By NAN Business Editor
News Americas, SAN JUAN, Puerto Rico, Fri. Nov. 4, 2022: Qualified SMEs in Puerto Rico will now be able to access more capital for growth.
Acrecent, a Sygnus company based in Puerto Rico, recently secured a US$34.8 million investment from global impact investment firms, BlueEarth Capital, Ceniarth, Calvert Impact Capital and Community Development Venture Capital Alliance, (CDVCA).
This investment will allow Acrecent to continue deploying critical financing to hundreds of SMEs in underserved sectors which are essential for the social and economic development of the island, such as healthcare, affordable housing construction, hospitality and renewable energy, among others.
James Connor, co-founder and CEO of Acrecent commented: “Having BlueEarth and Ceniarth join Calvert Impact Capital and CDVCA in our AFP impact fund inspires me to double down on our mission of addressing the chronic gap in access to credit for overlooked SMEs. I am confident the joining of forces will serve as a catalyst for other impact-centric LPs in the U.S. and other developed markets to play a role in addressing the gross underdevelopment of Puerto Rico’s non-bank, private capital/credit sector.”
As awareness of social responsibility expands and companies are increasingly under pressure to conduct their business responsibly, more investors are eager to generate both financial and social or environmental returns. Responsible impact investing produces a multiplier effect which allows capital to be re-invested sustainably throughout communities in need.
“The deepening of relationships with global impact investors by Acrecent highlights the continued growth and expansion of the Caribbean private credit market and reflects the strategic importance of Acrecent to SCI’s regional private credit platform,” said said Jason Morris, Chief Investment Officer of Sygnus Capital Limited, the investment manager for SCI. “Channeling capital through the impact investing channel aligns with Sygnus Credit Investments (SCI) mission to deepen access to credit for Caribbean middle-market companies, while accelerating equality of access to economic opportunities.”
Acrecent Financial Corporation, founded in 2003 and headquartered in Guaynabo, Puerto Rico, is a Sygnus Group company, and is a non-bank financial institution that provides asset-backed loans and leases to SMEs in Puerto Rico. The company is recognized as one of the leading players in the region due to its management’s broad expertise and track record, which reflects in differentiated impact through products offered to key sectors in the economy, such as healthcare, commercial real estate, and hospitality.
Sygnus is the Caribbean’s leading alternative investment management company spanning private credit, real estate and private equity. Sygnus manages Sygnus Credit Investments Limited(SCI) which is listed on the JSE and the largest Private Credit Investment company in the English Speaking Caribbean. SCI is a pioneering private credit investment company, which offers creative debt financing to middle market businesses across the Caribbean. Sygnus Real Estate Finance Limited (SRF) provides flexible capital (Debt or Equity) to all classes of real estate assets (commercial, industrial or residential). Sygnus Deneb Investments Limited (SDI) invests private equity capital in companies in the form of growth capital, buyouts and turnarounds. Sygnus also offers its clients Investment Banking, Wealth Management and Tax Advisory services.