Opening PIMCO stinger
Opening disclaimer
PIMCO provides services only to professional and qualified institutions and investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized.
This is neither an offer to sell nor a solicitation of an offer to buy interests in the PIMCO Private Diversified Lending Fund “(PDLF” or the “Fund”). Offers are made solely pursuant to a respective Fund’s Private Placement Memorandums (the “PPM”), which will be provided in due course to qualified investors who express interest. The information contained herein is qualified in its entirety by reference to the PPM, which contains additional information about the investment objectives, terms and conditions of an investment in the Funds, and also contains certain disclosures that are important to consider when making an investment decision regarding the Fund. In the case of any inconsistency between the terms contained herein and the PPM, the terms of the PPM shall control. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, accounting, legal, tax, or other advice. You should consult your advisers regarding such matters. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore or by the Securities and Futures Commission of Hong Kong.
Only qualified and professional investors may invest in the Fund.
A word about risk: The Fund is not subject to the same regulatory requirements as mutual funds. The Fund is expected to be leveraged and to engage in speculative investment practices that will increase the risk of investment loss. The Fund’s performance could be volatile; an investor could lose all or a substantial amount of its investment. A Fund’s manager will have broad trading authority over such Fund. The use of a single adviser applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is no secondary market for a Fund’s interest and none is expected to develop. There will be restrictions on transferring interests in a Fund and limited liquidity provisions. A Fund’s fees and expenses may offset its trading profits. The Fund will not be required to provide periodic pricing or valuation information to investors. The Fund will involve complex tax structures and there may be delays in distributing important tax information. A substantial portion of the trades executed for certain Funds are in non-U.S. securities and take place on non-U.S. exchanges.
All $ amounts referenced are in USD and source citations are PIMCO unless stated otherwise.
Video recorded on 13 March 2026
Text on screen: Strategy Spotlight: PIMCO Private Diversified Lending Fund (PDLF)
Text on screen: What are the key differentiators of PDLF?
Text on screen: Kyle McCarthy, Alternative Credit Strategist
In terms of benefits and differentiators, I would mention a few things.
First off, it's the yield enhancement that the strategy offers, that consistent income over time. We target a 6 to 9% overall income distribution range. Currently delivering an 8% income distribution.
The second benefit is the strategy's focus on asset-backed lending, which provides an additional measure of downside mitigation. We do that by lending into the real economy, into opportunities that offer additional hard collateral that is securing the cash flows. These are things like a house, a car, an airplane, a motorcycle, a data centre, and it provides that additional layer of protection, which investors are looking for today.
Text on screen: Senior-secured lending backed by tangible assets
Thirdly, is diversification. Diversification relative to local players who tend to focus very much on property-related credit, and diversification offshore, as most strategies focus on corporate direct lending. We’re, here, a very unique value proposition in giving investors access to that asset-backed opportunity set.
Text on screen: Why now?
A key benefit for investors today is the fact that yields remain elevated. So contractual cash flows and income-driven returns provide a really nice diversifying feature to an investor's broader portfolio.
The opportunities that we're seeing today in credit markets are all in high-conviction areas where we believe credit fundamentals are strong. We can summarise them into three key themes. The first theme is aircraft leasing.
Text on screen: Growing aircraft demand, limited available supply
The thesis here is really grounded in a supply imbalance. You have meaningful demand for aircraft as fleets are growing, but very limited supply of available aircraft today. That is pushing up lease rates and providing an opportunity for us to take advantage of those attractive yields on behalf of our investors.
Text on screen: U.S. residential mortgages with strong credit quality
The second theme is U.S. residential mortgages. We like this space because it's extremely high quality. There's been meaningful equity that has been built up in the U.S. housing market over the past decade, and that provides an additional cushion on the downside. We also see very high-quality borrowers, relatively low loan-to-value ratios, and very stringent lending standards, which has kept the quality of this market quite high.
Text on screen: A bifurcated consumer market focusing on higher-quality segments
The third thematic is U.S. consumer-related opportunities. Here, what we're observing is a K-shaped economy. Essentially, what that means is there's a bifurcation in credit quality across the broad consumer spectrum. We're seeing in the upper leg of the K, essentially high wage earners, high net worth, high credit quality individuals, continue to perform very, very well. The lower leg of the K is where you have lower income, lower credit quality borrowers, where that's where we're starting to see a little bit of pain, delinquencies, and defaults start to rise. So we are avoiding the lower leg and really focussing on those top-tier quality borrowers.
That's where we're seeing attractive opportunities across all forms of consumer lending, that could be auto, credit card, personal loans, student loans. There's many attractive opportunities within that up-in-quality-bias space today.
Text on screen: Why PIMCO?
