Eppley and NCB Capital Markets commit to Caribbean Mezzanine Fund

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Eppley and NCB Capital Markets commit to Caribbean Mezzanine Fund

Friday, February 28, 2020

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Eppley Limited and National Commercial Bank Capital Markets (NCBCM) have announced that they have made full investments of committed capital to their Caribbean Mezzanine Fund (CMF).


CMF, which is co-managed by Eppley and NCBCM, was formed in 2016 as the Caribbean's first credit and mezzanine private equity fund. The fund's investors comprised leading institutions in Jamaica including pension funds, insurance companies and development banks.


In commenting on his organisaton's commitment to deploy full capital to the venture, Eppley's Managing Director Nicholas Scott said his entity is proud to have pioneered mezzanine and credit investing in Jamaica and the Caribbean.


“At CMF we've carefully built a high-quality portfolio that provides our investors with diversification, downside protection, consistent high-income yields, and the potential for further upside through capital appreciation,” he remarked.


Steven Gooden, CEO of NCBCM, added that on their side they were happy to have been able to offer clients the ability to invest in a wide range of assets, including alternative investments in Jamaica and across the region.


“We're pleased to have partnered with Eppley to develop CMF and look forward to working together in the future to build on this successful platform,” he said.


The fund has now deployed US$15.95 million across eight portfolio companies, with investments spanning the capital structure of much of these portfolio companies including debt, mezzanine credit and ordinary equity.


“The fund's investments are also diversified by industry including tourism, water, energy and BPO. CMF's investment activities have increased access to capital and fostered economic growth in Jamaica,” a release informed.


Since its inception, CMF has delivered annual cash dividends of eight per cent in US dollars and is expected to produce 14-16 per cent net compound annual returns in US dollars to its investors over the life of the fund.


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