In brief: EIB-backed Caribbean fund raises $100m

Portland Private Equity is looking to raise $350m to invest in SMEs in the region.

Portland Private Equity has reached a $100 million first close on its Caribbean-focused fund, according to a press release.

Portland Caribbean Fund III is an SFDR Article 8 fund with a fundraising target of $350 million. It will invest in financial, communication, consumer and hospitality SMEs in the region. The European Investment Bank has committed $35 million to the fund and acted as a cornerstone investor.

Portland is a Barbados-based firm that specialises in the Caribbean market. Chairman Michael Lee-Chin said: “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.”