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NEW YORK (

TheStreet

) -- Bargain shoppers have to wait until after Thanksgiving for Black Friday bargains, but bond giant

Pacific Investment Management Co.

is looking to get a head start, according to a

Bloomberg News

report Friday.

PIMCO's fund will raise $1 billion to buy cheap mortgage assets, both residential and commercial, the report states. PIMCO has already raised $5 billion since 2007, which it has used to make similar investments, the report states. The latest fund has been dubbed BRAVO, for Bank Recapitalization and Value Opportunities.

Other money managers, including

Fortress Investment Group

undefined

,

The Blackstone Group

(BX) - Get Blackstone Inc. Report

and

PennyMac

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(PMC)

have also been active buyers of distressed mortgage assets, as has

BlackRock

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, which

recently raised a new fund

for originating loans to less-than-pristine borrowers.

Big lenders like

JPMorgan Chase

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,

Wells Fargo

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and

Bank of America

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are

expected to be selling off cheap mortgage assets

for years. However, PIMCO will focus on small lenders and community banks, the report states.

A PIMCO spokesman declined to comment.

--

Written by Dan Freed in New York

.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.