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Pimco Seeks at Least $3 Billion for New Distressed Assets Fund

Pacific Investment Management Co. is raising money for its largest-ever distressed-debt fund, according to people familiar with the plans, just as credit-market turmoil generates a flood of new targets.

Pimco is expecting to amass at least $3 billion for its new fund, according to the people, who asked not to be named discussing the private matter. It will focus on stressed and distressed debt as well as companies with limited access to capital, they said.