Pallas Capital: Chairman’s Letter on Leadership and Future Direction

A new expansion of footprint was noticed across the evolving space of commercial real estate lending specialists who achieved remarkable milestones in the past year. As the calendar turns its page to the new beginning in 2025, Patrick Keenan, Chair of Pallas Capital, shared the recent impressive highlights of the achievements of the company across commercial real estate lending in 2024 in his letter. Ever since its foundation in 2016, Pallas Capital has staunchly established itself as an outstanding specialist across the vertical of mid-market lending that reached new heights in the past year.

In 2024, Pallas Capital had neared a collective transaction value estimated at $6 billion, with over 800 investments and loans reaching its finish line. The firm is now on track to double its share of lending values, offering greater resilience to the business model and expanding its market reach. Irrespective of its increasing activity levels, Pallas Capital has retained its zero-loss track mark that portrays the potential of its loan and credit management teams.

Achieving New Benchmarks in Lending & Investment

2024 has been a year of extraordinary achievements for Pallas Capital, with the company nearing an impressive $6 billion in cumulative transaction value across more than 800 loan and investment deals. This milestone is a testament to the company’s unwavering focus on delivering exceptional value to its borrowers and investors. Notably, the company is on track to double its lending volumes compared to previous periods, marking a significant step in its continued growth trajectory.


The growth Pallas Capital has experienced this year can be attributed to several key factors. Strong relationships with existing borrowers and investors, combined with new strategic partnerships and an expanding team, have enabled the company to thrive. These efforts have enhanced the company’s ability to serve clients more effectively while also helping to navigate the complexities of the current market landscape. 

New Strategic Partnerships Bolster Position in the Market

One of the key highlights of the past year has been the ability of Pallas Capital to build new top-value strategic partnerships. Among the realistic associations secured in the past year, projected a good amount of funding lines in a couple of the leading financial institutions in the world, including Goldman Sachs, Ares Management, and Westpac NZ. Such collaborations have strengthened the foothold of Pallas Capital as a reliable lender, as they have provided the firm with huge flexibility in terms of its lending products.

Expansion and Team Growth Drive Continued Success

In the last year, Pallas Capital has extended its workforce, notably adding over 50 talented people. These latest hires have used the firm's capabilities in core areas, including credit management, loan origination, client service, and investment distribution. Pallas Capital has used the support of its growing team to boost its operational efficiency and ensure that it meets the growing requirements of investors and borrowers.


The company made some notable strides in geographic expansion, including opening an Auckland office in New Zealand and inaugurating a new office in Christchurch to strengthen its position as a reliable and trusted lender. The expansion of its base underscores the firm's commitment to offering streamlined solutions to clients in New Zealand and beyond, establishing its prominence as the market leader in commercial real estate lending.

Innovative Products and Strategic Vision for 2025

Pallas Capital constantly evolves its diversity through new products like the Pallas Senior Income Fund. Specifically designed for wealth advisers, the fund exceeded the benchmark for investor return, underscoring the firm's commitment to offering new investment pathways.


In 2025 Pallas Capital is overtly focused on deepening their connections with the business associates and the advancing risk management frameworks to meet the growing intricacies of the real estate market. The confidence and trust of the borrowers, partners, investors, and employees are the core of Pallas Capital's success.


While the firm continues growing and strengthening its position as the leader of commercial real estate lending, it stays focused on delivering the key value to its stakeholders. They are poised to continue success with a clear strategic vision committed to innovation driven by a team of dedicated professionals all set to achieve new heights this year!

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