Andrew Hedlund
The fund is more than double the size of its predecessor.
The pension fund is looking to meet the targets for its private markets categories.
The firm’s Lending Partners III, a six-year vehicle, comes as the its previous fund will wrap up its investment period this month.
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The firm expects will target senior secured debt and expects to be active in bankruptcy cases.
The allocations come as both financial firms are raising private commingled funds.
Mid-market lending is an amorphous concept, but that hasn’t stopped it becoming an important source of dealflow and a big draw for investors.
As investors prepare for a correction, more firms are pouring money into senior debt.
As thousands of financiers gathered in Las Vegas for InterGrowth 2017, there was no shortage of discussion about unfavourable market conditions for lenders.
The firm is keeping busy deploying capital, too, closing at least eight transactions in the past two months.
Using the mid-range target of $3.5 bn would make BRAVO III the third-largest closed-end PIMCO opportunistic fund.