In Manual, PIM can retain previous version at upgrade to PIM r12.8 SP1.
It seems to be working all UNIX platform as following
How to Upgrade on Solaris
When you upgrade an existing r12.8 or newer installation of the product, you can retain
the previous version in parallel to the upgraded version. The installer detects and shuts
down the existing installation, unloads the kernel module, and installs the new version
in a new directory. You do not need to reboot the host.
Release : 12.8
Component : CA ControlMinder - Unix
This function is only working on PIM r12.8 SP1 GA and installed native package both version.
So, you cannot use this function on another version or apply latest cumulative patch.