In an announcement Friday, the U.S. Department of the Treasury said Oaktree Capital 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).

Oaktree has parented on the PPIF with Arctic Slope Regional Corporation, a small minority-owned business based in Alaska. According to the Treasury, all nine pre-qualified PPIP fund managers have now completed an initial closing.

To date, the PPIFs have completed initial and subsequent closings on approximately $6 billion of private sector equity capital.

This has been matched 100 percent by Treasury, representing $12 billion of total equity capital. In addition, Treasury has provided $12 billion of debt capital, resulting in $24 billion of total purchasing power.

To receive matching Treasury equity and debt financing, each PPIF has the opportunity to conduct additional closing over the six month following an initial closing. The total Treasury equity and debt investment in all PPIFs is equal to $30 billion, and an added $10 billion in private investor capital brings this total to $40 billion.