RLJ Western Asset Management Closes PPIF

The U.S. Department of the Treasury last week announced that 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).

The company is a minority-owned partnership between The RLJ Companies LLC and Western Asset Management.

To date, seven PPIFs have completed initial closings on approximately $4.09 billion of private-sector equity capital that has been matched dollar-for-dollar by the Treasury, representing $8.18 billion of total equity capital. The Treasury has also provided $8.18 billion of debt capital, representing $16.36 billion of total purchasing power for all PPIFs.

The Treasury expects initial closings for the remaining two PPIFs to be announced soon. Following an initial closing, each PPIF has the opportunity to conduct additional 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).

SOURCE: U.S. Treasury Department


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