PCF III (Cayman) L.P. (IFC-49178)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Colombia
  • Costa Rica
  • El Salvador
  • Guatemala
  • Honduras
  • Nicaragua
  • Panama
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 31, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
PCF III (Cayman) L.P. (Portland Private Equity)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Communications
  • Energy
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 350.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 2, 2024

Disclosed by Bank May 1, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The proposed investment is for up to US$15 million, capped at 20% of total commitments into PCF III (Cayman) L.P. (“Portland III” or the “Fund”), a growth equity fund targeting US$350 million in commitments to make mid-market investments primarily in the Caribbean Region. The Fund is managed by Portland Private Equity.
Portland III will seek to take minority stakes in 10-12 investments with ticket sizes ranging from US$15 million to US$30 million and will seek to deploy at least 80 of its invested capital in the Caribbean with the balance split between Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua or Panama.
The Fund will focus on investing in the following themes and sectors:
(i) Scalable Services Business includes financial services, tourism (food and hospitality), data centers and internet service business;
(ii) Communications cable networks, communication towers, internet and mobile networks;
(iii) Essential Services hard assets that serve as backbone for essential products and services such as renewable energy and digital transformation providers;
(iv) Agribusiness investments could be made all across the agribusiness supply chain.                                                    

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

According to the IFC, most transactions are expected to be of medium to low E&S risk, therefore the project has been categorized as FI-2 according to the IFC's Sustainability Framework

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Fund is seeking to raise US$350 million. IFC has proposed a total equity investment of up to US$15 million, capped at 20% of total commitments.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to the IFC, the Fund is managed by Portland Private Equity. Portland was founded in 1987 and is majority owned by Michael Lee-Chin, a successful Jamaican national with varied business interests across multiple industries including National Commercial Bank of Jamaica. Portland is an established private equity firm that is mainly focused on the Caribbean region and has been able to raise meaningful institutional capital from several DFIs and local pension funds. Portland has a team of 10 senior professionals, with offices in Canada, Jamaica, and Colombia.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Financial Intermediary - Portland Private Equity:

Doug Hewson - Partner
Phone: +1 613-315-1863
Email: dhewson@portlandpe.com
Website: https://portlandpe.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works