About Us

Spinning glass

Pallas Capital is a debt and equity fund manager specialising in the financing of Australian Commercial Real Estate. The business was established by our Directors in direct response to the growing lack of credit in Australia’s mid-range property market; a situation exacerbated by the shortage of reputable, risk-adverse, non-bank lenders.

Who we are

Into this reshaped investment landscape, significant opportunities emerged for private capital to access outsized returns, relative to risk, in an established asset class previously inaccessible to many Australian investors. Reputable non-banking fund managers such as Pallas Capital are leading the way.

$874m
Total investments since inception 2016
$566m
Open and performing investments
$309m
Fully repaid investments across 60 transactions
129
Debt and equity transactions across the capital stack
59
Open and performing investments
0%
A flawless track record of capital preservation with no impairments

“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

Why choose
Pallas

01
Discipline
Pallas Capital brings a meticulous investment approach based on rigorous due diligence, measuring risk while identifying key catalysts for increased value. Guided by industry best-practice benchmarks and highly active investment management, no stone is left unturned to maximise opportunities for our investors.
02
Risk Adverse
Every transaction begins with detailed credit and reputational analyses, focussed on delivering excellent risk-adjusted yield opportunities. Taking into account the primary borrower and underlying sponsors, all loans are secured against premium-quality property assets backed by corporate and personal guarantees.
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 today’s developers.
05
Relationships
Strong results are built upon strong and enduring relationships. From pre-investment to full repayment, our approach is hands-on, proactive and deeply personal. By working closely with our investors and borrowers, we’re able to meet their ever-evolving needs and ensure the highest levels of client satisfaction.
06
Confidence
Zero is not a number often celebrated by investors. Nor does it typically inspire market confidence. But it’s one we’re proud of, as it represents our flawless track record of capital preservation. In the past five years, Pallas Capital has returned over $290 million to investors with no impairments.
  • Our Team
  • Executive Team
  • Distribution
  • Credit & Origination
  • Risk & Operation
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 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.
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 28 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 Spring
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.
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.
Mark Spring
Executive Director
Mark Spring
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.
Anne-Louise Wills
Director - Distribution
Annie Wills
Anne-Louise is a Director for 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
Director - Distribution
David Morgan
David is a Director for 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
Director - Distribution
Rob Burge
Rob is a Director for 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
Director - Distribution
Adam Baker
Adam is a Director for 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
Director - Distribution
Justin McFarland
Justin is a Director for 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
Director - Distribution
Mark Schwartz
Mark is a Director 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.
Hugo Clark
Associate Director - Distribution
Hugo Clark
Hugo is an Associate Director 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.
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
Senior Credit Manager
Alexis is a Senior Credit Manager, 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 Liew
Senior Associate - Credit Services
Jason Liew
Jason is a Senior Associate in Credit Services, responsible for undertaking due diligence and credit assessment for Pallas Capital. As a CPA-qualified accountant, his career began at Price Waterhouse Coopers advising Fortune 500 companies on ERP integration, before venturing into the Property Industry where he guided award-winning developer Beulah International with feasibility and wholesale distribution for a project pipeline approaching $3 billion GDV. Immediately prior to joining Pallas Capital, Jason oversaw due diligence of $1.5 billion in development finance transactions for La Trobe Financial, a subsidiary of The Blackstone Group.
Gary Lam
Associate - Credit Services
Gary Lamb
Gary is an Associate in Credit Services, responsible for all aspect of Pallas Capitals’ property lending from credit assessment to final repayment. A Chartered CPA with a postgraduate qualification in Applied Finance, he has over 8 years of structured finance experience and commenced his career at Sun Hung Kai & Co. Ltd, a leading domestic financial institution in Hong Kong. Before joining Pallas Capital, Gary helped MaxCap Group create its current compliance framework, and was directly involved with compliance and construction risks monitoring.
Kevin Zhang
Originator - Lending
Kevin is an Originator for Lending, responsible for analysing and underwriting all commercial and construction loans. A finance graduate from the University of Adelaide, Kevin has over five years of commercial lending experience, with a particular focus on development finance. Prior to joining Pallas, Kevin was a senior credit analyst for La Trobe Financial where he was involved in assessing close to $5 billion of loan transactions from its top tier broker network. In 2018, he received the La Trobe Financial Rising Star Award.
Cameron Dunn
Manager - Loan Management
Cameron Dunn
Cameron is the Manager of Loans and Construction, responsible for overseeing our property lending processes, procedures and compliance. Holding numerous roles in bank and non-bank finance providers over the past 19 years, he’s a highly experienced credit executive with a demonstrated experience in all facets of property and development finance, asset recovery and valuation. With his unique and diverse skillset, Cameron is a key member of Pallas Capital lending team, ensuring the smooth progress of all transactions, from initial assessment through to final repayment.
Matthew Taylor
Settlements Officer & Data Analyst
Matthew Taylor
Matthew is responsible for facilitating new settlements and ongoing loan management. On completing his Bachelor of Commerce majoring in Finance, Matthew began his career at Advantage Financial Services and, most recently, 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 systems, financial modelling and business processes. He has also completed a Data Analytics course at Monash University.
Mabel Zhou
Financial Controller
Mabel Zhou
Mabel is our Financial Controller, 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.
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.
David McGilvray
Head of Operations
David McGilvray
David is Head of Operations, responsible for ensuring the successful operation of Pallas Capital including fund administration, IT, Human Resources and Compliance. A finance professional with over 20 years of experience in senior finance and operational roles across a variety of different industries. 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.
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, GPT, 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.

To speak to one of our Directors about investment opportunities that align with your portfolio requirements, please provide your contact details below.