Three key reasons. First is Pimco's pedigree. Pimco has been delivering income-driven solutions for clients for over 50-plus years, across both public and private markets, and this strategy leans into those strengths across both spaces.
The second is the strategy's focus on asset-based lending, which is a natural extension from Pimco's fixed income and credit platform. It really leans into where Pimco has an edge, across underwriting, sourcing, and use of proprietary data sets and analytics.
And third is our multi-sector approach, which enhances the diversification of the portfolio, but also allows us to shift allocations over time, and really pivot to where we see opportunity and the best relative value.
Bringing it all together, we view this strategy as offering a unique value proposition for clients. It offers attractive income that's delivered on a monthly basis, enhanced downside mitigation as we think about the asset-backed nature of the investments we're making, and third, the diversification benefits it brings, particularly relative to the local market.
Closing PIMCO stinger, no CTA
Disclaimer
The information contained herein is proprietary and confidential and may include commercially sensitive information, must be kept strictly confidential, and may not be copied, used for an improper purpose, reproduced, republished, or posted in whole or in part, in any form, without the prior written consent of PIMCO. The recipient of this material must not make any communication regarding the information contained herein, including disclosing that the materials have been provided to such recipient, to any person other than its representatives assisting in considering the information contained herein. Each recipient agrees to the foregoing and to return or destroy the materials promptly upon request.
It should not be assumed, and no representation is made, that past investment performance is reflective of future results. Nothing herein should be deemed to be a prediction or projection of future performance.
Certain information contained in this presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any investment may differ from those reflected or contemplated in such forward-looking statements. Prospective investors should not rely on these forward-looking statements when making an investment decision.
The material contains statements of opinion and belief. Any views expressed herein are those of PIMCO as of the date indicated, are based on information available to PIMCO as of such date, and may not have been updated to reflect real time market developments. Statements of opinion are subject to change, without notice, based on market and other conditions. No representation is made or assurance given that such views are correct. PIMCO has no duty or obligation to update the information contained herein.
Past performance is not a guarantee or a reliable indicator of future results. The fees and expenses of the fund described herein (the “Fund”) are discussed within its Documents (defined below).
Any investment decision must be based only on the Fund’s private placement memorandum, limited partnership agreement, and other definitive legal documents (the “Documents”), which shall govern in the event of any conflict with the information contained herein. You must rely only on the information in the Documents in making any decision to invest.
The information contained herein is being furnished to you solely for the purpose of giving you a preliminary indication of the strategy and structure of the Fund and is not to be used for any other purpose or made available to anyone not directly concerned with your evaluation of the possibility of requesting further information regarding an investment in such Fund. The Fund information set forth herein is not and does not purport to be complete, and is qualified by and subject to the relevant Fund’s Documents. If you express an interest in investing in a Fund, any offer will be made by, and you will be provided with, the Documents.
This summary is for informational purposes only, and does not constitute an offer to sell, or a solicitation of an offer to buy, interests in a Fund or to participate in any trading strategy. Any such offer would be made only after a prospective purchaser has had the opportunity to conduct its own independent evaluation of such Fund and has received all information required to make its own investment decision, including a copy of Documents, which will contain material information not included herein and to which prospective purchasers are referred. No person has been authorized to give any information or to make any representation other than those contained in this summary and, if given or made, such information or representations must not be relied upon as having been authorized. Each prospective investor should consult its own counsel, accountant, or tax or business adviser as to legal, accounting, regulatory, tax and related matters, as well as economic risks and merits, concerning the possibility of making an investment in any Fund.
A word about risk: The Fund is not subject to the same regulatory requirements as mutual funds. The Fund is expected to be leveraged and to engage in speculative investment practices that will increase the risk of investment loss. The Fund’s performance could be volatile; an investor could lose all or a substantial amount of its investment. A Fund’s manager will have broad trading authority over such Fund. The use of a single adviser applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is no secondary market for a Fund’s interest and none is expected to develop. There will be restrictions on transferring interests in a Fund and limited liquidity provisions. A Fund’s fees and expenses may offset its trading profits. The Fund will not be required to provide periodic pricing or valuation information to investors. The Fund will involve complex tax structures and there may be delays in distributing important tax information. A substantial portion of the trades executed for certain Funds are in non-U.S. securities and take place on non-U.S. exchanges.
