Derby Lane Partners, a newly formed alternative investment management firm, has officially launched with up to $1.8 billion in committed capital from a group of strategic anchor partners. Founded by Adam Piekarski, the former Co-Head of Real Estate Credit at BDT & MSD Partners, the firm will focus on delivering flexible capital solutions across asset classes, beginning with opportunities in North American commercial real estate credit.
The launch is supported by a consortium of prominent institutional investors, including BTG Pactual, Fortress Investment Group, Koch Real Estate Investments, Liberty Mutual Investments, Silver Creek Capital Management, and Stable. This backing provides Derby Lane with the scale and stability to invest decisively in a shifting market environment where traditional lenders have pulled back and liquidity constraints are creating compelling opportunities for alternative capital providers.
Piekarski brings over two decades of experience across commercial real estate credit, corporate credit, and private equity. During his tenure at BDT & MSD Partners, he co-founded and led the firm’s real estate credit platform, overseeing the deployment of more than $5 billion into investment strategies targeting high-quality assets across cycles.
At Derby Lane, Piekarski will serve as Founder, Chief Executive Officer, and Chief Investment Officer, driving the firm’s investment philosophy and disciplined credit process.
Derby Lane’s senior leadership team includes a roster of seasoned investment professionals from top-tier firms. Kory Klebanoff, formerly Co-Head of East Coast Originations at ACORE Capital, joins as Partner; Urian Yap, the former CFO of Madison Realty Capital, will serve as Partner and Chief Financial Officer.
The investment team also includes Matt Doneth, formerly of Apollo Global Management, and Heecheol Pak, previously at Blackstone, both joining as Managing Directors. Together, the team brings a track record of institutional investing, risk management, and structuring expertise across real estate credit markets.
Derby Lane’s launch comes at a pivotal moment for the commercial real estate sector, which is undergoing structural shifts due to tightening credit conditions, evolving work patterns, and rising financing costs.
The firm aims to capitalize on these dislocations by deploying flexible, creative capital across the capital stack — from senior loans to structured and opportunistic credit while maintaining a disciplined, partner-oriented investment approach.
KEY QUOTES:
“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. 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.”
“We are incredibly grateful to our strategic partners for their support and shared conviction in our vision for Derby Lane. With our team’s extensive experience and deep industry relationships, Derby Lane is positioned to invest with flexibility, speed, and discipline in a market undergoing generational change.”
Adam Piekarski, Founder, CEO, and CIO of Derby Lane
“At Stable, our business is focused on partnering with investment firms to help them build enduring platforms. We manage capital on behalf of leading institutions, including U.S. public pension plans, and seek to back founders who demonstrate investment discipline and a long-term approach to firm building. Adam has built and led investment businesses with a clear focus on execution, and we are pleased to participate in the launch of Derby Lane.”
Erik Serrano Berntsen, CEO and Founder of Stable
