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Initiatives and Programs » Emergency Economic Stabilization Act » Public-Private Investment Program

Public-Private Investment Program

Public-Private Toxic Asset Purchases

11

recipients

$21.6B

promised

$18.63B

actually invested, loaned, or spent

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A program under the Emergency Economic Stabilization Act More info from www.treasury.gov
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Addressing one of the roots of the financial crisis, the hard-to-value mortgages and asset-backed securities on banks' balance sheets, the program sought to jump-start the market for these assets. Under the program the government both invested alongside private investors and provided them cheap financing in the hope that with the extra help, the private investors would reach a price at which they're willing to buy and banks are willing to sell.

The idea was unveiled in March 2009, but did not get off the ground for months. The part of the program to buy banks’ troubled loans has been indefinitely delayed. On July 8, 2009, the Treasury announced that it had selected nine fund managers to participate in the other part of the program, to buy toxic securities backed by mortgages.

Treasury originally set aside as much as $100 billion for the program, but then said that it expected to use only up to $30 billion. It then reduced the maximum amount to $22.4 billion.

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The following list shows the 11 recipients of Public-Private Investment Program.

Name State Date Entered Amount Committed by PPIP Amount Returned to PPIP
UST/TCW Senior Mortgage Securities Fund, L.P. Del. Sep. 30, 2009 $356,250,000 $356,250,000
Invesco Legacy Securities Master Fund, L.P. Del. Sep. 30, 2009 $2,017,920,000 $1,742,880,003
Wellington Management Legacy Securities PPIF Master Fund, LP Del. Oct. 1, 2009 $3,448,461,000 $3,448,461,001
Blackrock PPIF, L.P. Del. Oct. 2, 2009 $2,084,940,000 $1,581,184,799
AllianceBernstein Legacy Securities Master Fund, L.P. Del. Oct. 2, 2009 $3,192,141,738 $3,192,141,738
AG GECC PPIF Master Fund, L.P. Del. Oct. 30, 2009 $3,729,825,000 $3,352,197,510
RLJ Western Asset Public/Private Master Fund, L.P. Del. Nov. 5, 2009 $1,861,578,258 $1,861,578,259
Marathon Legacy Securities Public-Private Investment Partnership, L.P. Del. Nov. 30, 2009 $1,423,550,000 $1,423,550,000
Oaktree PPIP Fund, L.P. Del. Dec. 18, 2009 $3,482,352,300 $1,666,904,632
Gateway Community Federal Credit Union Mont. Oct. 17, 2012 $0 $1,657,000
TALF LLC Del. Jul. 5, 2013 $0