Published on Wednesday, October 15, 2025
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The partners will focus on deploying solutions throughout North America.
Anchor partners are teaming up to form an alternative investment management firm, Derby Lane Partners, which will focus on commercial real estate credit solutions throughout North America. The partnership, which includes Stable, BTG Pactual, Koch Real Estate Investments, Liberty Mutual Investments and Silver Creek Capital Management, will commit up to $1.8 billion across the newly launched company.
The focus at Derby will be on providing both creative and flexible capital across multiple CRE asset classes. The firm did not state which sectors it would be involved in or avoid.
Adam Piekarski, who founded Derby, is serving as the CEO and chief investment officer of the New York-based firm. Previously, Piekarski was the co-head of real estate credit at BDT & MSD Partners and led the deployment of more than $5 billion in capital into CRE. Plus, he brings more than 20 years of investment experience. Partners with Derby include Urian Yap, former chief financial officer of Madison Realty Capital and Kory Klebanoff, who co-headed ACORE Capital's east coast originations.
“Today’s market presents an attractive opportunity to invest in commercial real estate debt. We have assembled a seasoned team, paired with flexible capital and a differentiated approach to the market, that positions our firm to play offense while others continue to play defense,” Piekarski said in a statement.
“As we strive to drive value and sustainable performance across market cycles, we will always remain focused on our disciplined credit process and proactive asset management with our partners.”
While CRE lending has faced a challenging environment, we might now be hitting a turning point. Marcus & Millichap noted in a recent research report that deal flow is picking up and could end the year at levels comparable to 2016. Also, the Mortgage Bankers Association projects a 30% increase in lending volume this year, followed by a 35% gain in 2026.