Shares in alternative real estate investment manager Qualitas rose 4 per cent on their first day of trading, lifting the value of the stakes held by co-founder Andrew Schwartz and backer Trawalla Group to $173.5 million.

Group managing director Mr Schwartz and Trawalla, controlled by Carol and Alan Schwartz (not related to the managing director), each own a 22.7 per cent stake in the non-bank lender that closed on Thursday at $2.60, up from the initial public offering price of $2.50. That gave it a first-day market capitalisation of $764.4 million.