Signature(s)
Summary sheet
- Services - Financial and insurance activities
The project consists of a participation of up to USD 35m into Portland Caribbean Fund III, a new closed-end private equity fund with a target size of USD 350m, targeting companies mainly in the Caribbean region with a multi-sector approach.
The fund will be set up to make privately-negotiated equity and quasi-equity investments to support the expansion of 8-10 small businesses in the region with a multi-country and multi-sector strategy.
The fund's operational guidelines provide for environmental and social due diligence of investee companies according to guidelines acceptable to the EIB.
In terms of EIB procurement rules, the Fund is considered to be in the private sector, therefore it will be assessed whether competitive tender principles and good criteria of economy/efficiency are applicable to its investments, as well as that the main contracts have not been and/or will not be negotiated with discrimination based on the country of origin.