Pallas Capital
Private Credit based in Auckland, New Zealand
Key Facts
- Provider type
- Private Credit
- Headquarters
- Auckland, New Zealand
- Established
- 2016 (10 yrs)
- FSP number
- FSP1004241 ↗
- NZBN
- 9429050658909 ↗
- Funds listed
- 3
- Website
- pallascapital.co.nz
Last reviewed: 19 May 2026
About Pallas Capital
Pallas Capital is a specialist financier and investment manager providing access to Commercial Real Estate (CRE) debt across Australia and New Zealand. Since 2016, Pallas Group has managed A$9.9 billion in total investments with A$4.0 billion in open and performing investments across 300+ transactions. They offer wholesale investors diversified portfolios across the capital stack with varying liquidity and fixed-rate income. Leadership is based in Sydney; NZ operations run from Auckland (NZCN 8379142).
Location
Auckland, New Zealand
Established
2016
10 years track record
Funds Managed (3)
Pallas Senior Mortgage Fund
Actively managed portfolio of registered first mortgage loans covering NZ and Australian commercial real estate. Target return ~7.42% p.a. (5.0% p.a. plus 30-day BKBM, paid monthly). Max weighted portfolio LVR of 67.5% with $10m parent-company balance-sheet buffer. 6 month redemption notice.
Pallas High Yield Mortgage Fund
First and second mortgage fund targeting higher returns. Target return ~10.42% p.a. (8.0% p.a. plus 30-day BKBM, paid monthly). Max weighted portfolio LVR of 75%. 12 month redemption notice.
Pallas PFTNZ Feeder Fund
First mortgage fund providing exposure to a securitised lending facility (Est. 2022) with a diversified and seasoned portfolio, now majority funded by Westpac New Zealand. Target return ~6.92% p.a. (4.5% p.a. plus 30-day BKBM, paid monthly). Max weighted portfolio LVR of 62.7% with 5% first-loss investment safeguard on a look-through basis. 3 month redemption notice.
Open Funds & Active Offers(3)
Pallas Senior Mortgage Fund
Always OpenActively managed portfolio of registered first mortgage loans covering NZ and Australian commercial real estate. Target return ~7.42% p.a. (5.0% p.a. plus 30-day BKBM, paid monthly). Max weighted portfolio LVR of 67.5% with $10m parent-company balance-sheet buffer. 6 month redemption notice.
Pallas High Yield Mortgage Fund
Always OpenFirst and second mortgage fund targeting higher returns. Target return ~10.42% p.a. (8.0% p.a. plus 30-day BKBM, paid monthly). Max weighted portfolio LVR of 75%. 12 month redemption notice.
Pallas PFTNZ Feeder Fund
Always OpenFirst mortgage fund providing exposure to a securitised lending facility (Est. 2022) with a diversified and seasoned portfolio, now majority funded by Westpac New Zealand. Target return ~6.92% p.a. (4.5% p.a. plus 30-day BKBM, paid monthly). Max weighted portfolio LVR of 62.7% with 5% first-loss investment safeguard on a look-through basis. 3 month redemption notice.
Key People (4)
Patrick Keenan
Executive Chairman
Executive Chairman
Co-founder leading strategic direction with 30+ years as lawyer, investment banker, and business owner. Former lawyer at Freehill, Hollingdale & Page; director at Dominguez Barry Samuel Montagu. Experience with Prebon Yamane Group managing 1,650 staff across 24 global offices.
30 years of experience
Charles Mellick
Executive Director
Executive Director
Co-founder responsible for current and future investments with 30 years property industry experience funding residential and commercial projects. Focus on Sydney, Melbourne, and Brisbane inner-city development with strong industry networks.
30 years of experience
Mark Spring
Executive Director
Executive Director
Co-founder growing distribution capabilities across Australia and Asia Pacific with 30+ years in international capital markets including trading and executive roles. Focuses on introducing asset managers, family offices, and sophisticated investors to opportunities.
30 years of experience
Dan Gallen
Executive Director & Chief Investment Officer
Chief Investment Officer
Co-founder overseeing real estate debt and equity transactions with a 20-year career completing over $4 billion in structured real estate deals. RG146 compliant with ASIC, Credit Committee member, and Director on Pallas Funds AFSL.
20 years of experience
Frequently Asked Questions
What is Pallas Capital?
Pallas Capital is a specialist financier and investment manager providing access to Commercial Real Estate (CRE) debt across Australia and New Zealand. Since 2016, Pallas Group has managed A$9.9 billion in total investments with A$4.0 billion in open and performing investments across 300+ transactions. They offer wholesale investors diversified portfolios across the capital stack with varying liquidity and fixed-rate income. Leadership is based in Sydney; NZ operations run from Auckland (NZCN 8379142).
Where is Pallas Capital based?
Pallas Capital is based in Auckland, New Zealand. New Zealand-domiciled funds are subject to the Financial Markets Conduct Act 2013 (FMCA) and oversight by the Financial Markets Authority (FMA).
Is Pallas Capital registered with the FMA?
Pallas Capital is registered on the FMA's Financial Service Providers Register (FSPR) under FSP1004241 and holds NZBN 9429050658909. FSPR registration is a legal requirement for entities providing financial services in New Zealand and does not itself constitute an endorsement. Verify current standing at the FSP register before investing.
How long has Pallas Capital been operating?
Pallas Capital was established in 2016 and has a 10-year track record. Past performance and operational history are not reliable indicators of future returns — review the fund's Information Memorandum and audited financial statements before investing.
How much capital does Pallas Capital manage?
Pallas Capital reports assets under management of approximately AUD $4.0 billion as last published. AUM figures are sourced from the manager's own disclosures and may include committed-but-uncalled capital depending on definition — confirm the basis with the manager directly.
What funds does Pallas Capital manage?
Pallas Capital currently lists 3 funds on Wholesale Investor NZ, of which 3 are evergreen (permanently open for subscription rather than time-bounded vintages).