Pallas Capital secures $450 million funding
Pallas Capital, a leading non-bank lender, has secured a $450 million senior funding facility from Ares Management Corporation, significantly increasing its capacity to offer larger loans.
As part of the partnership, Ares will become a funding partner for Pallas Funding Trust No. 2, which focuses on commercial real estate lending.
In addition, Pallas Capital’s chief investment officer, Dan Gallen, has allocated an extra $50 million from the company’s other financial vehicles to support the initiative.
The new facility will enable Pallas Capital to provide loans ranging from $2 million to $25 million, a substantial increase from the previous $10 million cap on its institutionally funded programs.
“We’re thrilled to partner with Ares to expand our lending capabilities,” said Gallen. “This broader mandate allows us to target larger loans and offer more comprehensive solutions to meet the needs of our borrowers and brokers.”
Since 2021, the Sydney-based lender has managed institutional facilities that have funded $850 million across 170 loans. Overall, Pallas Capital has facilitated $3.8 billion in loans, with $2.1 billion repaid across 554 transactions.
Source: https://www.mpamag.com/au/news/general/pallas-capital-secures-450-million-funding/479121
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