PIMCO is seeking to raise around $2 billion to $3 billion for a new fund to buy assets from banks, Bloomberg reports. The PIMCO BRAVO fund will buy troubled commercial and residential mortgages and will also invest directly in banks through securities including warrants and convertible debt.

The California-based asset manager, which has already raised more than $1.5 billion for the vehicle, expects to have a final close later this year. The fund will be managed by a team of PIMCO fund managers led by Dan Ivascyn and Scott Simon.

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