PIMCO Asset-Based Lending Fund
Why PALCO
Dedicated Private ABL Portfolio
PALCO at a Glance
The Fund will indirectly invest substantially all of its assets in PIMCO Asset-Based Lending Company LLC (the “Operating Company or PALCO”).
The Fund offers wholesale investors exposure to the growing opportunity set within private ABF across residential, consumer, and non-consumer sectors.
- Evergreen structure offering liquidity in a perpetual vehicle
- Targets private, asset-based finance opportunities in a semi-liquid format
- Monthly subscriptions and quarterly redemptions for flexible investor access
- Seeks to generate attractive income, expected to be distributed monthly
Capitalising on PIMCO's Highest Conviction Themes Across Asset-Based Finance
-
Asset-Backed, Income-Producing Investments
PALCO primarily seeks to acquire income-producing assets across ABL sectors backed by specified pools of real assets, financial assets, insurance assets or other assets. -
Unique Access Through PIMCO's Platform
Powered by PIMCO's ABF platform with ~20 years of experience, proprietary data and analytics and differentiated sourcing model. -
Diversification Benefits
PALCO's objective is to build a diversified portfolio of asset-backed instruments, focusing on assets outside the traditional corporate and commercial real estate lending markets
As of 31 December 2025; Source: PIMCO. For illustrative purposes only. The information shown above reflects potential investments being evaluated by PALCO. There is no guarantee that PALCO will invest in them or that any investment will achieve positive results. The investment examples shown above are presented for illustrative purposes only, as a general example of the types of investments that may be acquired by PALCO in the future, as well as PALCO's capabilities in sourcing, modeling and managing such investments. PIMCO may invest significantly in asset types not referred to in the above. There can be no guarantee that PALCO will continue to have access to comparable investments, or that PALCO will continue to utilize similar strategies or techniques in connection with its future investments. The information presented herein is as of a specific date, may have changed since such time and is subject to future change.
Meet the Team
Daniel J. Ivascyn
Mr. Ivascyn is Group Chief Investment Officer and a managing director in the Newport Beach office. He is lead portfolio manager for the firm's income, credit hedge fund, and mortgage opportunistic strategies, and is also a portfolio manager for total return strategies. He is a member of PIMCO's Executive Committee and a member of the Investment Committee. Morningstar named him Fixed-Income Fund Manager of the Year (U.S.) for 2013, and he was inducted into the Fixed Income Analysts Society Hall of Fame in 2019. Prior to joining PIMCO in 1998, he worked at Bear Stearns in the asset-backed securities group, as well as T. Rowe Price and Fidelity Investments. He has 34 years of investment experience and holds an MBA in analytic finance from the University of Chicago Graduate School of Business and a bachelor's degree in economics from Occidental College.
Jason Steiner
Mr. Steiner is a managing director and portfolio manager in the Newport Beach office. He is a lead portfolio manager for PIMCO's multi-sector and asset-based private lending and opportunistic strategies. He is responsible for residential mortgage credit across public and private markets. In addition to his portfolio management responsibilities, he sits on the firm's Executive Committee and is a member of the PM management committee. Prior to joining PIMCO in 2009, Mr. Steiner spent eight years at Natixis Capital Markets in New York, focusing on trading RMBS. He has 25 years of investment and financial services experience and holds undergraduate degrees in mathematics and computer science from Boston College.
Harin de Silva
Mr. de Silva is a managing director and portfolio manager in the New York office. He chairs PIMCO's private strategies leadership team and has oversight of the portfolio management team focused on private strategies. In addition, Mr. de Silva co-leads the specialty finance team globally and is a lead portfolio manager for PIMCO's multi-sector private credit, asset-based lending, and opportunistic strategies. Prior to joining PIMCO in 2009, he was a managing director at Merrill Lynch with a focus on structured credit. Mr. de Silva previously worked at Credit Suisse First Boston and Prudential Securities, focusing on structured finance, CDOs, and credit derivatives. He began his career in the actuarial department at Royal Sun Alliance. He has 30 years of investment experience and holds an MBA in analytical finance from the University of Chicago and a bachelor's degree in applied mathematics from Davidson College in North Carolina.
More To Know
Group CIO Dan Ivascyn and portfolio manager Jason Steiner discuss how post global financial crisis conservatism, locked in mortgage rates, and shifting policy priorities are driving consumer lending opportunities today.
We explore borrower conditions and the sectors offering the most compelling opportunities today.
Private credit has moved beyond direct lending, making a multi‑sector approach essential.
Even as the direct lending sector faces scrutiny, private credit remains a broadly diversified market offering a variety of investable opportunities.
Asset-based finance fuels the real economy – from homes and universities to flights and consumer goods. Backed by tangible assets, it’s a growing opportunity for investors. Discover how PIMCO’s scale, data, and dual-market lens unlock strategic value in ABF.
There’s a transformation underway in credit markets: from bank syndication to hybrid structures led by asset managers. Discover how duration risk, asset-liability mismatches, and demand for yield are creating high-quality credit opportunities and what it means for portfolio construction.
Bond returns have been strong – and the opportunity is far from over. With compelling yields and excess return potential across public and private markets, Marc Seidner, CIO non-traditional strategies, shares why fixed income remains a powerful tool for generating durable income and managing risk.
We have high conviction in asset-based finance, currently focused on U.S. residential and aviation finance for their strong yields and sector diversity.
Group CIO Dan Ivascyn discusses how investors should examine liquidity and economic sensitivity across public and private markets.
Group CIO Dan Ivascyn discusses how looming Federal Reserve interest rate cuts and continued policy uncertainty are shaping PIMCO’s investment playbook at a time of abundant fixed income opportunities.
As direct lending matures and other private credit areas expand, active investors can apply relative value strategies across sectors – and even entire markets – to pursue enhanced outcomes.
Marc Seidner, CIO Non-traditional strategies, shares how investors should think about alpha opportunities across public and private credit markets amid the challenges of a fragmented global economy.