Pacific Investment Management Co. raised $2 billion for its specialty finance strategy, a key plank of the bond giant's push into private lending.
Pimco, which disclosed the capital raise in a recent filing, has been building out its alternatives business in recent years as the firm expands beyond its bond roots. That includes the specialty finance strategy, also known as asset-based finance, secured by financial or hard assets.
Pimco's specialty finance business offers consumer debt, such as residential mortgages and credit cards, as well as non-consumer loans, such as equipment-based lending and aircraft leasing.
Portfolio managers Harin de Silva, Kristofer Kraus and Jason Steiner lead the asset-backed lending strategy, which manages roughly $2.7 billion, including the latest money raised, according to a person familiar with the matter.
