AllianceBernstein has completed the final round of capital raising for its Public-Private Investment Fund (PPIF), exceeding the $1.1 billion capacity originally allocated for the PPIF when it was launched in 2009. The capital was raised from a variety of institutional and individual investors globally.
With matching capital, plus leverage provided by the Department of the Treasury, under the federal government's legacy securities Public-Private Investment Program (PPIP), the AllianceBernstein PPIF brings to bear $4.6 billion for investing in distressed legacy non-agency residential mortgage-backed securities and commercial mortgage-backed securities.
‘This marks another significant milestone for market participants, as risk aversion continues to subside and investors seek to deploy capital into strategies that seek to generate income," says Jeffrey Phlegar, chief investment officer and president of AllianceBernstein's advisory services group. "PPIP has enabled price discovery and the re-distribution of legacy assets. We have deployed more than 50 percent of the PPIF's capital, along with financing from Treasury, to acquire eligible investments.’