Since launching its opportunistic investment platform in 2007, PIMCO has offered eight opportunistic/distressed strategies to clients seeking attractive risk-adjusted returns during a period of historic and ongoing dislocation in the global credit markets.

Recognizing the significant asset-level expertise required in this space, PIMCO has established a seasoned alternatives team of more than 100 individuals. We believe 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.

In addition, we believe PIMCO’s opportunistic strategies provide access to top quality opportunities across the credit spectrum in a period of unprecedented change. Importantly, the vehicles utilized to implement these strategies are constructed to mirror the liquidity profile of the underlying investments.

PIMCO’s opportunistic/distressed strategies include:

Corporate Credit:
Opportunistic strategies focused on taking an active role in the financial restructuring of over-leveraged companies by investing primarily in stressed and distressed corporate loans, bonds, claims and other related securities. ​​​​​

Senior Structured Credit:
The senior credit strategy is a directional strategy that targets senior structured credit assets. The strategy aims to provide investors the opportunity to earn carry and potential price appreciation for bearing liquidity and ratings risk with minimal expected long-term credit risk. The lead portfolio managers are Dan Ivascyn, Josh Anderson and Vineer Bhansali. ​​​​​

Tactical Credit
The tactical credit strategy is a directional strategy in a hybrid structure that primarily spans structured credit and corporate credit in both public and private markets. The strategy seeks to capture illiquidity and complexity premiums in orphaned or off-the-run credits. Through a combination of bottom-up fundamental analysis and macro expertise, the strategy targets investments that offer a robust return profile. In addition, by traversing public and private markets, the strategy identifies ways to potentially enhance returns either through the aggregation and securitization of assets or decomposition of structures. The lead portfolio managers are Dan Ivascyn, Josh Anderson and Alfred Murata.

Mortgage and Real Estate
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.

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Alternative Investments

Contact Information

PIMCO Headquarters
650 Newport Center Drive
Newport Beach, CA 92660

TEL - (949) 720-6000
FAX - (949) 720-1376

Shareholder services 6AM-4PM PST
TEL - (949) 720-4840


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. Nothing contained herein should be regarded as investment or other advice.

The following disclosures may not include all risks related to the opportunistic/distressed strategies described above. Additionally, this material is not intended to provide, and should not be relied on for, accounting, legal, or tax advice. You should consult your tax or legal advisor 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 be restricted 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. 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 investments.