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
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
08/01/2023
Approval date
08/01/2023
Signed date
09/29/2023
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
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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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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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
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Request informationLearn more about how we provide private-sector solutions in the region .
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