Business Growth with MLC Wealth, working to grow MLC’s Investment Platforms across the financial planning industry in Queensland. Bianca holds Diplomas in Financial Services (Financial Planning) and Financial Services (Superannuation) and is RG146 compliant.
Paul Van Suylen
Partner - Distribution
Paul is a Partner of Distribution in Victoria, responsible for growing our investor base of Financial Planners and high-net-worth individuals. Paul has over 25 years of experience in the wealth and superannuation industries, which has included coaching and supporting MLC-aligned financial advisers to grow their businesses. Prior to joining Pallas, Paul was Head of Investment for a private lending and investment firm, leading a team responsible for growing funds under management and providing service excellence to the existing client base.
Barrie Webb
Partner – Distribution
Barrie is a Partner of Distribution, responsible for overseeing relations with high-net worth investors, family offices, and institutional investors seeking risk-adjusted high returns. With 30+ years of experience in software and telecommunication markets, Barrie excelled as Chief Strategy Officer for a global smart home software platform and as Head of Sales Europe for a workforce optimisation software vendor. Barrie holds a Bachelor of Communications from the University of Canberra.
Will Mulhearn
Partner - Distribution
Will is a Partner of Distribution, responsible for servicing High Net Worth investors through property-backed investments. With over 3 years of experience in financial services, Will leverages his marketing knowledge and expertise to drive the growth of distribution channels and funds under management. Will is known for his innovative approaches in adapting to changing market dynamics and creating new opportunities for the business. Will holds a Bachelor of Business and is RG146 compliant.
Aaron Werdiger
Partner - Distribution
Aaron is a Partner of Distribution, responsible for expanding and serving our investor base of high net worth, family office, and institutional investors. With 5+ years of experience in finance, he has held notable positions at NAB Private and MLC. Aaron was the number one referrer to business Wealth Partners across the entire NAB with over $250 million worth of deal flow. Aaron's educational background includes a Bachelor's degree in Banking and Finance from Monash University, complemented by certifications as a Chartered Banker from FINSIA and in Financial Markets from Macquarie University. These qualifications reflect his dedication to delivering personalised client service. Aaron is also an esteemed member of AFMA.
Reuban Sivarajasingam
Partner - Wealth
Reuban is a Partner of Wealth, responsible for the distribution of Pallas Capital investment opportunities within the intermediary and wealth markets. Reuban has over 13 years of experience in financial services in the areas of platforms, asset management and distribution in the intermediary & family office market. Prior to Pallas Capital, Reuban led the advised distribution strategy for Qualitas, specifically the Qualitas Real Estate Income Fund. Reuban has had roles as a Product & Sales manager for Macquarie Bank as well as distribution roles at Certitude Global Investments, Ironbark Asset management and Evans & Partners. Reuban was also an initial co-founder of, as well as the Head of Distribution for, a fintech start-up called Stropro Technologies.
David Louie
Partner - Wealth
David is a Partner in our Wealth team, responsible for developing successful relationships with wholesale and institutional investors and intermediary markets. With over 30 years of experience, he has raised significant capital across an extensive range of credit funds, with investors including private banks, family offices, insurance firms, endowments off-shore and domestic pension funds. Most recently, David held a senior role with a multi-family and single-family office owned investment business. David also consults to other family offices across investment, succession and philanthropic interests.
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.
Dan Gallen
Executive Director & CIO
Dan is a co-founder and Chief Investment Officer, responsible for overseeing all real estate debt and development transactions for Pallas Capital. Dan’s sharp financial instincts have seen him personally write and manage over A$3.8 billion in structured real estate transactions over the past 20 years. These have included in the capacity of a lender, developer, investor and debt advisor. This breadth of experience brings a well-rounded and practical approach to analysing and managing real estate debt and development transactions.
Alexis Holloway
Group Executive - Head of Credit
Alexis is the Head of Credit and General Manager of Victoria, 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.
Jason Arnold
Group Executive - Origination
Jason is the Group Executive of Origination at Pallas Capital, responsible for strategic business growth. With over a decade of experience, he has been honoured with two MFAA Commercial Finance Awards and consistently ranked among Australia's top 10 commercial brokers for eight consecutive years by MPA Magazine. Having originated and settled mortgages exceeding $1.4 billion, Jason's extensive knowledge ensures wide distribution of Pallas Capital's lending products through high-quality commercial loan introducers. His leadership drives Pallas Capital's ongoing success by fostering growth opportunities and maintaining a prominent presence in the lending industry.
Daniella Dinkha
Associate Director - Origination
Daniella is an Associate Director for Origination, responsible for driving high customer satisfaction and disciplined revenue growth. Daniella has a strong background in supporting property investor and developer clients with funding requirements from $10 - $100 million, having spent 4 years at Commonwealth Bank and 5 years at Westpac. At Pallas Capital, Daniella collaborates across multiple teams to develop and oversee funding solutions for clients. Daniella holds a Bachelor of Business, majoring in finance, and a Bachelor of Laws.
Andrew Howard
Associate Director - Origination
Andrew is Associate Director for Origination in the Melbourne office, responsible for originating and assessing new real estate funding opportunities. Andrew's career in banking and private lending spans 18-years, holding a range of roles including Senior Relationship Manager at ANZ Commercial Property, and Relationship Executive in Commonwealth Bank's Major Client Group. During this time, he personally closed construction and non-construction transactions totalling more than $1 billion. Andrew holds an Honours Degree in Finance and is a long-term CFA Charter Holder.
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.
Darragh O'Riordan
Head of Origination - Brisbane
Darragh is our Head of Origination in Brisbane, responsible for sourcing real estate debt and development transactions across the State. Darragh has spent 20 years working within the banking sector in both Australia and Europe, holding a range of strategic roles with Bank of Queensland, CBA Group, ANZ and the Bank of Ireland. During this time, he has personally transacted on over $2.5 billion in property settlements. Darragh holds both a Bachelor of Business degree and a Masters in Applied Finance.

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