RLJ Western Asset Management raised the minimum $500 million to participate in the federal Public-Private Investment Program, the Treasury Department announced.
RLJ is a minority-owned partnership between The RLJ Cos. and Western Asset Management. The RLJ Cos. was founded by Robert L. Johnson, who also founded Black Entertainment Television.
Seven money managers have now qualified for the PPIP program, under which Treasury is providing matching equity and debt financing for the managers to acquire trouble mortgage assets from financial institutions.
Treasury said the seven managers had raised a combined $4.09 billion in equity capital commitments from private investors. Additional equity and debt financing provided by Treasury brings the overall total commitment to the program to $16.36 billion, according to a Treasury news release. The six other managers who previously qualified are AllianceBernstein; BlackRock; Wellington; Invesco; TCW Group and a partnership between Angelo, Gordon and GE Capital Real Estate.
Meg Reilly, a Treasury Department spokeswoman, had not returned a phone call by press time.