Pacific Investment Management Co. is raising money for a new, multibillion-dollar commercial real estate debt fund, the bond manager’s latest foray into more lucrative — and less liquid — markets, people familiar with the matter said.

Pimco Commercial Real Estate Debt, or PCRED, will invest in both public and private debt — including mortgages, mortgage-backed securities and mezzanine loans — the firm wrote in a public job listing seeking to hire investment staff. Pimco’s US real estate team will manage the fund, which will target deals valued at $20m to $500m.