{"entity":{"id":820,"slug":"public-private-investment-program-ppip","name":"Public-Private Investment Program (PPIP)","type":"government_agency","role":"Treasury program to purchase toxic assets from banks","description":null,"imageUrl":null,"createdAt":"2026-04-09T14:15:30.837Z","updatedAt":"2026-05-19T09:20:47.093Z"},"electedOffice":null,"significance":{"score":10.8,"components":{"totalFindings":0,"connectionDegree":6.8,"recentFindings90d":0,"activeResearchJobs":0,"goblinAttributions":4,"recentSyntheses90d":0,"moneyFlowChainsTotal":0,"closedLoopMemberships":0,"moneyFlowHopsRecent90d":0},"computedAt":"2026-10-15T01:32:54.708Z"},"facts":[{"id":19494,"text":"Public-Private Investment Program (PPIP) filed filing with the SEC on 2015-03-10. Accession number: N/A.","confidence":"secondary","dateOccurred":"2015-03-10","source":{"title":"SEC EDGAR: filing — Public-Private Investment Program (PPIP) (2015-03-10)","url":"https://efts.sec.gov/LATEST/search-index?q=%22Public-Private%20Investment%20Program%20(PPIP)%22&dateRange=custom&forms=4,SC%2013D,SC%2013G,DEF%2014A,10-K,10-Q","publication":"SEC EDGAR"}},{"id":34337,"text":"By September 30, 2014, Treasury fully recovered its $18.6 billion dispersed investment, ultimately generating a net positive return of more than $3.9 billion for taxpayers.","confidence":"primary","dateOccurred":"2014-09-30","source":{"title":"Public-Private Investment Program (PPIP) | U.S. Department of the Treasury","url":"[https://home.treasury.gov/data/troubled-assets-relief-program/credit-market-programs/ppip](https://home.treasury.gov/data/troubled-assets-relief-program/credit-market-programs/ppip)","publication":"U.S. Department of the Treasury"}},{"id":34335,"text":"Treasury originally committed approximately $22 billion in equity and debt financing to nine Public-Private Investment Funds (PPIFs).","confidence":"primary","dateOccurred":"2009-07-08","source":{"title":"Public-Private Investment Program (PPIP) | U.S. Department of the Treasury","url":"[https://home.treasury.gov/data/troubled-assets-relief-program/credit-market-programs/ppip](https://home.treasury.gov/data/troubled-assets-relief-program/credit-market-programs/ppip)","publication":"U.S. Department of the Treasury"}},{"id":11931,"text":"Treasury selected nine fund managers from over 100 applicants on July 8, 2009","confidence":"primary","dateOccurred":"2009-07-08","source":{"title":"Treasury Department announcement","url":"https://en.wikipedia.org/wiki/Public%E2%80%93Private_Investment_Program_for_Legacy_Assets","publication":"Directed Inquiry — Web Search"}},{"id":11930,"text":"Treasury received over 100 unique applications for PPIP fund manager positions","confidence":"primary","dateOccurred":"2009-07-08","source":{"title":"Treasury Department FAQ document","url":"https://home.treasury.gov/data/troubled-assets-relief-program/credit-market-programs/ppip","publication":"Directed Inquiry — Web Search"}},{"id":11935,"text":"Application deadline was extended from April 10, 2009 to April 24, 2009","confidence":"primary","dateOccurred":"2009-04-24","source":{"title":"Treasury Department deadline extension","url":"https://klehr.com/publications/alert-treasury-announces-details-on-the-public-private-investment-program/","publication":"Directed Inquiry — Web Search"}},{"id":11934,"text":"Fund manager applications required headquarters in the United States","confidence":"primary","dateOccurred":"2009-04-10","source":{"title":"Treasury Department application requirements","url":"https://home.treasury.gov/data/troubled-assets-relief-program/credit-market-programs/ppip/documents","publication":"Directed Inquiry — Web Search"}},{"id":11933,"text":"Fund manager applications required minimum $10 billion of eligible assets under management","confidence":"primary","dateOccurred":"2009-04-10","source":{"title":"Treasury Department application requirements","url":"https://www.treasury.gov/initiatives/financial-stability/TARP-Programs/credit-market-programs/ppip/Pages/Public-Private-Investment-Funds.aspx","publication":"Directed Inquiry — Web Search"}},{"id":11932,"text":"Fund manager applications required demonstrated capacity to raise $500 million of private capital","confidence":"primary","dateOccurred":"2009-04-10","source":{"title":"Treasury Department application