IIC Invests in a Fund that Provides Growth Capital to Companies in Caribbean Countries, Colombia, Costa Rica, and Panama

12/09/2015

The IIC approves an investment of US$5 million in Portland Caribbean Fund II L.P., which funds companies with opportunities to grow in key sectors in the region 

Washington, D.C., December 9, 2015 — The Inter-American Investment Corporation (IIC) approved an equity investment of up to US$5 million in Portland Caribbean Fund II L.P. to invest in enterprises in Caribbean Community and Common Market (CARICOM) member and associate member countries and in Costa Rica, Colombia, Panama, and the Dominican Republic.

“With this investment from the IIC, the fund will have access to our advisory services and expertise, as well as our extensive network of contacts in key sectors throughout the region,” said Goldie Shturman, the IIC investment officer in charge of the operation. The fund will also have the option of accessing additional resources for joint or follow-on investments, as well as the IIC’s best practices on corporate governance and environmental and social standards.”

Portland is a multisectorial growth fund that focuses on high-growth medium-sized enterprises that are ready to expand nationally or regionally and on related essential services and opportunities. It will put special emphasis on the financial and non-financial services, communications, alternative energy, agribusiness, and infrastructure sectors.

Portland Holdings is a leading Caribbean group that has invested a considerable amount in the region through the AIC Caribbean Fund, as well as through other earlier investment vehicles. Through its public and private equity investments, Portland Holdings holds considerable stakes in a variety of businesses pertinent to the Fund’s investment strategy.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). The Corporation provides companies with financing in the form of equity investments, loans, and guarantees, as well as with technical assistance, advisory services, and innovative knowledge products. In 2014, the IIC approved 64 operations totaling $426.3 million. Since its inception, the IIC has approved more than 920 loan and equity investments for SMEs and financial intermediaries, for a total of US$5.63 billion. An additional $3.7 billion has been mobilized through cofinancing and syndication agreements. For additional information on the IIC’s activities, visit www.iic.org.

Contact: Goldie Shturman

Telephone: +1 (202) 623-1337 in Washington, D.C.

Email: goldies@iadb.org