The asset manager TCW Group has begun the liquidation process of its $356 million in Public-Private Investment Program (PPIP) funds, the Treasury Department said Wednesday.

TCW announced on Monday that it is withdrawing from the toxic asset program. The company will now begin to liquidate its government funds by buying toxic assets and then repaying the government. The Treasury had projected to initially invest about $3.3 billion in the TCW fund, but the agency said Wednesday that it had instead invested only $358 million by the time TCW announced its withdrawal from the program.

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