In an announcement coming today from the United States Department of Treasury, 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).

This brings the total of completed initial PPIF closings to seven, on approximately $4.09 billion of private sector equity capital.

After being matched 100 percent by Treasury, these closings represent $8.18 billion of total equity capital. In addition, Treasury has also provided $8.18 billion of debt capital, resulting in $16.36 billion of total purchasing power for all PPIFs.
With two PPIFs remaining, treasury expects initial closings for these to be announced soon. After an initial closing is completed, each PPIF has the opportunity to conduct additional closings over the following six months to receive matching Treasury equity and debt financing. According to the Treasury, the total equity and debt investment in all PPIFs will equal $30 billion. An added $10 billion, to include private investor capital, will bring the total to $40 billion.
As subsequent PPIF closings occur, Treasury will provide updates.