Under this program, the Treasury will invest up to $30 billion of equity and debt side-by-side with private investors through public-private investment partnerships (PPIPs). The PPIPs will be managed by select asset managers and will invest in eligible assets. The eligible assets will initially include certain commercial mortgage-backed securities and non-agency residential mortgage backed-securities issued prior to 2009.
With a pool of over 100 applicants, the Treasury named the following nine firms as initial asset managers of the PPIPs:
· Alliance Bernstein, LP and its subadvisors 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, L.P.
· The TCW Group, Inc.
· Wellington Management Company, LLP
For a complete term sheet relating to the legacy securities PPIPs, please visit http://www.financialstability.gov/docs/S-PPIP_LOI_Term-Sheets.pdf.
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