3 months ago
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With less than three months to go, there is no decision yet on whether there will be a second extension of the Portland Caribbean fund.
The “limited partners – including PJX – had yet to determine whether a second extension would be pursued” for the parent fund, Portland Caribbean Fund II, Portland JSX reported in its newly released February 2025 year-end results. PJX is a reference to Portland JSX Limited
The performance of both funds reflects broader market headwinds, including elevated interest rates and economic uncertainties. The new US administration’s policies have introduced fresh volatility which could prolong high interest rates. That would dampen valuations and exit opportunities for private equity investors.
The financials of PCF II are private and controlled by Portland Private Equity, an entity chaired by Michael Lee-Chin. PJX co-invests in regional companies alongside Portland Caribbean Fund II.
PCF II was initially scheduled to operate for a decade and end in July 2024, but the fund also allows for two one-year extensions.
The first extension was to July 2025. A second would extend the closing of the fund by another year to July 2026.
Portland JSX’s financial are public as a listed stock market company. In the financial year just ended, PJX made an annual loss of US$4.3 million, an improvement on the US$7.2 million of losses reported in 2024. The latest loss was driven by unrealised fair value adjustments on its portfolio.
On a positive note, PJX ended the year with improved liquidity, nearly doubling its cash reserves to US$5 million, from US$2.8 million in 2024.
It received a US$2.9 million cash distribution from PCF II during the year. However, its accumulated deficit widened to US$5.9 million from US$1.7 million in 2024. The losses eroded shareholder equity, which fell from US$24 million to US$20 million over the course of the year.
Management has previously requested patience to successfully exit its investments in about 10 underlining companies. The investments in portfolio companies Outsourcing Management, which trades as itel, and grocery delivery operator Merqueo have been written down to US$1 on PJX’s books.
Portland had plans to set up a third Caribbean fund but scuttled PCF III altogether last year, having achieved about US$100 million in capital commitments, which was just a third of the target.
PJX was formed in October 2015, giving pension funds and small investors access to overseas investments that pension regulations would otherwise restrict.
English (US) ·