Pimco Gathers $7 Billion for New Asset-Based Finance Strategy
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Pacific Investment Management Co. raised more than $7 billion for an asset-based finance strategy, including its first funds designed exclusively for insurance companies and wealthy individuals, according to a person familiar with the matter.The funds will invest in loans backed by hard and financial assets across residential and consumer markets, said the person, asking not to be identified discussing confidential information. A representative for Newport Beach, California-based Pimco declined to comment.