Where differentiation still drives returns
In Pensions & Investments Europe’s Private Debt Report, Ellis Sher, Head of Lending at Arrow Global and Chief Executive Officer of Maslow Capital, argues that Europe’s mid-market real estate lending opportunity is defined less by market dislocation than by manager differentiation. In a mature and competitive market, he highlights why certainty of execution, control of capital and underwriting rigour matter more than headline pricing alone. He also explains why selectivity across living subsectors, jurisdictions and refinancing situations is increasingly important, and why periods of volatility can create dispersion that specialist platforms are better placed to capture for institutional investors.
“Many platforms advertise funding. That is not the same thing as being able to execute when a transaction becomes more complex.”
“Maturity has not reduced the opportunity. It has simply raised the premium on expertise.”
“For sophisticated institutional investors, the opportunity is not to allocate to the theme. It is to back the platforms that can navigate complexity with consistency.”
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Ellis Sher
Head of Lending
After qualifying as a Chartered Accountant, Ellis embarked on a career in banking and finance focusing on speciality credit, covering a wide range of asset classes including tax arbitrage, consumer credit and property finance.
Ellis enjoyed a successful career at Investec where he worked for 7 years and was part of the establishment of the bank’s private client structured finance business. In 2005 he left Investec to pursue the acquisition of a specialist mortgage provider known as Cheval Property Finance PLC where he held the position of Managing Director until February 2009. In March 2009, he co-founded Maslow, a specialist property lending business which is now part of the Arrow Group.