Pallas Capital

What Pallas Capital does

Pallas Capital is a specialist non-bank commercial real estate (CRE) lender and investment manager founded in 2016 in Melbourne, Australia. The company originates short-term CRE debt facilities for property developers, SME borrowers, and self-employed business owners across Australia and New Zealand, offering seven lending products: Investment Loans (from 7.49% p.a., up to 75% LTV, $1m-$35m), Residual Stock, Pre-Development, Construction ($3-25m and $25-50m tiers), Vacant Land, and Sub Divided Land Lots loans. Facility sizes range up to $50 million and pricing is floating (BBSY/BBSW plus margin) or fixed, depending on product type and risk profile.

The business operates two complementary revenue streams: a lending book funded increasingly through institutional debt facilities (NAB $380m, Goldman Sachs $500m, Morgan Stanley $325m, Ares $292m, Judo Bank $117m), and an investment management platform offering wholesale and institutional investors access to single-asset opportunities and diversified mortgage funds (Pallas Senior Income Fund, Short Term Fund, Warehouse Trust No.3, High Yield Fund No.2 and No.3) targeting 8-16% p.a. returns. The institutional Separately Managed Account (SMA) platform manages $948m in funds under administration. Distribution combines direct sales to wholesale HNW investors, a national broker BDM network with four aggregator partnerships (Connective, FAST, LMG, YBR), event-driven marketing including Private Wealth Symposiums and developer roundtables, and digital submission via CitoPlus integration. The firm employs 45+ specialist professionals including in-house development management expertise through its association with Fortis, and operates from seven offices: Sydney (HQ), Melbourne, Brisbane, Adelaide, Perth (opened April 2026), Auckland, and Christchurch.

Pallas Capital is a subsidiary of Pallas Group alongside Fortis (development management), and was acquired by GD Culture Group for approximately $875 million in Bitcoin in September 2025. Since inception, the company has managed $10.1b+ in total investments, completed 1,200+ transactions, fully repaid $5.9b+ across 900+ facilities, and distributed $700m+ to investors with no loss of capital or missed interest/distributions on record.

Name

Pallas Capital

Legal name

Pallas Capital Pty Ltd

Website

https://pallascapital.com.au

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

Pallas Capital is a non-bank lender and investment manager providing Australian and New Zealand commercial real estate debt financing to property developers, SME borrowers, and wholesale investors through seven lending products and diversified investment funds yielding 8-16% p.a., with $4.1b+ in active loans and $948m in institutional SMA assets.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Lending

NAICS

Other Investment Pools and Funds (5259), Open-End Investment Funds (525910)

SIC

Mortgage Bankers & Loan Correspondents (6162), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Real Estate Private Credit (CRE Debt) (FSANADAG)

akta.pro secondary industries

Balance-Sheet / Portfolio CRE Lending (FSALADAG), CRE Bridge & Transitional Lending (FSALADAC), Commercial Real Estate (CRE) Mortgage Origination (FSALADAA), Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Commercial real estate lending
• Non-bank lending
• Property development finance
• Wholesale mortgage funds
• Investment fund management

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income on Loans: Pallas Capital earns interest income on its CRE loans. Loan products priced at floating rates (BBSW + margin) or fixed rates ranging from 7.49% to 15%+ p.a. depending on product type and risk profile. Interest is paid monthly or quarterly to investors.
2. Management and Performance Fees: Generates fees from managing investment funds including diversified funds and separately managed accounts. Fee structures include margin over BBSW or fixed returns paid to investors with Pallas retaining spread.
3. Loan Origination Fees: Fees from originating loans to borrowers including investment, pre-development, construction, and other CRE loan products. Facility sizes up to $50 million.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

Pallas Capital is a specialist non-bank lender that originates Australian and New Zealand commercial real estate (CRE) debt — including investment, residual stock, pre-development, construction, vacant land, and sub-divided land lot loans — for property developers and SME borrowers, with facility sizes from $1 million up to $50 million. It also manages wholesale investment products (single asset opportunities, first mortgage funds, high yield funds, warehouse trusts, and SMAs) that give sophisticated, professional, and institutional investors exposure to CRE debt with target returns of 8-16% p.a.

