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PIMCO raises $1.5bn

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Pacific Investment Management Co. (PIMCO) has raised $1.53 billion for its PIMCO Bravo Fund III, per a SEC filing. The Newport Beach-headquartered firm began fundraising in 2016 with a $3.5 billion target.

Its previous fund raised $5.5 billion in 2014.

Investors that committed to PIMCO Bravo Fund III include the Arkansas Local Police and Fire Retirement System, the Teachers' Retirement System of the State of Illinois and the New Mexico State Investment Council.

The fund will target distressed debt opportunities in a diverse number of sectors globally.