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        PORTLAND CARIBBEAN FUND III

        Signature(s)

        Amount
        € 33,279,452.31
        Sector(s)
        Services : € 33,279,452.31
        Signature date(s)
        29/06/2022 : € 33,279,452.31
        Other links

        Summary sheet

        Release date
        18 July 2019
        Status
        Reference
        Signed | 29/06/2022
        20190090
        Project name
        Promoter - financial intermediary
        PORTLAND CARIBBEAN FUND III
        SPECIAL PURPOSE ENTITY(IES)/FUND
        Proposed EIB finance (Approximate amount)
        Total cost (Approximate amount)
        USD 35 million (EUR 32 million)
        USD 350 million (EUR 318 million)
        Location
        Sector(s)
        Description
        Objectives

        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.

        Environmental aspects
        Procurement

        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.

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        Disclaimer

        Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
        They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

        General enquiries and comments

        The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
        Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
        Alternatively, the EIB can be contacted through its external offices.
        Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

        Media enquiries

        Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

        Complaints mechanism

        Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

        Zero tolerance against fraud and corruption

        The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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