The Latest
Press Releases
November 30, 2009
Contact: Office of Public Affairs, (202) 622-2960
TREASURY DEPARTMENT ANNOUNCES ADDITIONAL INITIAL CLOSING OF LEGACY SECURITIES PUBLIC-PRIVATE INVESTMENT FUND
WASHINGTON -- The U.S. Department of the Treasury today announced that Marathon Asset Management, L.P. has completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP). Marathon is partnering with Blaylock Robert Van, LLC on this PPIF. Blaylock Robert Van is a full-service, minority-owned investment banking firm.
To date, PPIFs have completed initial and subsequent closings on approximately $5.07 billion of private sector equity capital which has been matched 100 percent by Treasury, representing $10.13 billion of total equity capital. Treasury has also provided $10.13 billion of debt capital, representing $20.26 billion of total purchasing power.
Treasury expects an initial closing for the remaining PPIF 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 provide updates as subsequent PPIF closings occur.
###
