4 weeks ago
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Portland JSX Limited will now invest directly into businesses rather than pool with other funds.
“Going forward, PJX has transitioned from a fund-based investment model and will pursue a strategy focused on direct investments,” the company said in its financial report. Portland JSX Limited trades under the symbol PJX on the stock market.
Portland JSX previously co-invested as a limited partner in the Portland Caribbean II fund, which continues to hold investments in eight regional businesses and is in the reaping phase of its life cycle; and was to continue investing in Portland Caribbean III, but that fund failed to raise its targeted capital and is now in liquidation. Portland Caribbean II’s life cycle was extended for a year to July 2025. It’s yet to be seen whether it will exercise the option for a second extension to July 2026.
Portland JSX and The Portland Caribbean Funds are managed by Portland Private Equity, which is controlled by Michael Lee-Chin.
With no new fund on the horizon, Portland JSX will focus on building its investment portfolio by sourcing opportunities directly, rather than through intermediary structures. Chairman Ricardo Hutchinson said it would continue to target local and regional companies.
On March 13, the company finalised an agreement with related party Portland Private Equity Canada Inc, PPEC, to provide it with investment management services. Under the agreement, which took effect January 1, 2025, Portland JSX will pay PPEC an investment consulting fee of 2.0 per cent, plus 0.33 per cent for corporate services. Both fees are set against Portland JSX’s assets under management each quarter.
Currently, Portland JSX’s assets total just under US$23 million, and, after factoring liabilities, its capital stands at US$18.3 million, its quarterly earnings report for May shows. The company made a loss of US$1.5 million in the period, up from a US$988,000 loss in the 2024 quarter. It has previously explained that these losses stem primarily from market fluctuations, rather than any fundamental decline in the value of its underlying investments.
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