; and (2) to all participating investment funds in aggregate may not exceed $1,000,000,000. (c) Private capital requirement (1) In general The private capital of a participating investment fund shall be not less than $250,000,000. (2) Financial institution investments Any national bank, or any member bank of the Federal Reserve System or nonmember insured bank to the extent permitted under applicable State law, may invest in any one or more participating investment funds, or in any entity established to invest solely in participating investment funds, except that in no event shall the total amount of such investments of any such bank exceed 5 percent of the capital and surplus of the bank. (d) Leverage fee The Administrator shall charge and collect a leverage fee of not more than 5.5 percent and not less than 3 percent of the face amount of the leverage issued. 399E. Borrowing power (a) In general Each participating investment fund shall have the authority to borrow money and issue debentures and preferred securities, subject to such limitations and regulations as the Administration may prescribe. (b) Limitation Of the leverage provided by the Administrator to a participating investment fund under section 399D— (1) not less than 70 percent shall be issued as debentures under subsection (a)