European Investment Bank Anchors Portland Caribbean Fund III with $35 Million Investment

European Investment Bank Anchors Portland Caribbean Fund III with $35 Million Investment

(IN BRIEF) The Portland Caribbean Fund III has achieved its first close, with the European Investment Bank (EIB) contributing $35 million as a cornerstone investor. This fund, targeting a total size of $350 million, aims to support promising small and medium-sized companies (SMEs) and mid-market firms in the Caribbean region. EIB’s Vice-President emphasized the importance of SMEs in driving economic growth in the Caribbean, and their investment aims to bolster socio-economic development, promote entrepreneurship, and strengthen the equity ecosystem in the region. The fund will primarily focus on sectors such as financial services, communication services, consumer services, and hospitality services, addressing the underserved private risk capital landscape in the Caribbean. The EIB’s partnership with Portland has a track record of supporting successful Caribbean companies and sustaining employment opportunities in the region.

(PRESS RELEASE) LUXEMBOURG, 11-Nov-2023 — /EuropaWire/ — The Portland Caribbean Fund III has reached first close, thanks to the early US$35 million equity participation by the European Investment Bank (EIB) as a cornerstone investor. The fund will target a size of US$350 million to invest in promising small and medium-sized companies (SMEs) and mid-market companies in the Caribbean.

EIB Vice-President Ricardo Mourinho Félix, said, “Small and medium-sized businesses are an important driver for economic growth in Caribbean countries. Through our support for the private sector, EIB Global aims to boost socio-economic development, strengthen the equity ecosystem and foster entrepreneurship in the region. We are proud that our longstanding partnership with Portland has backed many successful Caribbean companies, providing employment for thousands of people.”

Michael Lee-Chin, Chairman of Portland Private Equity, said, “We are honored to have the EIB continue its relationship with us through anchoring this fund at this critical time. Portland Private Equity is proud of its long track record of doing good and doing well in this overlooked region.  PCF III will extend our firm’s leadership in key areas such as gender lens investing and applying science-based climate targets to our investment operations.”

The Caribbean is currently underserved by private risk capital, hindering the potential of SMEs and mid-market companies to expand and become more efficient and competitive. The Fund will focus on companies across the Caribbean in four core sectors: financial services, communication services, consumer services and hospitality services.

The EIB invested in Portland’s two previous funds AIC Caribbean Fund and Portland Caribbean Fund II, which have sustained almost 18 000 jobs through their underlying investments across the Caribbean.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The EIB has been supporting projects in the Caribbean since 1978, facilitating long-term investment with favourable conditions and providing technical support to ensure the projects have a positive social, economic and environmental impact. The EIB has been a cornerstone investor in Portland Private Equity since 2007.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

About Portland Private Equity

Portland is a leading private equity fund manager committed to sustainable wealth creation for all through the growth of remarkable, responsible, entrepreneurial businesses.  The firm has focused on the large, overlooked and underserved countries in the Caribbean Basin and Latin America and has developed a unique and extensive regional platform for execution.

Media Contact:

Susanna Seymour
s.seymour@eib.org
+352 4379 – 87207

Press Office

press@eib.org
+352 4379 – 21000

SOURCE: European Investment Bank