Pimco, the U.S. bond management giant, is in talks to secure its first mandate from Saudi Arabia’s Public Investment Fund (PIF), which manages approximately $925 billion in assets. PIF’s board approved on April 15, 2026 a new strategy for 2026-2030, allocating roughly 80% of capital to domestic investments and 20% internationally, representing nearly $185 billion available outside the Kingdom. PIF currently manages 14% of its assets through external managers, having already established partnerships with BlackRock and Franklin Templeton. The fund raised a record $7 billion in May 2026 through a bond issuance oversubscribed by more than three times.
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