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Portland Global Energy Efficiency and Renewable Energy Fund LP


portfolio manager
Chris Wain-Lowe, BA, MBA
Chief Investment Officer, Executive Vice-President and Portfolio Manager


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How the partnership is managed

The investment objectives of Portland Global Energy Efficiency and Renewable Energy Fund LP (the “Partnership”) are to provide income and above average long-term returns by investing primarily in the B units of Global Energy Efficiency and Renewable Energy Fund (“GEEREF”), advised by the European Investment Fund (“EIF”) and sub-advised by the European Investment Bank (“EIB”).

To achieve the investment objectives:

  • The Partnership intends primarily to invest in the B units of GEEREF, a private equity and infrastructure fund of funds, investing in Regional Funds, providing equity or quasi equity primarily for energy efficiency and renewable energy projects in developing countries and economies in transition. The B units feature a preferred return mechanism and faster return of capital over the A shares currently held by public sponsors: Germany, Norway, and the EIF (on behalf of the European Commission representing the European Union).
  • The Partnership may invest in a portfolio of income producing private and public debt and equity securities, either directly or indirectly through other funds.
  • The Partnership may invest in Underlying Funds which may or may not be managed by the Manager or one of its affiliates or associates.


GEEREF

GEEREF's investments aim to bring equal benefits for a triple bottom line:

  • People: GEEREF seeks to provide access to sustainable energy and increase energy efficiency in developing countries and economies in transition;
  • Planet: GEEREF seeks to fight climate change and contribute to a sustainable environment; and
  • Profit: GEEREF seeks to achieve robust financial returns.

GEEREF invests exclusively in funds targeting projects in emerging markets that qualify as recipients for Official Development Assistance. There are currently 146 countries recognised as such by the Organisation for Economic Co-operation and Development and GEEREF's funds can target all of these other than candidates for accession to the European Union. Priority is given to investment in countries with appropriate policies and regulatory frameworks on energy efficiency and renewable energy.

GEEREF invests in specialist funds developing small to medium-sized projects in the following sectors:

  • Renewable Energy – including small hydro, solar, wind, biomass and geothermal; and
  • Energy Efficiency – including waste heat recovery, energy management in buildings, co-generation of heat and power, energy storage and smart grids.



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PRESS RELEASE Newlook Capital Industrial Services LP announces first quarter distribution and acquisition of shares in Direct Elevator Acquisition Company Ltd.

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PRESS RELEASE Portland Global Energy Efficiency and Renewable Energy Fund LP to invest in Newlook Capital Industrial Services LP


fund details
- As at August 31, 2017
Fund Net Assets $22.6 million
Introduction Date October 31, 2013
Fund type Alternative Strategies
Offer document Offering Memorandum
Legal type Limited Partnership
Eligible for registered plans No
Purchases Monthly until Nov. 30, 2017 at the latest
Expected term November 2023
GEEREF Advisor European Investment Fund
GEEREF Sub-Advisor European Investment Bank
Promoter Fee 2%
Agents Commission - Class A 3%
Fund Manager Portland Investment Counsel Inc.
Administrator CIBC Mellon Global Securities Services Company
Custodian CIBC Mellon Trust Company



investment objective
  • Preservation of capital
  • Provide income
  • Above average long-term returns


KEY reasons to invest
  • Opportunity to invest, through the Partnership, alongside Supranational Institutions and Sovereign States (EIB on behalf of the European Union, Germany and Norway) through investment in GEEREF.
    • Preferred return mechanism of GEEREF’s B units.
    • Faster return of capital than A shareholders
      • Enhanced returns
      • Targets above average long-term returns.
    • GEEREF investments increase access to renewable and affordable energy for underserved communities in emerging nations.
    • GEEREF’s institutional quality oversight and governance.
  • Access to specialized infrastructure funds/geographies exposed to high growth including Newlook Capital (see below).
  • Targeting 8% distribution per annum to be declared quarterly commencing on or before quarter ended December 2017 and based on the net asset value of the units at that time.


fund facts by series
  • The NAV for the Partnership is released five business days after the month end.
Fundserv codes A F* O**
Portland Global Energy Efficiency and Renewable Energy Fund LP- Subscription Code PTL605 PTL615 PTL625
Portland Global Energy Efficiency and Renewable Energy Fund LP PTL610 PTL620 PTL630

Series A F* O**
Min. initial investment, accredited investors $2,500 $2,500 Neg.
Min. initial investment, non-individuals $150,000 $150,000 Neg.
Min. subsequent investment $500 $500 Neg.
Management fee until Dec. 31, 2017 1.00% 0.60% Neg.
Management fee Jan. 1, 2018 - Dec. 31, 2020 1.35% 0.75% Neg.
Management fee Jan. 1, 2020 onward 1.75% 0.75% Neg.
Trailer fee until Dec. 31, 2017 0.40%
Trailer fee Jan. 1, 2018 - Dec.31, 2020 0.60%
Management fee 1.00%

For further information including a copy of the Offering Memorandum and Limited Partnership Agreement, please contact your advisor or us at info@portlandic.com














Resources
 

This short video below showcases one of GEEREF's South African projects.