Product overview

Pallas Capital is a specialist non-bank lender and investment manager providing Australian Commercial Real Estate (CRE) debt financing. Its product portfolio consists of two core segments: seven lending products (Investment, Residual Stock, Pre-Development, Construction $3–25m, Construction $25–50m, Vacant Land, and Sub Divided Land Lots) offered to borrowers seeking flexible short-term CRE financing; and a suite of diversified investment funds (Pallas Single Asset Opportunities, Pallas Short Term Fund, Pallas Warehouse Trust No.3, Pallas High Yield Fund No.2, Pallas High Yield Fund No.3, and Pallas Senior Income Fund) providing wholesale investors with mortgage-backed and equity investments yielding 8–16% p.a. The company operates through its own investor/adviser/borrower Fabloan portals and the ADAX platform for loan management, with broker submissions also accepted via the CitoPlus digital integration. The firm operates across Australia and New Zealand with institutional-grade governance and in-house development management expertise through its association with Fortis.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Loans Short-term financing for property acquisition, refinance, and equity release, secured by residential, commercial, or industrial real estate. Interest rates from 7.49% p.a., loan amounts of $1m-$35m, with LVRs up to 75%. For borrowers seeking flexible CRE finance.
• Residual Stock Loans Financing for completed residential stock awaiting sale, enabling developers to refinance completed projects while selling down inventory. Interest rates from 8.49% p.a. For property developers with finished inventory.
• Pre-Development Loans Financing for land acquisition and pre-development activities including site preparation and planning approvals. Interest rates from 8.89% p.a., with security against residential, commercial, or industrial property. For developers preparing sites for development.
• Construction Loans ($3-$25m) Development financing for residential and commercial construction projects with staged drawdowns based on milestones. Interest rates from 11.24% p.a., LVRs up to 70%, loan amounts of $3m-$25m. For property developers undertaking construction.
• Construction Loans ($25-$50m) Large-scale construction financing for major development projects, priced at 2.50% p.a. above 30-day BBSY with a 2.50% line fee, supporting larger facility sizes up to $50 million. For major property developers.
• Vacant Land Loans Financing for vacant land held for future development. Interest rates from 9.69% p.a., LVRs up to 60%, with loan amounts up to $5 million. For developers holding land for future projects.
• Sub Divided Land Lots Loans Financing for residual sub-divided land lots following completion of a development project. Interest rates from 9.19% p.a., LVRs up to 67.5%, for refinance and equity release purposes. For developers selling down subdivided lots.
• Pallas Single Asset Opportunities Direct investment in individual first mortgage and preference equity loan opportunities, providing fixed-rate income with defined maturity dates. Includes pre-development loans, vacant land loans, construction loans, and preference equity investments with returns ranging from 9.17% to 16.00% p.a. For wholesale and sophisticated investors.
• Pallas Senior Income Fund Open-ended first mortgage fund with monthly liquidity, comprising diversified and seasoned CRE mortgage assets in Australia and NZ. Target returns of 9.15% p.a. (targeting 5.00% margin over RBA Cash Rate paid monthly), portfolio-level LVR of 66%, rated 'High Investment Grade' 4.0 star by SQM Research with BondAdviser 'Approved - Stable Outlook', and manager alignment with parent company financial support up to $10m for impaired investments. For wholesale, sophisticated, and professional investors.
• Pallas Short Term Fund Open-ended first mortgage fund focused on short-term CRE debt investments with capital preservation as the primary objective. Returns of 9.05% p.a., with a 3-month redemption notice period, maximum LVR of 70%, and distributions paid monthly at 4.75% p.a. margin above BBSW. For wholesale and sophisticated investors.
• Pallas Warehouse Trust No.3 Seasoned portfolio of first mortgage CRE loans in blue-chip metropolitan locations in Australia and New Zealand. Returns of 10.80% p.a., with a 6.50% p.a. margin above BBSW paid monthly, maximum WA portfolio average LVR of 66%, and manager alignment with up to $10m in aggregate loan impairment protection. For wholesale and sophisticated investors.
• Pallas High Yield Fund No.2 Actively managed open-ended first and second mortgage fund providing attractive risk-adjusted returns. Returns of 13.30% p.a., with 9.0% p.a. margin above BBSW paid monthly, maximum LVR of 75%, and strong portfolio diversification across investment structures and instrument types with current average weighted portfolio LVR below 73%. For wholesale and sophisticated investors.
• Pallas High Yield Fund No.3 Actively managed portfolio of high-yielding debt and preferential equity investments across Australia and New Zealand, including secured mortgage investments, unregistered second mortgage investments, opportunistic debt opportunities, and preferential equity in property projects. Returns of 15.00% p.a., with 5.70% p.a. margin above BBSW paid monthly plus 5.00% p.a. coupon at financial year end, and target weighted average portfolio LVR of 77.5%. For wholesale and sophisticated investors.