requirements","url":"https://projects.propublica.org/bailout/programs/8-public-private-investment-program","publication":"Directed Inquiry — Web Search"}},{"id":34336,"text":"To qualify for purchase by a PPIF, securities must have been issued prior to 2009 and originally rated AAA without ratings enhancement.","confidence":"primary","dateOccurred":"2009-03-23","source":{"title":"Guidelines for the Legacy Securities Public-Private Investment Program","url":"[https://home.treasury.gov/system/files/136/ProgramGuidelinesS-PPIP.pdf](https://home.treasury.gov/system/files/136/ProgramGuidelinesS-PPIP.pdf)","publication":"U.S. Department of the Treasury"}},{"id":34334,"text":"Treasury announced the Legacy Securities Public-Private Investment Program (PPIP) on March 23, 2009, designed to purchase legacy Commercial and Residential Mortgage-Backed Securities.","confidence":"primary","dateOccurred":"2009-03-23","source":{"title":"Treasury Department Releases Details on Public Private Partnership Investment Program","url":"[https://home.treasury.gov/news/press-releases/tg60](https://home.treasury.gov/news/press-releases/tg60)","publication":"U.S. Department of the Treasury"}},{"id":11929,"text":"Treasury announced PPIP on March 23, 2009 to purchase legacy mortgage-backed securities","confidence":"primary","dateOccurred":"2009-03-23","source":{"title":"Official Treasury Department documentation","url":"https://home.treasury.gov/data/troubled-assets-relief-program/credit-market-programs/ppip/overview","publication":"Directed Inquiry — Web Search"}},{"id":19500,"text":"Search scope note: No usaspending contracts found for \"Public-Private Investment Program (PPIP)\" in automated database search as of 2026-04-15. This reflects search coverage limits, not confirmed absence from public record.","confidence":"inferential","dateOccurred":null,"source":null}],"connections":[{"id":1164,"relationshipType":"no_documented_connection","description":"No evidence found of Clarium applying to or being rejected from PPIP","confidence":"confirmed","firstDocumented":null,"lastDocumented":null,"other":{"id":31,"name":"Clarium Capital","slug":"clarium-capital","type":"company"}},{"id":21038,"relationshipType":"similar government investment vehicle","description":"The PPIP was created in 2009 by the Treasury and Fed to purchase legacy assets, including asset-backed securities, from financial institutions - a similar mechanism to the Maiden Lane trusts that were created in 2008 for specific bailout cases.","confidence":"inferential","firstDocumented":"2009","lastDocumented":null,"other":{"id":618,"name":"Maiden Lane Asset Backed Securities I Trust 2008-1","slug":"maiden-lane-asset-backed-securities-i-trust-2008-1","type":"instrument"}},{"id":19545,"relationshipType":"related_program","description":"The PPIP was another crisis-era program established alongside facilities like the PDCF to purchase troubled assets.","confidence":"inferential","firstDocumented":"2009","lastDocumented":null,"other":{"id":390,"name":"Primary Dealer Credit Facility (PDCF)","slug":"primary-dealer-credit-facility-pdcf","type":"institution"}},{"id":17255,"relationshipType":"financial_policy","description":"The PPIP was a major Treasury program announced in March 2009 by Paulson's successor Timothy Geithner, but built upon the framework established during Paulson's tenure at Treasury.","confidence":"inferential","firstDocumented":"2009","lastDocumented":null,"other":{"id":155,"name":"Henry Paulson","slug":"henry-paulson","type":"person"}},{"id":15460,"relationshipType":"program participant","description":"Marathon Asset Management LP is listed as one of the asset management firms participating in the Public-Private Investment Program (PPIP), a U.S. Treasury program launched during the financial crisis.","confidence":"inferential","firstDocumented":"2008","lastDocumented":null,"other":{"id":815,"name":"Marathon Asset Management LP","slug":"marathon-asset-management-lp","type":"company"}},{"id":15493,"relationshipType":"participant","description":"Wellington Management Company LLP is listed as a participant in the Public-Private Investment Program (PPIP), a U.S. government program to purchase legacy assets from financial institutions.","confidence":"primary","firstDocumented":"2009","lastDocumented":null,"other":{"id":819,"name":"Wellington