Treasury Department Announces Additional Initial Closing of Legacy Securities Public-Private Investment Fund

November 3, 2009 -- The U.S. Department of the Treasury today announced that on October 30, 2009 Angelo, Gordon & Co., L.P. and GE Capital Real Estate completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP). Small, minority-, and women-owned businesses that are partnering with Angelo, Gordon & Co., L.P. and GE Capital Real Estate include:

* CastleOak Securities, L.P.

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To date, six PPIFs have completed initial closings on approximately $3.58 billion of private sector equity capital which has been matched 100 percent by Treasury, representing $7.17 billion of total equity capital. Treasury has also provided $7.17 billion of debt capital, representing $14.34 billion of total purchasing power.

Treasury expects initial closings for the remaining three PPIFs to be announced soon. Following an initial closing, each PPIF will have the opportunity to conduct additional closings over the following six months to receive matching Treasury equity and debt financing, with a total Treasury equity and debt investment in all PPIFs equal to $30 billion ($40 billion including private investor capital). Treasury will provide updates as subsequent PPIF closings occur.

Source: Treasury Dept.