The Treasury Department announced the receipt of more than 100 unique applications from potential fund managers interested in participating in the Legacy Securities portion of the Public Private Investment Program (PPIP).

A variety of institutions applied, including traditional fixed income, real estate, and alternative asset managers.

Successful applicants must demonstrate a capacity to raise private capital and manage funds in a manner consistent with Treasury's goal of protecting taxpayers, the department said. The Treasury will also evaluate the applicant's depth of experience investing in eligible assets. The applicant must also be headquartered in the U.S.

The Treasury expects to inform applicants of their preliminary qualification around May 15. Once a fund receives preliminary qualification, it can begin raising the expected minimum of $500 million in private capital that will serve as the investment that, pending further approval, will be matched with taxpayer funds.

The Treasury also anticipates opening the program to smaller fund managers in the future, which may result in a lower minimum private capital raising requirement.

Since announcing the program details on March 23, the Treasury has encouraged small, veteran, minority and women owned private asset managers to partner with other private asset managers. On April 6, the Treasury extended the deadline for fund manager applications to provide more time to facilitate these types of partnerships.

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