As the year draws to a close, it is natural to reflect on the accomplishments and milestones of 2024.
What a year it has been!
Since 2016, Pallas Capital has carved out a distinct position as a specialist in commercial real estate lending within the mid-market segment. This year, we reached significant milestones, nearing $6 billion in cumulative transaction value across over 800 loan and other investments.
We are now on track to double our lending volumes over the previous period.
Notwithstanding this heightened level of activity, we maintained our zero-loss track record, a testament to the rigour of our credit and loan management teams.
This expansion stems from a combination of the loyalty of our borrowers and investors, new strategic partnerships, team expansion, and introduction of new market solutions. Together, these factors enabled us to enhance the service we provide to our clients and other partners.
New strategic collaborations during the year include substantial new funding lines from leading global institutions such as Ares Management, Westpac NZ, and Goldman Sachs. Their confidence in Pallas Capital has strengthened our position as a reliable lender and enabled us to reduce rates across our lending products. In this way we have been able to assist our borrowers in navigating a complex market without compromising our underwriting standards.
Our footprint expanded significantly this year. More than 50 talented individuals joined Pallas Capital in 2024, strengthening our capabilities in loan origination and credit, investment distribution, and management. In New Zealand we supplemented our Auckland office with a new office in Christchurch, and solidified our position as a trusted lender.
We also made significant strides in diversifying our investment solutions with the launch of new products such as the Pallas Senior Income Fund. Tailored for wealth advisers seeking attractive, risk-adjusted returns, the fund has consistently exceeded net target investor return benchmarks. This offering marks an important enhancement in our ongoing commitment to offering innovative, best-in-class investment options.
We look to 2025 with optimism and a clear strategic vision. Our goals are clear: deepening relationships with all our business partners and further advancing risk management frameworks to meet the evolving market landscape.
At the heart of all we do lies the trust and confidence of our borrowers, investors, partners, and team members. We are deeply grateful for your continued support. On behalf of everyone at Pallas Capital, I wish you and your loved ones a merry and peaceful Christmas and a prosperous New Year.
We look forward to the new milestones we will achieve together in 2025.
Warm regards,
Patrick Keenan
Chairman, Pallas Capital