Andrew Hedlund
The latest junior debt fund, like its predecessor, closed above target.
The city’s retirement plan wants to commit more to mid-market and lower mid-market distressed for control situations.
The fund secured commitments from several US public pension funds.
The firm will repay existing debt under the agreement.
The investment firm’s latest pool of capital registers as one of the largest fundraises of the year and continues to show strong appetite for the strategy among limited partners.
The PIMCO vehicle has a $3.5bn target, of which it has so far raised $818.35m.
Ares Capital Corporation and American Capital will combine to create a $12bn business development company.
The firm would hit the fundraising trail only a year after it closed its first such fund.
The firm is seeking £150 million more than it did for the predecessor fund that hit its hard-cap in 2014.
The coming 12 months could be defined by higher deal activity and business development companies’ ability to use more leverage.