The Treasury Department tapped nine fund managers, including five mutual fund companies as well as private equity and hedge funds, to help implement its Public-Private Investment Program, established to address legacy real estate assets.

The general partners are expected to commit a minimum of $20 million to new funds set up for program, required to be at least $500 million in size. The fund managers will have roughly three months to raise the capital, with the Treasury making matching commitments. The Treasury will also provide long-term financing alongside individual investments, allowing managers to leverage the investments with as much as 50% debt.

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