On December 18, the U.S. Department of the Treasury announced that Oaktree Capital Management, L.P. (Oaktree) completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP). Oaktree partnered on the PPIF with Arctic Slope Regional Corporation, an Alaskan minority-owned business.

Oaktree’s initial closing is one in a series of recent closing announcements by the Treasury, and is the last of nine money management funds to raise the required $500 million to participate in the PPIP. Thus far, the program has created $24 billion of total purchasing power, consisting of $6 billion of private equity capital, $6 billion in matching equity capital by the Treasury and an additional $12 billion of additional debt capital by the Treasury. Following this initial closing, Oaktree may conduct additional closings over the next six months to receive matching Treasury equity and debt investments, with Treasury investing a total of $30 billion in equity and debt in all PPIFs.