American investment management firm PIMCO has launched its first interval fund, called PIMCO Flexible Credit Income Fund.

The newly launched fund aims to generate risk-adjusted returns and current income by investing across credit sectors, such as consumer, corporate, emerging market, mortgage and municipal bonds.

The company said that the interval fund structure will combine attributes of a traditional mutual fund and a closed end fund.

PIMCO Flexible Credit Income Fund will be managed by portfolio managers unit based in Newport Beach, New York and London.

PIMCO managing director and portfolio manager Alfred Murata said: “In a low yielding environment, it is increasingly important to have the flexibility and resources to invest in both the public and private credit markets.

“We believe the flexibility of an interval fund structure allows investors to seek to capitalize on dislocations across global credit markets while remaining flexible to better navigate periods of short-term volatility.”

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By GlobalData