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The U.S. Treasury Department today released financial returns for the government’s Public-Private Investment Program, or PPIP, created in 2009 to buy toxic assets from banks.
The Treasury picked nine private fund managers to run investment funds that bought mortgage-backed securities with a mix of private and government financing. The Treasury initially committed $100 billion to the program, but it since has been scaled back to $40 billion in purchasing power at full capacity.
Here is a ranking of funds’ rates of return on Treasury’s equity from the different public-private investment funds. The returns reflect results from inception of the funds through Dec. 31. (The clock hasn’t stopped yet on the PPIP funds, which have three-year investment periods.)
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Investor: Angelo Gordon
Net internal rate of return: 59.7%
Investor: AllianceBernstein
Net internal rate of return: 37.4%
Investor: BlackRock
Net internal rate of return: 35.7%
Investor: Invesco
Net internal rate of return: 30.8%
Investor: Marathon Legacy Securities
Net internal rate of return: 42.8%
Investor: Oaktree
Net internal rate of return: 27.8%
Investor: RLJ Western
Net internal rate of return: 34.8%
Investor: Wellington
Net internal rate of return: 23.8%
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