Management Company LLP","slug":"wellington-management-company-llp","type":"company"}},{"id":15492,"relationshipType":"withdrew from","description":"The TCW Group Inc withdrew from the Public-Private Investment Program (PPIP) in the fourth quarter of 2009.","confidence":"primary","firstDocumented":"2009","lastDocumented":null,"other":{"id":818,"name":"The TCW Group Inc","slug":"the-tcw-group-inc","type":"company"}},{"id":15474,"relationshipType":"program_participant","description":"Oaktree Capital Management LP is listed as a participant in the Public-Private Investment Program (PPIP), a U.S. government program to purchase legacy assets from banks.","confidence":"primary","firstDocumented":"2009","lastDocumented":null,"other":{"id":816,"name":"Oaktree Capital Management LP","slug":"oaktree-capital-management-lp","type":"company"}},{"id":15382,"relationshipType":"program participant","description":"Angelo Gordon & Co. LP was listed among institutional investors participating in the Public-Private Investment Program (PPIP), along with other firms such as AllianceBernstein LP, Invesco Ltd, and Oaktree Capital Management LP.","confidence":"primary","firstDocumented":"2009","lastDocumented":null,"other":{"id":812,"name":"Angelo Gordon & Co. LP","slug":"angelo-gordon-co-lp","type":"company"}},{"id":11451,"relationshipType":"employed_by","description":"As Treasury Secretary, designed and announced the PPIP as part of the broader Troubled Asset Relief Program (TARP).","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":153,"name":"Timothy Geithner","slug":"timothy-geithner","type":"person"}},{"id":11450,"relationshipType":"contractor","description":"Selected by the Treasury as one of the nine private fund managers (AllianceBernstein Legacy Securities Master Fund, L.P.).","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":809,"name":"AllianceBernstein LP","slug":"alliancebernstein-lp","type":"company"}},{"id":11449,"relationshipType":"contractor","description":"Selected by the Treasury as one of the nine private fund managers (Invesco Legacy Securities Master Fund, L.P.).","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":814,"name":"Invesco Ltd","slug":"invesco-ltd","type":"company"}},{"id":11448,"relationshipType":"contractor","description":"Selected by the Treasury as one of the nine private fund managers for a Public-Private Investment Fund (Blackrock PPIF, L.P.).","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":25,"name":"BlackRock","slug":"blackrock","type":"company"}},{"id":10181,"relationshipType":"regulatory_filing","description":"PPIP filed SEC filing on March 10, 2015","confidence":"primary","firstDocumented":"2015","lastDocumented":null,"other":{"id":391,"name":"Securities and Exchange Commission","slug":"securities-and-exchange-commission","type":"government_agency"}},{"id":10180,"relationshipType":"fund_manager_selection","description":"Selected as one of nine fund managers from over 100 applicants on July 8, 2009, meeting requirements for $500 million private capital capacity and $10 billion eligible assets under management","confidence":"primary","firstDocumented":"2009","lastDocumented":null,"other":{"id":25,"name":"BlackRock","slug":"blackrock","type":"company"}},{"id":10179,"relationshipType":"program_leadership","description":"As Treasury Secretary, announced PPIP on March 23, 2009 to purchase legacy mortgage-backed securities","confidence":"primary","firstDocumented":"2009","lastDocumented":null,"other":{"id":153,"name":"Timothy Geithner","slug":"timothy-geithner","type":"person"}},{"id":10182,"relationshipType":"financial_crisis_coordination","description":"Both entities involved in financial crisis response programs during 2008-2009 period, with Treasury coordinating PPIP while Federal Reserve Bank of New York managed related crisis interventions","confidence":"secondary","firstDocumented":"2009","lastDocumented":null,"other":{"id":614,"name":"Federal Reserve Bank of New York","slug":"federal-reserve-bank-of-new-york","type":"institution"}}],"contradictions":[],"permalink":"https://www.goblinhouse.net/entity/public-private-investment-program-ppip","timelineUrl":"https://www.goblinhouse.net/entity/public-private-investment-program-ppip/timeline"}