The U.S. Department of the Treasury has announced three additional initial closings of Public-Private Investment Funds (PPIFs) established under the Legacy Securities Public-Private Investment Program (PPIP).
AllianceBernstein LP and its sub-advisors, Greenfield Partners LLC and Rialto Capital Management LLC; BlackRock Inc.; and Wellington Management Co. LLP have completed initial closings, each with at least $500 million of committed equity capital from private investors, bringing the total number of initial closings completed to five and theÂ total committed equity and debt capital to $12.27 billion.
Last week, the Treasury announced that Invesco Ltd. and The TCW Group Inc. had closed their PPIFs.
Small, minority-, and women-owned businesses that are partnering with the fund managers that have completed initial closings include Advent Capital Management LLC, Altura Capital Group LLC and Utendahl Capital Management.
‘The PPIP continues to grow,’ says Herb Allison, assistant secretary for financial stability. ‘Private capital is being drawn into the market for legacy securities and taxpayers are being given a chance to share in the profits.’
SOURCE: Treasury Department