The following Treasury press release can be found here. Please also see the article on earlier PPIP closings.
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Treasury Announces Additional initial closing of Legacy Securities Public Private Investment Fund
November 5, 2009
TG-357
Treasury Department Announces Additional initial closing of Legacy Securities Public Private Investment Fund
WASHINGTON — The U.S. Department of the Treasury today announced that RLJ Western Asset Management, LP, has completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP). RLJ Western Asset Management, LP, is a minority-owned partnership between The RLJ Companies, LLC and Western Asset Management.
To date, seven PPIFs have completed initial closings on approximately $4.09 billion of private sector equity capital which has been matched 100 percent by Treasury, representing $8.18 billion of total equity capital. Treasury has also provided $8.18 billion of debt capital, representing $16.36 billion of total purchasing power for all PPIFs.
Treasury expects initial closings for the remaining two PPIFs to be announced soon. Following an initial closing, each PPIF has the opportunity to conduct additional closings over the following six months to receive matching Treasury equity and debt financing, with a total Treasury equity and debt investment in all PPIFs equal to $30 billion ($40 billion including private investor capital). Treasury will continue to provide updates as subsequent PPIF closings occur.
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Other related hedge fund law articles include:
- Hedge Fund PPIP Managers Selected
- PPIP Limited Partnership Agreement
- Opportunities for Women in Hedge Funds
- Hedge Fund Law Firm
Bart Mallon, Esq. of Cole-Frieman & Mallon LLP runs Hedge Fund Law Blog and can be reached directly at 415-868-5345.