Liberty Latin America (“LILA”)

www.lla.com

LILA is one of the leading telecommunications providers in Latin America and the Caribbean with over 48,000 kilometers of fiber optic cable and retail services in 20 countries including Chile, Puerto Rico, Jamaica, Trinidad & Tobago, Panama, Barbados, the Bahamas and several smaller Caribbean islands. LILA is bringing better broadband to more people in the region.

Headquarters

Bermuda

Investment Thesis

  • Participate in anticipated growth of merged entity
  • Region remains fragmented and underpenetrated
  • Synergies, operating and financial leverage, are expected to amplify EPS growth
  • Columbus impact on CWC will be positive. Liberty impact on combined CWC/Columbus will be further positive

Investment Dates

January 2015 & December 2016

Panama Wind (“IEH Penonome Holdings”)

www.interenergy.com

IEH Penonome Holdings is a holding company for ownership of the second and third phases of the Penonome Wind Power Park consisting of a total of 215MW of installed wind power capacity approximately 150km west of Panama City.

Headquarters

Cayman

Investment Thesis

  • Cash flow generating asset providing excellent preservation of capital qualities
  • Distressed developer provided opportunity to re-negotiate allocation of risks, penalties, LDs, and completion incentives
  • Further PPA signed resulting in higher anticipated revenues
  • Merger opportunities within Panamanian market to create attractive listed vehicle

Investment Date

December 2014

Clarien Bank Limited (“CBL”)

www.clarienbank.com

A facilitating Loan was made to Clarien Group Limited (“CGL”) to enable it to make a capital investment into 100% owned CBL to strengthen CBL’s capital adequacy ratios. CBL is one of the largest Bermuda-based banks and an investment management, brokerage advisory and trust administration business. CBL’s balance sheet largely consists of residential and commercial mortgages funded by retail and commercial deposits. The loan was made to provide CGL time to complete a strategic transaction with a regional financial institution with the intent that PCF II Fund would be able to co-invest in that transaction. The co investment transaction was completed at the end of 2017 with PCF II Fund receiving cash and a minority equity interest, alongside controlling shareholder NCB Financial Group Limited.

Headquarters

Bermuda, Jamaica

Investment Thesis

  • Through co-investment into CBL, participate in the expansion and diversification of a leading Caribbean financial institution
  • Entering at trough of Bermuda economic cycle and at discount to book value
  • Revenue and cost synergies to be gained from merger into a larger Caribbean financial institution

Investment Date

March 2016

Inmaculada Guadalupe & Amigos en cia S.A. (“IGA”) (“Portland Foodservice”)

www.andrescarnederes.com
www.heladosmimos.com.co
www.kokoriko.com.co

The merger of two leading restaurant platforms in Colombia (Andrés Carnes de Res, Grupo Conboca) into a single entity is referred to as IGA. IGA covers casual dining, quick service, and food service segments with 217 owned venues, 86 franchises and a presence in 46 cities.

Headquarters

Bogotá, Colombia

Investment Thesis

  • Strong strategic sponsors and financial sponsor
  • Significant potential for value creation through expansion and realization of synergies
  • Attractive investment fundamentals and a diversified approach
  • Longstanding brands with consistent performance

Investment Date

January 2017

InterEnergy Holdings (“InterEnergy”)

www.interenergy.com

InterEnergy owns and manages a diversified portfolio of energy assets spanning generation, transmission, and distribution in the Dominican Republic, Chile, Panama, and Jamaica.

