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Company name

Portland Private Equity II, Ltd.

Project number

14515-01

FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.

E&S category
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FI-2

Country

Regional

Sector

Investment Funds

Status

In implementation

Disclosed date

05/12/2023

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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08/01/2023

Approval date

08/01/2023

Signed date

09/29/2023

Sponsoring entity

N/A

Investment Operations Department Contact

Portfolio Management Division

Investment type

Syndicated amount

USD $ 3,000,000

Financing amount

USD $ 7,000,000

Currency

USD

Project scope and objective

IDB Invest is considering an equity investment of up to US$10 million in Portland Caribbean Fund III (“Portland III” or “the Fund”) (inclusive of seeking a US$3 million Blended Finance equity participation with resources from IDB Invest’s administered funds) that Portland Private Equity (“Portland” or the “Fund Manager”) is raising. This multisector fund has a US$150-200 million target focused on medium‑sized companies in the Caribbean basin. As a pioneer investor in the Caribbean with a strong sustainability practice, Portland is one of IDB Invest’s strategic partners in the region, based on extensive experience and a deep regional network. IDB Invest is an existing investor in and lender to Portland’s prior fund, which is currently divesting.

Portland III is committed to making social investments by providing funding for gender responsive businesses as per 2X Challenge criteria.[1] Additionally, the Fund aims to contribute to the United Nations’ Sustainable Development Goals (“SDGs”), with a focus on the following SDGs: gender equality and reduced inequalities (SDG 5 and SDG 10); decent work and quality jobs (SDG 8); industry, innovation, and infrastructure (SDG 9); responsible consumption and production (SDG 12); and climate action (SDG 13). Additional SDGs will be supported through Portland III’s overall environmental and social program.

IDB Invest would provide Climate Technical Assistance. IDB Invest’s relatively small participation would have a strong catalytic effect, triggering an increased Fund Manager commitment and allowing the Fund to reach its minimum US$100 million first closing. 

 

[1] Entrepreneurship – 51% women ownership or the business is founded by a woman. Leadership – 30% women in senior leadership or 30% women on the Board or Investment Committee

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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

PORTLAND CARRIBBEAN FUND III - 14515-01 RG - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

112.6 Kb

Client files

This section provides the key environmental and social assessment documents produced by the client for this project.

CLIENT FILES

84.0 Kb

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

dhewson@portlandpe.com

PHONE NUMBER

613-315-1863

POST OFFICE ADDRESS

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

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Learn more about how we provide private-sector solutions in the region .