Three More Funds with $1.5B in Backing Get PPIP Approval

Three more investment funds — with combined commitments of at least $1.5 billion — have applied for and received approval from the Treasury Department to participate in the 'Public-Private Investment Program' in regard to buying troubled securities. The three are: AllianceBernstein LP and its sub-advisors Greenfield Partners LLC and Rialto Capital Management LLC; BlackRock, Inc.; and Wellington Management Company LLP. Treasury says each has completed initial closings and has at least $500 million of committed equity capital from private investors. To date, at least five funds have been established with total debt capital of $12.27 billion. So far, no PPIP sales have been disclosed publicly. Treasury says more PPIP funds will close and be announced by the end of October.