PIMCO raised $7 billion for its new asset-backed financing strategy
According to informed sources, Pacific Investment Management Company (PIMCO) has raised over $7 billion for an Asset-Based Finance strategy, which includes the first batch of funds specifically designed for insurance companies and high-net-worth individuals. The fund will invest in loans secured by physical and financial assets in the residential and consumer markets. About one-third of the investors are new clients of PIMCO. This fundraising will bring the total assets of PIMCO's private asset-backed funds to over $20 billion by the end of the year. (Bloomberg)
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