Pimco’s Shanghai-based wholly foreign-owned enterprise (WFOE) has launched its first qualified domestic limited partnership (QDLP) strategy in China, after receiving the QDLP qualification in November last year.
The Pimco Tactical Opportunities Overseas Credit Private Securities Investment Fund is a QDLP feeder fund investing primarily in the Pimco Tactical Opportunities Master Fund, according to Kim Stafford, head of Pimco for Asia-Pacific.
The fund seeks to capitalise opportunities across the public and private credit markets globally, Stafford told FSA, but did not elaborate on the fund’s investment strategy.
The QDLP scheme allows licensed foreign asset managers to raise renminbi-denominated sums from qualified individual and institutions in China, with assigned quotas, to invest in offshore traditional and alternative investments.
Pimco’s QDLP fund was launched last month, targeting China’s professional investors and high-net-worth individuals, according to Stafford.
“As the second largest bond market in the world, China is strategically important for Pimco both from portfolio management and distribution perspectives.
“We increasingly see value in developing an onshore presence to deepen our reach and engagement with our clients/investors, prospects, distribution partners and regulators, as well as better serving the onshore China market,” Stafford added.
In total, around 46 QDLP strategies managed by 32 foreign asset managers have been approved by the Asset Management Association of China, according to records from the association.