  • The investment is via the regional fund Evolution One.
  • GEEREF has committed Euro 10m to the Evolution One fund, which is managed by Inspired Evolution.
  • You can read more about Evolution One by visiting its website: www.inspiredevolution.co.za
  • Evolution One directly, and also via its investment in RedCap, led the development with a consolidated 30% interest in the Kouga Wind Farm project.
  • We believe it really shows both GEEREF and the Partnership's triple PPP strategy at work: People, Planet and Profit.


We believe this opportunity has an unusually attractive risk/return profile:

  • GEEREF's Regional Funds are targeting an average gross return of 20% per annum.
  • GEEREF features a preferred return mechanism and faster return of capital compared to the founder shareholders/public sponsors: Germany, Norway and the European Union.




Newlook Capital operates as a private equity firm investing throughout Canada and the U.S. with a preference for companies that exhibit a solid tangible asset base. Newlook Capital is focused on current holdings that include multifamily real estate and services in the U.S., industrial services in Canada and the U.S., and Quick Service Restaurants in Canada.




The Newlook Capital Industrial Services LP has an investment strategy to develop a strong and synergistic portfolio of ownership investments in industrial services companies that have:

  • technical service revenue of a recurring nature that assures code compliance,
  • strong and reliable historic net revenues and positive operating cash flow,
  • experienced and committed management and senior technical talent,
  • growing addressable markets, and
  • customer lists that can be cross-marketed to other companies held within its' portfolio.

The Limited Partners of Newlook Capital Industrial Services LP receive an 8% per annum cumulative, non-compounding preferred return payable quarterly.




POTENTIAL RISKS

While the Manager and GEEREF’s Front Office investment team (GFO), through the advisory services of the EIF and the EIB, exercise due diligence throughout the investing process of the Partnership, no guarantees can be given regarding returns on your investment or the risk of loss.

The Manager believes the following risks are key to the Partnership’s performance: no assurance of return, dependence on the Manager, dependence on GFO, illiquidity of the Partnership investments, including those in Regional Funds, equity risk, currency risk, legal jurisdiction, risks related to the Regional Funds and other investments in specific sectors, risk of not meeting capital calls and valuation of the Partnership’s investments.

Investors should consult with their financial advisor about the risks prior to investing in the Partnership. Please read the “Risk Factors” section in the Offering Memorandum for a more detailed description of all the relevant risks.


DISCLAIMERS

* Annualized

** Generally available through dealers who have entered into a Portland Series F Dealer Agreement

*** Available to certain institutional and other investors

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. The indicated rates of return are the historical annual compounded total returns including changes in units [share] value and reinvestment of all distributions [dividends] and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. The rates of return are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values of the investment fund or returns on investment in the fund. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

The Partnership is not publicly offered. It is only available under prospectus exemptions and other exemptions available to investors who meet certain eligibility or minimum or maximum purchase requirements. Currently these exemptions include the accredited investor exemption and the $150,000 minimum purchase exemption. You will only be permitted to purchase Units if your purchase qualifies for one of these exemptions. A list of criteria to qualify as an accredited investor is set out in the subscription agreement delivered with the Offering Memorandum and generally includes individuals who have net assets of at least $5,000,000, or financial assets of at least $1,000,000, or personal income of at least $200,000, or combined spousal income of at least $300,000 in the previous two years with reasonable prospects of same in the current year, or an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a registered adviser or dealer.

Information herein pertaining to the Partnership is solely for the purpose of providing information and is not to be construed as a public offering in any jurisdiction of Canada. The offering of Units of the Partnership is made pursuant to an Offering Memorandum and the information contained herein is a summary only and is qualified by the more detailed information in the Offering Memorandum.

Portland Investment Counsel Inc. has not independently verified all the information and opinions given in this material. Accordingly, no representative or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this material. Information presented in this material should be considered for background information only and should not be construed as investment or financial advice. Please consult a Financial Advisor. Every effort has been made to ensure the utmost accuracy of the information provided. Information provided is believed to be reliable when published. All information is subject to modification from time to time without notice. Consent is required for any reproduction, in whole or in part, of this piece and/or of its images and concepts. PORTLAND INVESTMENT COUNSEL and its logo are registered trademarks of Portland Holdings Inc. Used under licence by Portland Investment Counsel Inc.

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