Posted on July 8, 2009 by Hunton & Williams LLP Print This Article

Public-Private Investment Program Fund Managers Announced

Nine fund managers were named for the Legacy Securities Public-Private Investment Program (commonly referred to as "PPIP"), according to today's joint press release by the Treasury Department, the Federal Reserve, and Federal Deposit Insurance Corporation.  PPIP is "initially" designed to "participate in the market for commercial mortgage-backed securities and non-agency residential mortgage-backed securities," by enabling the Treasury Department to "invest up to $30 billion of equity and debt in PPIFs [PPIP funds] established with private sector fund managers and private investors for the purpose of purchasing legacy securities," according to today's press release.  The press release further details both how PPIP works and the qualification criteria for the securities. 

The PPIP fund managers announced today are:

  • AllianceBernstein, LP and its sub-advisors Greenfield Partners, LLC and Rialto Capital Management, LLC;
  • Angelo, Gordon & Co., L.P. and GE Capital Real Estate;
  • BlackRock, Inc.;
  • Invesco Ltd.;
  • Marathon Asset Management, L.P.;
  • Oaktree Capital Management, L.P.;
  • RLJ Western Asset Management, LP.;
  • The TCW Group, Inc.; and
  • Wellington Management Company, LLP.

Click here for today's joint press release.
Click here for PPIP conflict of interest rules.
Click here for frequently asked PPIP related questions.
Click here for the PPIP letter of intent and term sheet.
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