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Beris Gray – CEO Sygnus Capital and Co-Founder Sygnus Group<\/span><\/em><\/p>\r\n A decade after its founding, Sygnus Capital is betting on Puerto Rico\u2019s continued consolidation as one of the Caribbean\u2019s leading markets for alternative financing, while identifying opportunities across sectors ranging from renewable energy, healthcare, housing, and tourism to music production.<\/p>\r\n For the firm\u2019s executives, Sygnus Capital, which has deployed more than $700 million in alternative investments across Puerto Rico and the Caribbean, the biggest challenge today is not a lack of projects but the limited availability of flexible capital for businesses that cannot always find the financing structures they need through traditional banks.<\/p>\r\n \u201cThere should be another 25 firms like Sygnus Capital on the island so that more businesses have the opportunity to succeed,\u201d said James Connor, chief executive officer (CEO) of Sygnus Capital Puerto Rico, in an interview with\u00a0Negocios<\/em>.<\/p>\r\n Connor actually laid the groundwork for Sygnus about two decades ago when he founded Acrecent Financial, a company that was acquired by Sygnus roughly four years ago.<\/p>\r\n According to Connor, the non-bank commercial financing market represents less than 0.5% of Puerto Rico\u2019s economy. In the United States, alternative financing represents approximately 7% of gross domestic product (GDP).<\/p>\r\n \u201cIt is an extraordinarily underdeveloped market. There are not enough participants or enough dollars to meet the needs,\u201d he said.<\/p>\r\n Berisford Grey, co-founder and chief executive officer (CEO) of Sygnus Group, explained that this gap is precisely what has driven the growth of private credit in the Caribbean over the past 10 years.<\/p>\r\n When the company began operations in Jamaica in 2016, the concept of private credit was virtually unknown to much of the regional market, he said.<\/p>\r\n Today, he said, institutional investors, fund managers, and midsize companies recognize the instrument as an alternative for financing acquisitions, expansions, equipment purchases, and infrastructure projects.<\/p>\r\n \u201cThe biggest transformation\u00a0[over this decade]\u00a0has been the institutionalization of the market,\u201d Grey said, adding that \u201ctoday there is greater awareness of private credit as an asset class, and we have succeeded in expanding the amount of capital available to businesses.\u201d<\/p>\r\n As evidence of that evolution, he noted that over 10 years, the group\u2019s aggregate private credit portfolio grew from approximately $16 million to $500 million.<\/p>\r\n \u00a0<\/strong>Puerto Rico as a Strategic Market<\/strong><\/p>\r\n Grey emphasized that the island occupies a strategic place in the company\u2019s growth plans because it is one of the largest economies in the Caribbean. Puerto Rico is even larger in economic size than 13 other U.S. jurisdictions, the investment banker noted, highlighting the ties between the Puerto Rican and U.S. economies as well as the island\u2019s potential access to Latin American markets.<\/p>\r\n \u201cPuerto Rico is a natural bridge between North America and the Caribbean,\u201d he said.<\/p>\r\n That position, he continued, provides access to industries with limited presence in other Caribbean markets, including biopharmaceuticals, medical devices, and parts of the health sciences sector, while also facilitating discussions with U.S. institutional investors.<\/p>\r\n Connor added that oversight by the U.S. Securities and Exchange Commission (SEC) strengthens Puerto Rico\u2019s credibility among international investors, although he acknowledged that a significant perception challenge remains.<\/p>\r\n \u201cPuerto Rico often ends up in a kind of limbo. Some investors do not know whether they should view it as part of the United States or as an emerging Caribbean market,\u201d he said.<\/p>\r\n In his view, one of the biggest opportunities over the next decade will be attracting more institutional capital from the Puerto Rican diaspora to finance productive projects on the island.<\/p>\r\n \u201cThe needs are measured in billions of dollars,\u201d Connor reiterated. \u201cThe opportunity is there. We need to continue attracting capital to meet those needs.\u201d<\/p>\r\n \u00a0<\/strong>Growth Sectors<\/strong><\/p>\r\n Beyond access to capital, both executives identified specific sectors that offer some of Puerto Rico\u2019s greatest growth opportunities over the next five to 10 years.<\/p>\r\n Healthcare, Connor emphasized, remains the leading sector in Sygnus Capital Puerto Rico\u2019s portfolio because of the ongoing need for investment in medical equipment, technology, and hospital infrastructure.<\/p>\r\n \u201cWe like to say that we complain a lot about the healthcare system, but very few investors actually direct capital toward the sector,\u201d he said, adding that the firm is working on financing a large-scale healthcare-related project.<\/p>\r\n He also explained that after announcing $17.1 million in financing for solar projects last May, the firm is now backing the development of a utility-scale solar facility as part of a broader strategy to continue supporting renewable energy projects on the island.<\/p>\r\n \u201cWe are all waiting for some magic solution to appear and solve Puerto Rico\u2019s energy problem, but that is not going to happen overnight,\u201d he said.<\/p>\r\n \u00a0<\/strong>Looking Ahead<\/strong><\/p>\r\n Another sector the firm views with optimism is tourism. Connor noted that Puerto Rico still lags significantly behind other Caribbean destinations in areas such as the number of hotel rooms.<\/p>\r\n He also pointed to the development expected around Roosevelt Roads over the next 15 years.<\/p>\r\n \u201cI heard that the developer behind that major project near Roosevelt Roads is an internationally recognized developer. Lots have sold for between $4 million and $6 million each. That is benefiting, in part, from the development taking place around Roosevelt Roads. Think about that: residential lots selling\u00a0[at those prices]\u00a0without even having a house built on them. Again, real estate, hospitality, housing… there will be a hotel there. It\u2019s fascinating,\u201d he said.<\/p>\r\n Reshoring and the Creative Industries<\/strong><\/p>\r\n Opportunities associated with\u00a0reshoring<\/strong>, the strategy of encouraging companies to bring operations and supply chains back to the United States and its surrounding regions, are also part of the picture. Although Connor acknowledged that major manufacturers and pharmaceutical companies typically have access to other sources of financing, he said there is an opportunity to support companies that \u201care part of that supplier chain.\u201d<\/p>\r\n One economic sector that generates particular enthusiasm among Sygnus executives, yet rarely appears among the priorities of financial intermediaries, is music production.<\/p>\r\n \u201cSomehow, the island has become a huge exporter of urban music to the world,\u201d Connor said.<\/p>\r\n Grey agreed that Puerto Rico\u2019s economic development will depend to a significant extent on strengthening its integration with the rest of the Caribbean. One of the main challenges, he said, continues to be the regulatory fragmentation among the region\u2019s various countries.<\/p>\r\n According to the CEO, the region needs to move toward \u201cgreater harmonization of rules related to pension funds, alternative investments, and capital markets\u201d to enable the movement of greater resources and attract more investors.<\/p>\r\n Although he acknowledged that the region competes with larger markets elsewhere, he stressed that the Caribbean offers political stability and strong regulatory frameworks.<\/p>\r\n \u201cThis is not about telling the Sygnus story\u00a0[…]. What matters is telling the story of those businesses that, at one point, could not secure $1 million, $5 million, or $10 million to develop a hospital, build a solar plant, or grow their business, and that today have that opportunity,\u201d he concluded.<\/p>\r\n <\/p>\r\n