The Tennessee Loan Acquisition Venture, which is owned by companies tied to Oaktree Capital, became the latest firm to buy a stake in non-performing and performing loans through the Federal Deposit Insurance Corp.'s Small Investor Program.

The company paid $23.9 million for a 25% equity stake in a limited-liability company formed by the FDIC to hold a pool of 93 performing and non-performing commercial real estate loans, construction loans, credit facilities and residential acquisition and development loans.

The pool has an unpaid principal balance of $166.2 million. The LLC formed by the FDIC contains assets of the now defunct Tennessee Commerce Bank out of Franklin, Tennessee. Authorities closed the bank on Jan. 27 of this year.

This is the fourth sale the FDIC has closed through its Small Investor Program. The initiative aims to sell attractive assets to smaller investors.

The Tennessee Loan Acquisition Venture is out of Los Angeles and is owned by a minority-owned business under the control of Oaktree Capital.

The buyer will manage, service and dispose of the assets, according to the FDIC.

The federal regulator received 13 bids from ten different investors before picking the winner.

The Small Investor Program is open to all investors, especially minority and women-owned businesses. The FDIC recently held a series of workshops to help investors learn how to acquire assets from failed banks.