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TenFifty Capital, a new European commercial real estate lending platform, has announced its launch in alliance with Apollo (NYSE: APO). Led by industry veteran Hugh Fraser as CEO, TenFifty will focus on €10-50 million loans in the small- and mid-market space, targeting €1-2 billion in loan origination in its first year.
TenFifty focuses on senior secured lending across core European markets including the UK, Germany, Netherlands, Spain, Italy, and Ireland. With offices in Amsterdam, Berlin, London, and Madrid, TenFifty will serve multiple sectors including logistics, industrial, retail warehousing, senior/student housing, hospitality, prime office, self-storage, parking, and food retail.
Fraser, previously co-founder of M7 where he managed over €6 billion in financings, brings extensive experience in building real estate lending platforms. The partnership aims to complement Apollo’s existing large loan strategy while addressing the underserved mid-cap market segment.
Positive
Strategic alliance with Apollo, one of Europe’s largest non-bank commercial real estate lenders
Experienced leadership with CEO Hugh Fraser’s track record of managing €6+ billion in financings
Targeted €1-2 billion loan origination in first year
Pan-European presence with offices in four major cities
Focus on underserved market segment with €10-50 million loans
Negative
New platform facing potential establishment challenges in competitive market
Launching during period of traditional lenders scaling back origination activity
Apollo partners with new TenFifty Capital platform to expand into underserved €10-50M European CRE loan market, targeting €1-2B in first-year originations.
Apollo’s strategic alliance with the newly launched TenFifty Capital represents a calculated expansion into Europe’s underserved small and mid-market commercial real estate lending space. Led by industry veteran Hugh Fraser, TenFifty will focus on €10-50 million loans—a segment experiencing structural gaps as traditional lenders retreat. The platform aims to originate an ambitious €1-2 billion in loans during its first year.
This partnership is particularly shrewd for Apollo as it creates complementary deal flow to their existing large loan strategy while enhancing their granular origination capabilities. By targeting smaller transactions across multiple European markets, Apollo gains access to a broader pipeline of senior secured lending opportunities without diluting their risk profile, as they’ll maintain focus on first lien mortgages secured by quality assets.
The alliance leverages Fraser’s extensive experience, having co-founded M7 and previously managed over €6 billion in financings across 150+ facilities. TenFifty’s pan-European presence (Amsterdam, Berlin, London, Madrid) enables operations across the UK, Germany, Netherlands, Spain, Italy, Ireland and other core European markets. Their sector diversification spans logistics, industrial, retail warehousing, senior/student housing, hospitality, prime office, self-storage, parking and food retail—providing Apollo exposure to varied real estate segments through a single relationship.
This move comes at an opportune time when European commercial real estate faces significant refinancing needs amid reduced traditional lender activity, positioning Apollo to capture additional market share in the alternative lending space while maintaining a senior position in the capital stack.
09/09/2025 – 03:30 AM
Led by CEO and Industry Veteran Hugh Fraser, TenFifty Launches in Alliance with Apollo
Firm to Focus on Small- and Mid-Market Commercial Real Estate Lending Opportunities
MADRID, Sept. 09, 2025 (GLOBE NEWSWIRE) — TenFifty Capital (“TenFifty” or “the firm”), a new European focused commercial real estate lending platform for the small- and mid-market space, today announced its official launch. TenFifty is led by founder and CEO Hugh Fraser, with a senior, pan-European team investing in core markets across the continent and the UK.
TenFifty launches in alliance with Apollo (NYSE: APO), and its origination pipeline is expected to complement Apollo’s existing large loan strategy. TenFifty will focus on €10-50 million loans and the firm aims to originate €1-2 billion of loans year one, focusing on senior secured lending to a mid-cap market segment that is structurally underserved. TenFifty aims to bring speed and certainty of execution to its borrowers and meet growing demand for new issue acquisition loans and refinancings, particularly as traditional lenders scale back origination activity.
