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GE Capital, Angelo, Gordon Close $5B PPIP Fund

NORWALK, CT-Launched this past October, the fund is backed by $3.7 billion in matching capital and leverage from the US Treasury.

By Paul Bubny | Updated on May 19, 2010

NORWALK, CT-GE Capital Real Estate, based here, and New York City-based Angelo, Gordon & Co. have closed on a $5-billion Legacy Securities Public-Private Investment Fund. The fund was launched in October 2009.

With total commitments of nearly $1.25 billion from investors and an additional $3.7 billion in matching capital and leverage from the US Treasury Department, the fund has approximately $5 billion to invest in eligible RMBS and CMBS. GE Capital and Angelo, Gordon were selected last year as a fund manager to participate in the Obama administration’s Legacy Securities Public-Private Investment Program.

A spokesman for GE Capital tells GlobeSt.com that SEC regulations prohibit divulging specifics on the fund’s investment plans to a general audience. He adds, however, that the fund will be geared strictly to purchasing legacy securities through PPIP rather than new issues.

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