Investments in residential/commercial mortgage loans and commercial real estate debt are subject to risks that include prepayment, delinquency, foreclosure, risks of loss, servicing risks and adverse regulatory developments, which risks may be heightened in the case of non-performing loans. The Fund will also have exposure to such risks through its investments in mortgage and asset-backed securities, which are highly complex instruments that may be sensitive to changes in interest rates and subject to early repayment risk. Structured products such as collateralized debt obligations are also highly complex instruments, typically involving a high degree of risk; use of these instruments may involve derivative instruments that could lose more than the principal amount invested. Private credit involves an investment in non-publically traded securities which may be subject to illiquidity risk. Portfolios that invest in private credit may be leveraged and may engage in speculative investment practices that increase the risk of investment loss. Investments in private credit may also be subject to real estate-related risks, which include new regulatory or legislative developments, the attractiveness and location of properties, the financial condition of tenants, potential liability under environmental and other laws, as well as natural disasters and other factors beyond a manager’s control. Equity investments may decline in value due to both real and perceived general market, economic and industry conditions, while debt investments are subject to credit, interest rate and other risks. Investing in banks and related entities is a highly complex field subject to extensive regulation, and investments in such entities or other operating companies may give rise to control person liability and other risks.
Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, and inflation risk. Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans, as such the prepayments cannot be predicted with accuracy. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower’s obligation, or that such collateral could be liquidated. Collateralized Loan Obligations (CLOs) may involve a high degree of risk and are intended for sale to qualified investors only. Investors may lose some or all of the investment and there may be periods where no cash flow distributions are received. CLOs are exposed to risks such as credit, default, liquidity, management, volatility, interest rate, and credit risk. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be appropriate for all investors. Investing in distressed loans and bankrupt companies are speculative and the repayment of default obligations contains significant uncertainties. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and while generally supported by a government, government-agency or private guarantor there is no assurance that the guarantor will meet its obligations.
Sovereign securities are generally backed by the issuing government, obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. Government; portfolios that invest in such securities are not guaranteed and will fluctuate in value. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The current regulatory climate is uncertain and rapidly evolving, and future developments could adversely affect a Fund and/or its investments.
The foregoing is only a description of certain key risks, and is not a complete enumeration of all risks to which a Fund will be subject. Each Fund will be subject to numerous other risks not described herein. Prospective investors must carefully review the Documents (including, without limitation, the risk factors contained in the Fund’s private placement memorandum) prior to making any investment decision.
A purchase of interests in any Fund involves a high degree of risk that each prospective investor must carefully consider prior to making such an investment. Investors should thoroughly review the investment considerations and risk factors section of a Fund’s private placement memorandum for a more complete description of these risks. Prospective investors are advised that investment in a Fund is appropriate only for persons of adequate financial means who have no need for liquidity with respect to their investment and who can bear the economic risk, including the possible complete loss, of their investment.
Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.
This material contains the opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized.| | PIMCO Asia Pte Ltd (8 Marina View, #30-01, Asia Square Tower 1, Singapore 018960, Registration No. 199804652K) is regulated by the Monetary Authority of Singapore as a holder of a capital markets services licence and an exempt financial adviser. The asset management services and investment products are not available to persons where provision of such services and products is unauthorised. | PIMCO Asia Limited (Suite 2201, 22nd Floor, Two International Finance Centre, No. 8 Finance Street, Central, Hong Kong) is licensed by the Securities and Futures Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance. PIMCO Asia Limited is registered as a cross-border discretionary investment manager with the Financial Supervisory Commission of Korea (Registration No. 08-02-307). The asset management services and investment products are not available to persons where provision of such services and products is unauthorised. | PIMCO Australia Pty Ltd ABN 54 084 280 508, AFSL 246862. This publication has been prepared without taking into account the objectives, financial situation or needs of investors. Before making an investment decision, investors should obtain professional advice and consider whether the information contained herein is appropriate having regard to their objectives, financial situation and needs. To the extent it involves Pacific Investment Management Co LLC (PIMCO LLC) providing financial services to wholesale clients, PIMCO LLC is exempt from the requirement to hold an Australian financial services licence in respect of financial services provided to wholesale clients in Australia. PIMCO LLC is regulated by the Securities and Exchange Commission under US laws, which differ from Australian laws. | No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2026, PIMCO.
