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    Reference: 20190090
    Release date: 18 July 2019

    Promoter – Financial Intermediary

    SPECIAL PURPOSE ENTITY(IES)/FUND

    Location

    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

    Approved - 15/10/2019

    Disclaimer

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

    Related tags

    Regional - Caribbean Services