The U.S. Treasury Department said today that Marathon Asset Management is ready to start buying toxic assets under the Public-Private Investment Program(PPIP).
Marathon is the eighth out of nine funds slated to buy assets under the program. The Treasury said it expects to announce the final fund soon.
With the addition of New York-based Marathon, the selected companies have raised $5.07 billion which the Treasury Department has matched dollar for dollar, using resources from the $700 billion financial bailout program.
Besides the $10.13 billion in total equity capital, Treasury has provided the same amount in debt capital, boosting the total purchasing power of the program to $20.26 billion.