Pimco steps up distressed bet with another USD 3 billion fund

Pacific Investment Management Co. wants to capitalize on dislocations in the fixed-income market.

Photo: Spar Nord/PR

Pacific Investment Management Co. is seeking to raise another EUR 2.8 billion (USD 3 billion) for a distressed credit fund as the rush to capitalize on dislocations in the fixed-income market grows.

Pimco’s latest money pool -- Distressed Credit Opportunities Fund III -- will invest in public market securities, including corporate credit, according to documents from a Fresno County Employees’ Retirement Association meeting this month. The fund, dubbed Disco III, will target leveraged loans, high-yield bonds and collateralized loan obligations.

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