Specialist non-bank lender Pallas Capital has announced two senior appointments to its credit and risk management teams as construction lending accounts for a growing portion of its loan book.
Alexis Holloway (pictured, left) has been promoted to executive director – credit, while Royston Toh (pictured, right) has joined as head of construction risk, the firm said Wednesday.
Construction lending now represents approximately 35% of Pallas Capital’s $3.4 billion loan book. The firm said it expects momentum in the sector to continue in 2026.
According to Pallas Capital, Holloway joined the firm five years ago, during which time the credit team expanded from six to more than 40 professionals and the active portfolio grew from $400 million to $3.4 billion. He chairs the Group Investment Committee and sits on the Compliance and Risk Committee.
“I’m proud to have contributed to our significant growth in recent years,” Holloway said. “This promotion is about maintaining the discipline and consistency that define the Pallas Capital DNA. Bringing in a market leader like Royston to head our construction risk function is a natural extension of our strategy to deepen capabilities and seize opportunities ahead.”
Holloway has 20 years of experience in real estate and structured finance, with previous roles at Balmain, CVS Lane Capital Partners and Deloitte. His responsibilities include oversight of credit strategies, functions and processes across Pallas Group internationally.
Meanwhile, Toh brings more than a decade of construction risk experience from MaxCap, where he most recently led the construction risk function. He previously worked at NAB. In his new role, Toh will lead the construction risk team across Australia and New Zealand.
“Pallas Capital already has a strong construction risk team, and I am pleased to build on that foundation,” Toh said. “My focus will be on enhancing our systems and supporting the team to deliver outcomes for our clients and investors.”
The appointments come as Pallas Capital focuses on mid-market lending, with loans ranging between $5 million and $50 million across Australia and New Zealand.
In 2025, the firm originated more than $2.5 billion in new loans and recorded over $1.2 billion in repaid principal.
