Treasury Announces Receipt of Applications to Become Fund Managers
under Public Private Investment Program
Washington, DC — The Treasury Department today announced the receipt of 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.
Treasury expects to inform applicants of their preliminary qualification around May 15, 2009. 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.
I would imagine that this first wave of applicants includes the big boys like BlackRock and PIMCO, who have previously expressed their wish to participate, although Treasury did indicate that it plans to open the doors for smaller institutions to get in on The Great Taxpayer Giveaway shortly.
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