Pacific Investment Management Co. (PIMCO) raised more than its targeted $1.5 billion to buy assets from banks looking to strengthen their balance sheets, according to a Bloomberg report.

PIMCO's Bank Recapitalization and Value Opportunities fund purchases debt such as troubled commercial and residential mortgages. It might also invest directly in banks via securities that include warrants and convertible debt, said the report, which noted that the fund could grow to $2 billion to $3 billion in total before it is closed.

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