Release date: 18 July 2019
Promoter – Financial Intermediary
SPECIAL PURPOSE ENTITY(IES)/FUNDLocation
Description
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.
Objectives
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.
Sector(s)
- Services - Financial and insurance activities
Proposed EIB finance (Approximate amount)
USD 35 million (EUR 32 million)
Total cost (Approximate amount)
USD 350 million (EUR 318 million)
Environmental aspects
The fund's operational guidelines provide for environmental and social due diligence of investee companies according to guidelines acceptable to the EIB.
Procurement
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.
Status
Signed - 29/06/2022
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).