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.

“Treasury expects initial closings for the remaining two PPIFs to be announced soon,” it said in an Oct. 5 press release.

RLJ Western Asset Management is a partnership between Bethesda, Md.–based RLJ Company and Western Asset Management, a division of Legg Mason.

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