RLJ Western Asset Management has completed an initial closing of a Public-Private Investment Fund (PPIF) for the U.S. Department of Treasury’s Public-Private Investment Program (PPIP).

The firm raised more the $500 million minimum required for the program. In addition to RLJ Western Asset Management, Alliance Bernstein, Angelo, Gordon & Co., BlackRock, GE Capital Real Estate, Invesco, TCW Group and Wellington Management Co. also participated in the program to purchase toxic assets held by banks.

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