(Bloomberg) Pacific Investment Management Co. has a decent record of betting on distress. Almost a decade ago, the firm managed to cope with the chaotic departure of its founder Bill Gross because of the fortune it made from snapping up cheap mortgage debt after the financial crisis.Most Read from BloombergSingapore Minister Faces Most Serious Graft Probe Since 1986DeSantis Says No Thanks to $377 Million in Federal Energy FundsPoisoned Cough Syrup Killed Kids. Authorities Cut the Investigatio
Pimco joins a throng of asset managers flocking to private credit, drawn to higher fees and returns that can run from high single digits to the mid-teens for riskier deals.