Pallas Capital is accelerating its expansion in Australia’s fast-growing middle-market segment, bolstered by the addition of two new senior-level hires.
The Sydney-headquartered, boutique non-bank lender has tapped YSC Partners and Orde Financial alums to drive national growth in originations and client relationships. Joseph John "JJ" Mills has been hired as director, originations in the Sydney team, while Melbourne-based Portia Ridley has been brought on as senior business development and aggregator partnerships manager. Both report directly to Jason Arnold, head of originations at Pallas.
“We’re thrilled to welcome JJ and Portia to the team,” Arnold said. “JJ’s experience in structuring complex transactions and guiding origination strategy, combined with Portia’s strong broker relationships and aggregator expertise, will enhance our ability to serve the market with a truly client-focused approach.”
Mills has been tasked with growing originations, as well as broker and client relationships, in a director role based out of Sydney. He will be working closely with Denis Dundovic, a fellow director who holds a more senior position, the company said. Mills joins from financial services firm YSC Partners, where he most recently served as investment director, sourcing and structuring mid-market property transactions, including construction, land loans and residual stock finance. He has also worked for National Australia Bank (NAB).
Ridley, meanwhile, hails from Orde Financial, where she most recently served as state manager, senior business development manager Victoria. Her resume also includes senior-level roles at La Trobe Financial. At Pallas, she has been tasked with growing aggregator partnerships and broker engagement nationwide.
In August, Pallas, which works in the growing commercial property markets across Australia and New Zealand, sealed the deal on a $500 million Australia lending vehicle backed by Morgan Stanley. The new vehicle – dubbed Pallas Funding Trust No. 5 (PFT5) – was designed to offer loans ranging from $15 million to $35 million for pre-development, residual stock, and investment property opportunities, targeting Australia’s rapidly growing middle-market commercial real estate sector.
Arnold told Australian Broker that the middle market is where the greatest opportunity lies in the nation's commercial finance sector.
"That's where we've built our niche," he said. "We understand the dynamics of this space and have tailored our approach to meet its unique needs. Right now, refinancing activity is picking up and that’s creating fresh momentum. For brokers and lenders, the key is to recognise how underserved this market still is. By offering flexible, well-structured solutions and leaning into deep credit expertise, there’s a real chance to add value and build long-term relationships with clients who’ve historically had limited options."
Arnold added that in the commercial landscape, both Sydney and Melbourne, are "making a comeback."
"But it's not a one-size-fits-all story," the executive explained. "Sydney is seeing a lift through high-end developments and premium assets, which is attracting fresh capital and driving confidence. Melbourne, on the other hand, is taking a more creative path. We’re seeing a lot of activity around repurposing existing spaces and focusing on value and yield. For brokers, the key is understanding the nuances of each market and helping clients navigate those differences to find the right opportunities.
"The real momentum is only just kicking in," Arnold added.
In addition to the tie-up with Morgan Stanley, Pallas has previously partnered with the likes of Ares Management and Goldman Sachs. The firm also opened up a new office in Adelaide earlier this year as it continues to expand its footprint, and adding to its network of locations in Sydney, Melbourne, Brisbane, Auckland and Christchurch.
Arnold added that Pallas plans to establish offices in Western Australia and Canberra in the near future, as demand for commercial real estate continues to build momentum.
"We’re committed to building strong local teams by hiring seasoned originators who bring deep credit expertise and a solid track record in navigating complex transactions," he said. "Having that capability on the ground is key to our strategy in targeted markets."
Pallas has closed nearly $3 billion worth of transactions in financial year 2025 alone, or $9.3 billion since its inception in 2016.
