Pimco Gathers $7 Billion for New Asset-Based Finance Strategy

Pacific Investment Management Co. raised more than $7 billion for an asset-based finance strategy, including its first funds designed exclusively for insurance companies and wealthy individuals, according to a person familiar with the matter.

The funds will invest in loans backed by hard and financial assets across residential and consumer markets, said the person, asking not to be identified discussing confidential information. A representative for Newport Beach, California-based Pimco declined to comment.