Caribbean-focused private equity firm Portland is reportedly nearing a first close.
Fund II, which is targeting $300m, will hold its first close on $100m, said Private Equity International.
The firm closed its first vehicle, AIC Caribbean Fund, on $230m in November 2009.
Portland invests between $10m and $40m per deal in companies based in the Caribbean region including Columbia and Panama.
Its LPs include pensions funds, fund of funds, agencies and development banks.
Portland’s investees include broadband telecommunications company Columbus International, construction business Moya Supervisiones y Contrucciones and insurance company Advantage General Insurance.
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