Press Release

PIMCO Launches New Interval Fund, the PIMCO Flexible Real Estate Income Fund (REFLX)

The Fund will invest in public and private commercial real estate markets, seeking to harness the expertise and resources of PIMCO’s $190 billion CRE platform.


Newport Beach, California (December 1, 2022) – PIMCO, one of the world’s premier fixed income investment managers, has announced the launch of the PIMCO Flexible Real Estate Income Fund (REFLX), the firm’s first real-estate-focused interval fund that will invest in public and private markets by seeking to harness the expertise and resources of PIMCO’s $190 billion commercial real estate (“CRE”) platform. The fund aims to provide current income and long-term capital appreciation.

REFLX will be managed by a PIMCO investment committee comprised of Dan Ivascyn, PIMCO Managing Director and Group Investment Officer; Devin Chen, PIMCO Executive Vice President and Portfolio Manager; Christoph Donner, Chief Executive Officer - US, Allianz Real Estate; Russell Gannaway, PIMCO Managing Director and Portfolio Manager; John Lee, PIMCO Executive Vice President and Portfolio Manager; and Peggy DaSilva, Head of Asset Management - US, Allianz Real Estate.

REFLX seeks to provide investors with access to a broad set of public and private real estate investment opportunities and will have the flexibility to invest in four distinct quadrants of the “CRE” markets: 1/ private equity by acquiring stabilized, income-oriented CRE; 2/ private real estate loans; 3/ public debt such as commercial mortgaged-backed securities, and 4/ public equity such as Real Estate Investment Trusts, or REITs.

“The extraordinary re-pricing of assets across financial markets this year has created what we think are some of the most attractive investment opportunities in more than a decade,” said Mr. Ivascyn. “Higher yields and lower valuations in both public and private markets make for an attractive environment for patient investors ready to deploy funds in a flexible vehicle that can allocate investments across commercial real estate.”

REFLX is an important step forward in the continued evolution in PIMCO’s interval fund complex, where the firm focuses on providing investors with access to less liquid, income-oriented solutions across a range of asset classes – credit, municipal bonds, emerging markets and real estate.  PIMCO launched its first interval fund in 2017 and has over $4.5 billion of AUM across five continuously offered interval funds, as of 30 September 2022.

REFLX offers investors access to PIMCO’s institutional quality private real estate platform with the ease of a registered fund. Similar to a mutual fund, the fund is continuously offered.  Additionally, investors can sell their shares back to the fund, although unlike the daily liquidity of a mutual fund, they may only be able to do so on a quarterly basis through REFLX’s periodic repurchase offers (currently expected to be at 5% of outstanding shares). As such, an investment in REFLX should be considered to be illiquid. For more information about the Fund, please see its prospectus and statement of additional information.

1 Mr. Donner and Ms. DaSilva are dual personnel of Allianz Real Estate and PIMCO and provide services to REFLX on behalf of PIMCO. Allianz Real Estate is a PIMCO company, comprising Allianz Real Estate GmbH and Allianz Real Estate of America and their subsidiaries and affiliates.

Media Contacts

Michael Reid
Global Head of Corporate Communications – New York

Agnes Crane
U.S. Corporate Communications – New York

Joy Sheetz
U.S. Corporate Communications – New York

Laura Batty
U.S. Corporate Communications – Newport Beach

Lisa Papas
U.S. Corporate Communications – Newport Beach

Laura Thomas
UK & EMEA Corporate Communications – London
+44 203 640 1520

Wendy Svirakova
UK & EMEA Corporate Communications – London
+44 203 640 1237

Li Anne Wong
APAC Corporate Communications – Singapore
+65 6491 8068


About PIMCO 

PIMCO is one of the world’s premier fixed income investment managers. With our launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the 50+ years since, we have continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions. Today we have offices across the globe united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. This and other information are contained in the fund’s prospectus, which may be obtained by contacting your investment professional or PIMCO representative or by visiting Please read the prospectus carefully before you invest.

CRE platform assets include $97bn in assets of clients contracted with Allianz Real Estate, an affiliate of PIMCO. The AUM attributable to Allianz Real Estate includes uncalled capital commitments.

The fund is a newly organized, unlisted closed-end “interval fund.” Limited liquidity is provided to shareholders only through the fund’s quarterly offers to repurchase between 5% to 25% of its outstanding shares at net asset value (subject to applicable law and approval of the Board of Trustees, the Fund currently expects to offer to repurchase 5% of outstanding shares per quarter). Although interval funds provide limited liquidity to investors by offering to repurchase a limited amount of shares on a periodic basis, investors should consider shares of the Fund to be an illiquid investment.

Investments made by the Fund and the results achieved by the Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies.  A new or smaller Fund’s performance may not represent how the Fund is expected to or may perform in the long-term.  New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies.  The Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.

A word about risk: Investments in commercial real estate debt and residential/commercial mortgage loans 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. 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. Mortgage-related assets and other asset-backed instruments may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee, there is no assurance that private guarantors will meet their obligations. Private Credit  will 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 the fund’s control. 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. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. 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.

The value of real estate and portfolios that invest in real estate may fluctuate due to: losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, property tax rates, regulatory limitations on rents, zoning laws, and operating expenses. REITs are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. 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. Joint ventures are subject to management risk, potential for default, conflicts of interest, and may be considered speculative and involve a high risk of investment loss. 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 use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged.

An investment in an interval fund is not appropriate for all investors. Unlike typical closed-end funds an interval fund’s shares are not typically listed on a stock exchange. Although interval funds provide limited liquidity to investors by offering to repurchase a limited amount of shares on a periodic basis, investors should consider shares of the Fund to be an illiquid investment. Investments in interval funds are therefore subject to liquidity risk as an investor may not be able to sell the shares at an advantageous time or price. There is also no secondary market for the Fund’s shares and none is expected to develop. There is no guarantee that an investor will be able to tender all or any of their requested Fund shares in a periodic repurchase offer.

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 a long-term especially during periods of downturn in the market. Investors should consult their investment professional prior to making an investment decision. An investment in the Fund is speculative involving a high degree of risk, including the risk of a substantial loss of investment.

Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO's sponsored investment products, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current 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. No part of this material 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 L.P. in the United States and throughout the world. ©2022, PIMCO.

PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO.


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