Yesterday, the Treasury Department issued a press release announcing that it has received more than 100 applications from potential fund managers interested in participating in the Public-Private Investment Program. The applicants come from a diverse group of managers, including traditional fixed income, real estate, and alternative asset managers. The Treasury Department expects to inform applicants of their preliminary qualification around May 15, 2009. After preliminary approval, an asset manager may begin raising private capital that, subject to further approvals, will be matched with government funds under the terms of PPIP. Asset managers are expected to raise at least $500 million in private capital.