Wellington Management To Close PPIP Fund Today
Wellington Management, one of the nine firms chosen in July to participate in the Treasury Department's toxic asset program (PPIP), is expected to close its related fund today, according to an investor. The firm had been targeting $1.1 billion and has said privately that it should be fully subscribed. This news comes just one day after Treasury announced the first two interim fund closings, from Invesco Ltd. and The TCW Group. No specific financial information for either fund was disclosed, except that each interim close was for more than $500 million in capital commitments. One interesting note from the Wellington investor is that these fundraisings are very different from typical private equity fundraisings, in that there is very little room for negotiation. "The government is basically an even partner, and it's set the ground rules," our source says. "It's mostly take it or
