Portland JSX Limited (PJX) is an International Business Company based in St. Lucia) that started operations in 2015. It is a Special Purpose Vehicle with a very limited and particular function: to give its shareholders access to Portland Caribbean Fund II (PCF II). The Fund Objective is: To provide above average US dollar indexed returns over the long term.
How liquid is my investment?
Your Portland JSX assets will be liquid once listed on the Jamaica Stock Exchange. Shares in companies are considered to be liquid because they may be sold at any time if offered at a fair price, due to the fact that large volumes of shares are traded every day.
What are the management fees?
There are no fund management fees for Portland JSX investors.
What’s the investment strategy for the fund?
Portland Caribbean Fund II (PCF II) will follow a similar strategy established by Portland Holdings for its own proprietary portfolio investments in the Caribbean region which was successfully adopted by the AIC Caribbean Fund (“Fund I”), PCF II’s predecessor private equity fund, to make private equity investments in the Caribbean and Latin American region (“LAC”). LAC includes Caricom member states and associate member states, Dominican Republic, Colombia and Central America including Panama and Costa Rica. It does not include Mexico, Cuba or Venezuela. The key members of the Fund I investment advisory team will also serve in a similar capacity for PCF II.
What’s special about this IPO?
It’s a very unique opportunity, for individual (or private) investors and local pension funds, to gain access to a private equities fund of global institutional quality. These types of investment opportunities are normally exclusive to large institutional investors because of the normally high minimum investment amount required to participate .
For institutional investors, it provides a solid investment vehicle that is , diversified , focused on the long-term and with strong potential for above average returns.
Who is the IPO’s Lead Broker?
The Lead Broker for the Initial Public Offering of Portland JSX is VM Wealth Management, a subsidiary of the Victoria Mutual Building Society. VM Wealth Management has built a reputation as one of Jamaica’s leaders in investment banking, with advisory and capital-raising services among the best in the industry.
What are the benefits of the Portland Caribbean Fund II to investors?
US Dollar returns on their Jamaican Dollar investment which offers a foreign currency hedge
Liquidity, it’s a 10 year fund, but Portland JSX once traded on the JSE offers trading at any time.
Low volatility through diversification, not just by sector, but by country and vintage.
Attractive risk-adjusted returns that well exceed the market average.
No management fees
Exposure to new asset classes as a result of the diversification across sectors and countries
An expertise team, investing for them, literally as they would for themselves
The ability to contribute to growth, the launch new initiatives, and the expansion of sectors across the Caribbean & Latin America
Security of knowing that fund has passed rigorous assessment by large international institutional investors
Who can invest?
Anyone in Jamaica over 18. The Portland JSX IPO is offers a great opportunity to institutional investors, individual investors and retirement funds.
What is the Portland Caribbean Fund II?
As an investor, your shares in Portland JSX (PJX) – paid for in Jamaican Dollars and converted to US Dollars – provides capital for the Portland Caribbean Fund II. That capital is put to work growing businesses, launching new initiatives, and ultimately building value. Thereafter that value, in the form of distributions from the Fund, is returned to the PJX shareholders at US Dollar returns.
Can I get more information on Fund I, the AIC Caribbean Fund?
AIC Caribbean Fund (or Fund I) launched in 2007, is coming to a close after a decade, giving Portland’s partners room to give thorough focus to the Portland Caribbean Fund and Portland JSX. Portland Private Equity has anticipated that Fund I will ultimately generate proceeds approaching 3.0x the invested capital.
The fund has helped establish marquee companies in the region in areas like telecommunications, energy, renewable energy, and financial services. Its performance has been excellent and it has consistently met its target metrics with respect to distributions and total value.
Of the six companies in the AIC Caribbean Fund (Fund I), four have been realised to date. All four companies have high Multiples and Internal Rates of Return (IRR):
Communications company, Columbus Networks had an impressive Multiplier of 5.2x and an Internal Rate of Return (or IRR) of 29.9%
Financial services provider, Advantage General had Multiplier of 2.3% and an Internal Rate of Return (or IRR) of 18%
Construction Firm Moya 1.4% and an Internal Rate of Return (or IRR) of 20.5%
Agribusiness World Food Processing 1.3% and an Internal Rate of Return (or IRR) of 18.6%
Who makes up the Investment Team?
The Investment Committee is made up of senior partners at Portland Private Equity: Chairman Michael Lee-Chin, Managing Partners Robert Almeida, Joe Vescio and Douglas Henson, and Partner Emeritus Kip Thompson.
What separates this fund from the competition?
PCF II’s strategy is different from other competing investors in the region. Other investors include sector specific private equity funds, conglomerates, and development finance institutions. The sector specific investors are typically constrained not just by their sectoral focus but also to larger sized transactions. The conglomerates and/or family office peers typically prefer smaller transactions since they are investing off their balance sheets. Finally, the development finance institutions are predominantly debt investors. PCF II’s ability to invest across sectors, in small and large deals, and with equity or hybrid equity structures makes us different from and synergistic with other investors.
Who are the current investors in the Portland Caribbean Fund II?
Current investors include eminent international private equities investors, including:
International Finance Corporation (IFC)
European Investment Banking
German Development Bank
Export Development Canada
Caribbean Development Bank
Inter-American Investment Corporation
Portland JSX Limited
Portland Fund II GP Inc.
The fund manager’s interests are very much aligned with thoseofinvestorsbecause$17MUSD (or approximately$2.12BJMD)of their own assets are invested in the fund.
How does Portland JSX (PJX) work for investors?
As an investor, your shares in Portland JSX (PJX), which once paid for in Jamaican Dollars is converted to US Dollars, provides capital for the Portland Caribbean Fund II. That capital is put to work growing businesses, launching new initiatives, and ultimately building value. Thereafter that value, in the form of distributions from the Fund, is returned to the PJX shareholders at US Dollar returns.
Portland JSX Limited (PJX) is a Special Purpose Vehicle with a very limited and particular function: to give its shareholders access, as limited partners, to Portland Caribbean Fund II.