Treasury: More Than 100 Applications For PPIP

Posted by Orb Staff on April 30, 2009 No Comments
Categories : Residential Mortgage

easury Department says it has received more than 100 unique applications from potential fund managers interested in participating in the Legacy Securities portion of the Public Private Investment Program (PPIP). A variety of institutions applied, including traditional fixed income, real estate and alternative asset managers, the department says. The Treasury expects to inform applicants of their preliminary qualification around May 15. Once a fund receives preliminary qualification, it can begin raising the expected minimum of $500 million in private capital that will serve as the investment that, pending further approval, will be matched with taxpayer funds. The Treasury has stated it anticipates opening the program to smaller fund managers in the future, which may result in a lower minimum private capital raising requirement. Since announcing the program details on March 23, the Treasury has encouraged small, veteran-, minority- and women-owned private asset managers to partner with other private asset managers. On April 6, the Treasury extended the deadline for fund manager applications to provide more time to facilitate these types of partnerships. SOURCE: T

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