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Pimco’s Blank-Check IPOs Highlight Growing Alternatives Playbook

July 23, 2020, 1:00 PM

Pacific Investment Management Co. is known for its traditional bond funds, but its latest bets show how the firm is stretching deeper into alternative strategies.

Pimco sponsored its first blank-check company this month, partnering with Texas entrepreneur R. Steven Hicks to raise $276 million in an initial public offering. The firm is working on a second such deal, backing a planned $350 million IPO led by venture capitalist Vivek Ranadive. It’s also raising a $3 billion distressed-debt fund targeting fixed-income dislocations.

“We’re expanding our reach, identifying situations where our capital can solve problems,” said Greg Hall, head of ...

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