Portland Caribbean Fund II, L.P.

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Project Number: 
Expected Consideration Date by the Board: 
Date Posted: 
Portland Caribbean Fund II, L.P.
Sponsoring Entity: 
Portland Holdings Inc. ("Portland Holdings")
Financing Requested: 
Equity investment of up to US$5 million
Investment Funds
Scope Objective: 

Scope and Objective of the Project and IIC’s Participation:

Portland is a multi-sector growth fund that will target: (i) high-growth mid-size companies at various stages that are poised for national or regional expansion and (ii) essential services and essential services-related opportunities. Particular emphasis will be on the following sectors: services (financial and non-financial), communications, alternative energy, agribusiness, and infrastructure. The geographical focus of the Fund is CARICOM member and associate member states, Dominican Republic, Colombia, Panama and Costa Rica.

Portland Holdings is a leading group in the Caribbean with a significant amount of wealth invested and realized in the region through AIC Caribbean Fund and prior investment vehicles. Through its public and private equity investments, Portland Holdings is a significant owner in a number of businesses relevant to the Fund’s investment strategy.

The IIC’s investment in the Fund, for up to US$5 million, is expected to play an important role in furthering the engagement of the Portland Holdings with the IDB Group and with the Latin American and Caribbean region. Additionally, IIC’s investment in the Fund would give the Fund access to: technical assistance programs, key sector regional experience and network, potential additional sources of financing for co-investments or follow-on investments in the Fund’s portfolio companies, and access to best practices in corporate governance and environmental and social standards.

Environmental Review: 

Environmental and Labor Issues: This project was categorized as FI-1 according to IIC's Environmental and Social Sustainability Policy given the nature, size and moderate to high E&S risks related to certain sectors in its prospect pipeline such as renewable energy, power generation and infrastructure. The projects financed with funding from the Fund will be subject to an environmental and labor review consistent with IIC’s requirements and with internationally recognized and national environmental and labor laws, regulations, and standards. The Fund is committed to meet the IIC’s environmental and labor procedures and guidelines, and will abide by the IIC’s list of excluded activities. To become proficient with the application of the IIC’s environmental and labor requirements, at least one staff member with responsibility for the ESMS implementation and maintenance will participate in an environmental training workshop organized by the IIC, or a similar workshop, to be agreed upon by the IIC. The Fund will provide the IIC with an annual environmental report and will draw up plans for corrective measures for the projects financed whenever so required.