Founder and CEO Hugh Fraser said, “I’ve long held the belief that the small and mid-market European CRE debt space is often neglected and ripe for improvement. TenFifty Capital exists to address that gap, with a genuinely pan-European platform dedicated to supporting this sector of the market. I’m thrilled to be working with a company of Apollo’s calibre, having experienced first-hand the strength of their balance sheet, but more importantly, the strength of the Apollo team’s approach to building long-term partnerships. In 2017, Apollo was the first lender to support a UK Retail warehouse strategy I was leading at that time, and they quickly became one of our most reliable. Forming genuine, lasting partnerships with our borrowers is a key principle of how TenFifty conducts its business, and this alignment in approach and vision is exciting for us all.”
Apollo Partner and Head of Real Estate Credit, Europe, Ben Eppley said: “Hugh has earned a remarkable reputation in the European real estate market. We have worked with him for many years and are pleased to now formally partner with the launch of TenFifty as a new, high-performing platform. At Apollo, as one of the largest non-bank commercial real estate lenders in Europe, we believe this small and mid-market strategy will be highly synergistic with our broader real estate credit business and enhance Apollo’s granular origination capability, while maintaining a focus on first lien mortgages secured by high-quality assets and institutional borrowers.”
Fraser launches the Firm with extensive experience in building vertically integrated real estate lending platform across origination, execution and asset management capabilities. Prior to launching TenFifty, Fraser was the co-founder of M7 since 2009, where as head of capital markets he led the sourcing and managing of more than €6 billion of financings across 150+ facilities in addition to leading its small balance lending strategy for two fund vintages. Throughout his career, Fraser has developed extensive relationships with borrowers across the continent in addition to banking partners and institutional investors and developers.
TenFifty collaborates with borrowers in multiple sectors and across a wide spectrum of asset types, including logistics, industrial, retail warehousing, senior/student housing, hospitality, prime office, self-storage, parking and food retail.
With presence in Amsterdam, Berlin, London and Madrid, TenFifty will invest throughout core European markets including the UK, Germany, the Netherlands, Spain, Italy, Ireland and beyond. The TenFifty team is deeply entrenched in these core markets, bringing not only geographical coverage but also local knowledge and understanding of regional nuances, regulatory frameworks and market dynamics.
About TenFifty Capital
Founded by Hugh Fraser in September 2025, TenFifty Capital is a non-bank commercial real estate lender focused on the €10-50 million sector of the European real estate debt market. TenFifty blend intelligent capital with unwavering commitment, agile solutions, and an elite, long-term partnership approach. In alliance with Apollo Global Management, we’re setting a new standard for excellence. To learn more, visit www.tenfiftycapital.com.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had approximately $840 billion of assets under management. To learn more, please visit www.apollo.com.
Contacts
For TenFifty:
Hugh Fraser
CEO and Founder
For Apollo:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
/ [email protected]
What is TenFifty Capital’s relationship with Apollo (NYSE: APO)?
TenFifty Capital launches in alliance with Apollo (NYSE: APO), complementing Apollo’s existing large loan strategy while focusing on smaller €10-50 million loans in the European commercial real estate market.
What is TenFifty Capital’s loan origination target for 2025-2026?
TenFifty Capital aims to originate €1-2 billion of loans in its first year of operations, focusing on senior secured lending in the €10-50 million range.
Who is Hugh Fraser and what is his role at TenFifty Capital?
Hugh Fraser is the founder and CEO of TenFifty Capital. He previously co-founded M7, where he managed over €6 billion in financings across 150+ facilities as head of capital markets.
Which markets and sectors will TenFifty Capital serve?
TenFifty will operate in core European markets including the UK, Germany, Netherlands, Spain, Italy, and Ireland, serving sectors such as logistics, industrial, retail warehousing, senior/student housing, hospitality, prime office, self-storage, parking, and food retail.
Where are TenFifty Capital’s office locations?
TenFifty Capital has offices in Amsterdam, Berlin, London, and Madrid, providing local market expertise across its core European markets.
