Portland Private Equity, a leading private equity fund management company, today announced the successful final close of its AIC Caribbean Fund (ACF) with $230M in total capital commitments.
ACF is targeting investments of between $10-40M in businesses in the Caribbean region. Its investors are a wide-ranging institutional mix of pension sponsors, fund-of-funds, multilateral and bilateral agencies, and development banks. Michael Lee-Chin, Chairman of Portland Private Equity, is the fund sponsor.
Managing Partner, Robert Almeida comments: “Given the nature of the markets through the fundraising period we were pleased to gain the support of a diverse investor base that shared our vision of private equity opportunities in the Caribbean region. We appreciate our investors entrusting us with their capital and look forward to earning them attractive returns.”
To date, ACF has completed investments with the following companies:
- broadband telecommunications company Columbus International, the Caribbean region’s premier provider of wholesale and retail broadband products, services, and network capacity;
- construction firm Moya Supervisiones y Contrucciones, S.A., a joint venture partner with Odebrecht S.A. in the construction of the Coral Highway toll road in
the Dominican Republic; - insurance company Advantage General Insurance, Jamaica’s largest auto insurance underwriter by market share; and
- property developer Group Metro, with respect to Las Olas, an affordable luxury
condominium development in the Juan Dolio area of the Dominican Republic.
The fund is actively looking at other investment opportunities throughout the Caribbean region and Dominican Republic, and expects to announce additional investments through 2010.
