Sagicor Investments to establish infrastructure fund

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Sagicor Investments yesterday announced that it will establish a Caribbean Infrastructure Fund with a primary focus on Jamaica.

Pointing out that the launch is subject to regulatory approval, the company said that the fund will be a holding entity for investments in renewable and non- renewable energy, water, telecoms and other infrastructure projects.

“Sagicor sees this fund as a natural progression of the local capital market as we diversify away holdings from mainly Government-related debt,” the company said in a news release. “This fits perfectly with the Government’s initiative of divesting State-owned assets as well as other infrastructure-related projects. This fund will allow even the smallest investor to participate in these opportunities.”

Sagicor Group Jamaica President and CEO Christopher Zacca said that the fund will provide all investors with the benefit of participation in an asset class that “will drive economic growth and directly impact, in a positive manner, the citizens of the country”.

According to Zacca, it will serve as an opportunity for investors to create, grow and preserve wealth.

“This fund will offer investors the opportunity to participate in the growth potential of these assets with cash flow coming for quarterly dividend payments with an expected yield of up to four per cent in US dollars,” the release quotes Sagicor Investments CEO Kevin Donaldson. “Investors will also benefit from capital growth and asset sales over the medium term.”

He added that the expected average life of the investment would be between five and seven years.

The fund will invest in both new and established developments, while working with partners that have unparalleled expertise in the respective fields. The investments will take the form of both equity and debt as Sagicor will seek to leverage the most optimal capital structure.

Donaldson indicated that participation in the fund will be open to institutional investors, both locally and overseas. However, after the initial period, the intention is to list the fund on the Jamaica Stock Exchange.

“At Sagicor, our philosophy is to allow for participation by all, hence our intention to list on the exchange,” he said.

Sagicor Investments has managed non- pension funds since 1994 through the Sigma Global Funds. Among its innovations was being the first to offer a venture/equity fund in 2010, a corporate debt fund in the same year, and a CPI indexed fund in 2012.

It presently has 18 funds across various sectors.

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