Headquarters

Guernsey

Investment Thesis

  • Partner with industry leader in strategic, growing electric utilities sector seeking to pursue a transformative growth strategy with a focus on alternatives and conversion to cleaner burning gas
  • Experienced management team with robust track record managing power assets in the region
  • High likelihood of capital preservation
  • Ability to achieve impressive returns on a risk-adjusted basis with various options for exit (dividends, refinancing, partial or full sale)
  • Strong cash generating businesses, resulting from multi-year contracts, low loss ratio, and increasing customer demand

Investment Date

January 2018

Diverze Assets Inc. (“DAI”)

www.diverzeassets.com

DAI is a Jamaican family controlled holding company, domiciled in St. Lucia, in which PCF II Fund has an ownership stake. It’s three primary holdings are: (i) Chukka Caribbean Adventures Ltd. (“Chukka”, “CCA”), a leading operator of tourism attractions and tours in Jamaica, Turks and Caicos Islands, Belize and St. Lucia (ii) Tropical Battery Company Limited (“Tropical Battery”) a leading supplier of automotive and industrial batteries in Jamaica. (iii) Diverze Properties Limited (“Diverze Properties”) a property holding company holding several commercial properties.

Headquarters

St. Lucia, operates in multiple jurisdictions in the Caribbean and Latin America

Investment Thesis

  • Regional growth of Chukka
  • Efficiency improvement and local consolidation for Tropical Battery
  • Development of real estate properties
  • Potential local and regional acquisitions for both Chukka and Tropical

Investment Date

June 2017

Productive Business Solutions Limited (“PBS”)

www.grouppbs.com

PBS is a vertically integrated business solutions group with its principal activities of the Company and its subsidiaries being the distribution of printing equipment, business machines and related accessories. PBS has exclusive distribution rights for Xerox in 14 countries making it the largest distributor of Xerox in the Western Hemisphere. The Company also maintains regional (Central America and Caribbean) distribution relationships with other large technology brands such as Cisco, Oracle, HP, NCR and L3 in addition to specific country distribution relationships with brands such as NCR, Sony, HP, Dell, Lenovo, Datacard, SMART, Verifone and Kodak.

Headquarters

Barbados, operates in multiple jurisdictions in the Caribbean and Latin America

Investment Thesis

  • Growth of existing business through efficiency improvements
  • Restructuring of the balance sheet with reduction in finance costs.
  • Expansion into new territories

Investment Date

July 2017

Merqueo S.A.S (“Merqueo”)

www.merqueo.com

Merqueo offers customers a seamless online platform where they can easily shop for groceries that are conveniently delivered to their door, at a price targeted to be 5-10% less expensive than those at a supermarket are. Merqueo is a “pure” dedicated online grocery retailer as it offers delivery of its own-inventoried products, which are centrally picked from one of its warehouses.

Headquarters

Bogotá, Colombia

Investment Thesis

  • Significant market opportunity confirmed by solid performance to date
  • Strong value creation potential through revenue growth and margin expansion
  • Professional and highly committed founding and management team with a successful track record
  • Clear exit alternatives through listing or acquisition by strategic player

Investment Date

January 2019

Facey Telecom Limited (“Facey”)

https://www.faceytelecom.com

Facey is a consolidation of the Facey Group’s telecommunication businesses across the Caribbean and Central America (“CCA”) with those in the South Pacific. The primary activities of the telecom businesses include handset distribution, airtime distribution, SIM fulfilment and logistics. The Group will have the largest telecommunication distribution network in the region, which includes electronic terminals.

Headquarters

Barbados, operates in multiple jurisdictions in the Caribbean and Latin America

Investment Thesis

  • Growth of existing business through efficiency improvements
  • Growth of Logistics business throughout the Caribbean and Latin American
  • Acquisition of new distribution relationships

Investment Date

September 2019

Outsourcing Management Limited (“itelbpo”)

www.itelbpo.com

Itelbpo is a Business Process Outsourcing company providing voice and non-voice (digital) contact services, as well as highvalue customer experience management. With over 2,700 employees across eight sites and four countries. itelbpo is the largest Jamaican-owned BPO firm in the region.

Headquarters

St. Lucia, with operations in Jamaica, Bahamas, Mexico and the USA

Investment Thesis

  • Growth of existing client portfolio
  • Business expansion through new client acquisitions
  • Managing cost/income with special emphasis on payroll related expenses

Investment Date

September 2019