Alternative Investments

Alternative Investment Strategies

Alternatives timelineAlternatives timeline

Global Macro
Seeks to deliver absolute returns by using PIMCO’s macroeconomic insights to guide directional and relative value ideas across developed and emerging markets.

Credit Relative Value
Seeks to deliver positive returns with low volatility, low correlation to the market, and an emphasis on capital preservation, by investing in bottom-up relative value and event-driven opportunities.

Multi-Asset Volatility Relative Value
Seeks to deliver consistent, absolute returns with low correlations to other asset classes by investing in volatility-arbitrage and multi-asset relative value opportunities.

Commodity Relative Value
Seeks to deliver returns that are sustainable across economic cycles with low correlation to broad commodity, fixed income and equity markets by investing in relative value opportunities across a broad range of commodity markets.

Tactical Credit
A unique hybrid structure – investing in both public and private markets – that makes directional investments in residential, commercial and corporate credit.

Structured Credit
A directional strategy that targets senior structured credit assets. The strategy aims to provide investors with the opportunity to earn carry and potential price appreciation for bearing liquidity and ratings risk with minimal expected long-term credit risk.

For more information about our alternative strategies, please contact your account manager.

PIMCO’s opportunistic strategies are uniquely positioned to leverage the strength of PIMCO’s resources and personnel, including the firm’s extensive relationships with global financial institutions and other sellers of risk, and renowned macroeconomic and asset-level research.

Corporate Credit
A value-oriented opportunistic strategy targeting investments across public and private markets, geographies and capital structures in the less efficient middle market.

Tactical Credit
A unique hybrid structure – investing in both public and private markets – that makes directional investments in residential, commercial and corporate credit.

Real Estate and Mortgages
PIMCO’s real estate and mortgage investments span originations, real estate equity, non-performing and re-performing loans, private debt and structured credit, with the intent to capitalize on the evolving opportunity set, while emphasizing flexibility. We combine bottom-up real estate underwriting with macroeconomic insights to determine optimal asset allocation.

For more information about our alternative strategies, please contact your account manager.

Amidst the financial crisis, PIMCO expanded both its capabilities and offerings in direct mortgages, structured credit and real estate with the intent to capitalize on the evolving opportunity set, while emphasizing flexibility. A combination of bottom-up real estate underwriting with macroeconomic insights is used to determine optimal asset allocation. In addition, the strategies focused on uncovering embedded investment risks and value-add potential at the property level and incorporating a relative value framework that includes both public and private real estate data points.

PIMCO’s real estate team includes individuals with real estate private equity, structuring, servicing and origination expertise operating in both the U.S. and Europe. With private and public real estate markets more interconnected than ever, the team’s expertise in asset selection and structure provides a unique perspective to investing and creating value in real estate. Investments span originations, real estate equity, non-performing and re-performing loans, private debt and structured credit, underscoring the team’s flexibility.

PIMCO Mortgage and Real Estate Opportunistic Funds Timeline: Aiming to Capitalize on the Transformation in Real Estate Credit Markets


Real Estate timeline


For more information about our real estate strategies, please contact your account manager.


U.S. Real Estate

JOHN MURRAY
Co-head U.S. CRE, MD, Portfolio Manager

Mr. Murray is a managing director in the Newport Beach office and a portfolio manager focusing on commerical real estate investments. Read More


DEVIN CHEN
Co-head U.S. CRE, EVP, Portfolio Manager

Mr. Chen is an executive vice president in the New York office and a portfolio manager focusing on commerical real estate investments. Read More


European Real Estate


LAURENT LUCCIONI
HEAD EUROPEAN CRE, EVP, Portfolio Manager

Mr. Luccioni is an executive vice president and portfolio manager in the London office heading commerical real estate investments for Europe. Read More


