Closings of Legacy Securities Public -Private Investment Funds

Treasury Department Announces Additional Initial
Closings of Legacy Securities Public -Private Investment Funds

WASHINGTON -- The U.S. Department of the Treasury today announced three additional initial closings of Public-Private Investment Funds (PPIFs) established under the Legacy Securities Public-Private Investment Program (PPIP). AllianceBernstein, LP and its sub-advisors Greenfield Partners, LLC and Rialto Capital Management, LLC; BlackRock, Inc.; and Wellington Management Company, LLP have completed initial closings, each with at least $500 million of committed equity capital from private investors bringing the total number of initial closings completed to five and total committed equity and debt capital to $12.27 billion.

Small, minority-, and women-owned businesses that are partnering with the fund managers that have completed initial closings include:

• Advent Capital Management, LLC
• Altura Capital Group, LLC
• Utendahl Capital Management

"The PPIP continues to grow," said Herb Allison, Assistant Secretary for Financial Stability, "Private capital is being drawn into the market for legacy securities and taxpayers are being given a chance to share in the profits."

Treasury expects that the remaining initial closings for the other PPIFs will occur throughout October. Following an initial closing, each PPIF will have the opportunity for two more 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 be providing updates as additional PPIF closings occur.