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature2 records

Partnerships

Seven partnerships are on record, tiered supporting and core.

• CitoPlussupportingTechnology or Integration · 11 May 2026Partnership to deliver market-leading digital submission experience for brokers. Integration enables brokers to submit digital loan applications via CitoPlus platform, creating structured and consistent submission process.
• ConnectivecoreChannel Partner/ Reseller/ DistributorMajor aggregation group providing broker distribution network access. Pallas Capital appointed to Connective panel to support brokers with commercial lending solutions.
• LMG (Loan Market Group)coreChannel Partner/ Reseller/ DistributorAggregator partnership with Loan Market Group strengthening broker distribution network.
• YBR AggregationsupportingChannel Partner/ Reseller/ DistributorAggregator group partnership for broker distribution of commercial lending products.
• FASTsupportingChannel Partner/ Reseller/ DistributorAggregator group for broker network distribution.
• Viola Private WealthsupportingStrategic or Co-development PartnerPartnership with Viola Private Wealth for Private Wealth Symposiums. Discussions led by Viola's Founding Partner Charlie Viola and CIO Daniel Kelly alongside Pallas Capital executives.
• Fortis DevelopmentcoreStrategic or Co-development PartnerPallas Group parent company includes development manager Fortis. Association provides in-house development management 'work-out' expertise, bolstering credit processes through coal face insights and providing development management expertise.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Resimac: Australian non-bank lender (now part of Blackstone) offering residential and commercial prime and specialist mortgages via broker distribution, overlapping with Pallas's investment and residual stock loan products.
• Firstmac: Australia's largest non-bank mortgage lender, originating residential and investment property loans via the broker channel and funding through securitisation, comparable in distribution model and target borrower profile.
• Liberty Financial: Major Australian non-bank lender providing commercial and residential mortgages, including investment, construction, and development loans to brokers, closely mirroring Pallas's product set.
• La Trobe Financial: One of Australia's largest non-bank lenders and investment managers, offering CRE, residential, and development loans plus wholesale investment funds with similar retail/wholesale distribution and similar target returns.
• Qualitas: Australian CRE private credit manager running diversified debt funds and senior mortgage funds, directly competing with Pallas's Senior Income and Warehouse Trust strategies across Australian and New Zealand real estate debt.
• MA Financial Group: ASX-listed alternative asset manager with a sizeable CRE lending and private credit arm that competes directly with Pallas in Australian development finance and institutional SMA mandates.
• Pepper Money: Specialist non-bank lender in Australia and New Zealand serving self-employed borrowers and SME commercial borrowers, competing for the same broker-introduced non-conforming CRE and investment loan opportunities.
• ORDE Financial: Australian non-bank CRE lender specialising in bridge, construction, and investment loans distributed through the broker channel, with overlapping product set and comparable target developer/SME borrower base.

Broad incumbents

• Australian Finance Group (AFG): Australia's largest mortgage aggregator, sitting upstream of Pallas in the broker channel. While not a direct lender, AFG's panel decisions directly affect Pallas's broker deal flow and is therefore a key channel participant.
• Ares Management: Global alternative asset manager with a large direct lending franchise that has provided warehouse and capital partnership facilities to Australian non-bank lenders (Pallas included), competing for institutional capital mandates in APAC CRE debt.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pallascapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pallas Capital