PIMCO's Real Estate Team

NAME & TITLE
LOCATION
FOCUS
John Murray

Co-head U.S. CRE, MD, Portfolio Manager

Newport Beach
RE Private Equity
Devin Chen

Co-head U.S. CRE, EVP, Portfolio Manager

New York
RE Private Equity
Laurent Luccioni

Head, European Real Estate, EVP, Portfolio Manager

London
RE Private Equity
Lee Galloway

EVP, Portfolio Manager

London
RE Private Equity
Russell Gannaway

EVP, Portfolio Manager

Newport Beach
CRE Structured Products
John Lee

EVP, Portfolio Manager

Newport Beach
RE Private Equity
Tareck Safi

EVP, Portfolio Manager

London
RE Private Equity
Bill Cumby

Senior Vice President, Portfolio Manager

Newport Beach
RE Private Equity
Chris Flick

Senior Vice President, Portfolio Manager

Newport Beach
RE Private Equity
George Graham

Senior Vice President, Portfolio Manager

London
RE Private Equity
Brent Jenkins

Senior Vice President, Portfolio Manager

New York
RE Private Equity
Julia Kelting

Senior Vice President, Portfolio Manager

Munich
CRE Structured Products
Matt Michalovsky

Senior Vice President, Portfolio Manager

Newport Beach
RE Private Equity
Kevin Morgenroth

Senior Vice President, Portfolio Manager

New York
RE Private Equity
Jonathan Schube

Senior Vice President, Portfolio Manager

New York
RE Private Equity
Bryan Tsu

Senior Vice President, Portfolio Manager

Newport Beach
CRE Structured Products
Griff Winkler

Senior Vice President, Portfolio Manager

London
RE Private Equity
Sagar Bhatt

Vice President, Portfolio Manager

New York
RE Private Equity
Cyril Choppin

Vice President, Portfolio Manager

London
CRE Structured Products
Stefanie Evans

Vice President, Portfolio Manager

Newport Beach
CRE Structured Products
Jason Longo

Vice President, Portfolio Manager

New York
RE Private Equity
Lindsey O'Connor

Vice President, Portfolio Manager

Newport Beach
CRE Structured Products
Julio Siberio

Vice President, Portfolio Manager

Newport Beach
CRE Structured Products
Cesar Villaveces

Vice President, Portfolio Manager

Newport Beach
RE Private Equity
Hansford Warner

Vice President, Portfolio Manager

Newport Beach
RE Private Equity
Anthony Clarke

Vice President, Portfolio Manager

Newport Beach
RE Private Equity
Richard Debo

Portfolio Manager

New York
RE Private Equity
Kait Margraf

Portfolio Manager

New York
RE Private Equity
Tristan De Souza

Portfolio Manager

London
RE Private Equity
Paul Doychev

Portfolio Manager

London
RE Private Equity
Pierre-Arnaud Drouhin

Portfolio Manager

London
RE Private Equity
Laetitia Theroine

Portfolio Manager

London
RE Private Equity
Sebastian Zilles

Portfolio Manager

London
RE Private Equity
Vanessa Trinh

Associate

Newport Beach
RE Private Equity

Contact Us

PIMCO Headquarters
650 Newport Beach Center Drive
Newport Beach, CA 92660
USA

For more information, please contact your account manager

Articles

Disclosures

PIMCO provides services only to qualified institutions and investors. 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.


The following disclosures may not include all risks related to the strategies described herein. Additionally, this material is not intended to provide, and should not be relied on for, accounting, legal, tax or other advice. You should consult your advisors regarding such matters.


General risks: The strategies involve a high degree of risk and prospective investors are advised that these strategies are suitable 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. All investments contain risk and may lose value. The strategies will not be subject to the same regulatory requirements as registered investment vehicles. The strategies may be leveraged and may engage in speculative investment practices that may increase the risk of investment loss. The strategies are not expected to track a particular benchmark. A strategy's fees and expenses may offset its trading profits. The portfolio manager(s) are expected to have broad trading authority over a particular strategy. The use of a single adviser applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. The strategies generally involve complex tax structures and there may be delays in distributing important tax information. A substantial portion of the trades executed for certain strategies may be in non-U.S. securities and take place on non-U.S. exchanges or non-U.S. jurisdictions. Certain strategies may invest in non-publicly traded securities which may be subject to illiquidity risk. Performance could be volatile; an investor could lose all or a substantial amount of its investment. Past performance is not a guarantee or a reliable indicator of future results.


The funds presented on the “Real Estate” tab are private equity-style funds that are closed to new investment. Figures presented above represent aggregate capital commitments as of each fund's final closing, and the dates presented above represent each fund's initial closing. BRAVO I and BRAVO II continue to be implemented based on their respective investment strategies; all other funds listed above have concluded operations. Each of these funds had or has a broad investment mandate and made investments and employed strategies other than those described above. PIMCO manages a number of private investment vehicles other than those listed above, which are not listed because they utilize or utilized different investment strategies or are open to new investment. Past performance is not indicative of future results, and no assurance can be made that other PIMCO-managed private investment vehicles will resemble those listed above in any respect.