Additional Disclosures by Region
APAC
Australia: This publication is intended to be general information for financial advisers and wholesale investors only. This should not be passed on to retail clients within the meaning of the Corporations Act. This document must not be passed on or distributed to any retail clients within the meaning of the Corporations Act 2001 (Cth). Past performance is not a reliable indicator of future results. Interests in any Australian PDLF mentioned in this publication are issued by PIMCO Australia Management Limited ABN 37 611 709 507, AFSL 487 505 of which PIMCO Australia Pty Ltd ABN 54 084 280 508, AFSL 246 862 is the investment manager (together PIMCO Australia). This publication has been prepared without taking into account the objectives, financial situation or needs of investors. Before making an investment decision, investors should obtain professional advice and consider whether the information contained herein is appropriate having regard to their objectives, financial situation and needs. Investors should obtain a copy of the Information Memorandum (IM) and consider the IM before making any decision about whether to acquire an interest in the fund mentioned in this publication. This publication may include economic and market commentaries based on proprietary research, which are for general information only. PIMCO Australia believes the information contained in this publication to be reliable, however its accuracy, reliability or completeness is not guaranteed. Any opinions or forecasts reflect the judgment and assumptions of PIMCO Australia on the basis of information at the date of publication and may later change without notice. These should not be taken as a recommendation of any particular security, strategy or investment product. All investments carry risk and may lose value. To the maximum extent permitted by law, PIMCO Australia and each of their directors, employees, agents, representatives and advisers disclaim all liability to any person for any loss arising, directly or indirectly, from the information in this publication. No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission of PIMCO Australia. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. To the extent this publication includes references to Pacific Investment Management Co LLC (PIMCO LLC) and/or any information regarding funds issued by PIMCO LLC and/or its associates, such references are to PIMCO LLC (and/or it associates, as the context requires) as the investment manager of the fund, and not as the issuer of the fund. PIMCO LLC is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001. PIMCO LLC is regulated by the Securities and Exchange Commission under US law, which differ from Australian law. PIMCO LLC is only authorised to provide financial services to wholesale clients in Australia.
Hong Kong: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. The Fund is a collective investment scheme but is not authorised under Section 104 of the Securities and Futures Ordinance of Hong Kong by the Securities and Futures Commission of Hong Kong. Accordingly the distribution of this Private Placement Memorandum, and the placement of interests or units in Hong Kong, is restricted. This Private Placement Memorandum may only be distributed, circulated or issued to persons who are professional investors under the Securities and Futures Ordinance and any rules made under that Ordinance or as otherwise permitted by the Securities and Futures Ordinance.
Singapore: This material is to be used for presentation (a) to an institutional investor (as defined in Section 4A of the Securities and Futures Act 2001 of Singapore (SFA)), or (b) to an accredited investor (as defined in Section 4A of the SFA) and not for public distribution. For investors in Singapore, please also refer to the Singapore Information Memorandum which forms part of and should be read in conjunction with the prospectus. Investors should note the shares of the Fund is not authorised or recognised by the Monetary Authority of Singapore ("MAS") and the Fund is not allowed to be offered to the Singapore retail public. Accordingly, the Fund may not be offered or sold, nor may the Fund be the subject of an invitation for subscription or purchase, nor may the Information Memorandum or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the Fund be circulated or distributed, whether directly or indirectly, to any person in Singapore other than under exemptions provided in the Securities and Futures Act (“SFA”) for offers made (a) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA, (b) to a relevant person (as defined in Section 305(5) of the SFA), or any person pursuant to an offer referred to in Section 305(2) of the SFA, and in accordance with the conditions specified in Section 305 of the SFA or (c)otherwise pursuant to, and in accordance with, the conditions of any other applicable provision of the SFA.
MALAYSIA: This material is to be used for one-on-one presentations to accredited or institutional investors and not for public distribution. No action has been, or will be, taken to comply with Malaysian laws for making available, offering for subscription or purchase, or issuing any invitation to subscribe for or purchase or sale of the shares in Malaysia or to persons in Malaysia as the shares are not intended by the issuer to be made available, or made the subject of any offer or invitation to subscribe or purchase, in Malaysia. Neither this document nor any document or other material in connection with the shares should be distributed, caused to be distributed or circulated in Malaysia. No person should make available or make any invitation or offer or invitation to sell or purchase the shares in Malaysia unless such person takes the necessary action to comply with Malaysian laws.
PHILIPPINES: This material is to be used for one-on-one presentations to qualified buyer and not for public distribution. The shares being offered or sold herein have not been registered with the Securities and Exchange Commission under the Securities Regulation Code of the Philippines. Any future offer or sale thereof is subject to registration requirements under the Code unless such offer or sale qualifies as an exempt transaction.
THAILAND: This material is to be used for one-on-one presentations to institutional investors and not for public distribution. This material has not been approved by the Securities and Exchange Commission which takes no responsibility for its contents. No offer to the public to purchase the Shares will be made in Thailand and this material is intended to be read by the addressee only and must not be passed to, issued to, or shown to the public generally. Where applicable, this material is provided to facilitate the offering of a proposed or existing Thailand-domiciled “Foreign Investment Fund” issued by a locally licensed Thailand asset manager, which will or has invest into the Fund. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation or solicitation to invest directly into the Fund.
For Professional Investor, Qualified Buyer, Accredited Investor and Institutional Investor Use Only/Not for public distribution. Only qualified investors may invest in the Fund.
CMR2026-0417-5405000