For over 25 years, Francisco De Armas Cubas, as an attorney and financial professional, has been involved in managing complex credit situations in atypical markets. Mr. De Armas is the Managing member and co-founder of both Caribbean Investment & Acquisitions Corporation and CIAC, LLC, a commercial loan servicing and asset management firm responsible for managing over $5 billion in financial assets. He also he co-founded CIAC Consortium II LLC, a private equity fund that co-invests in some of the assets managed by Caribbean Investment & Acquisition. Francisco De Armas is a native of Puerto Rico, where he currently lives and works.
Education in Business and in Law
Francisco De Armas earned his Bachelor of Science degree in Accounting from Bentley University, a renowned business-oriented school in the greater Boston, Massachusetts area. One year later, he was accepted into the program of Tulane University School of Law in New Orleans, Louisiana. He attained his Juris Doctor in 1995 and also completed accreditation as a Certified Public Accountant the same year. Finally, he passed the bar and was licensed to practice law in Puerto Rico. In 1996 he joined Fiddler, Gonzalez & Rodriguez, at that time the second largest law firm in Puerto Rico as an associate in the well-known and respected firm’s labor division
In 1999, Mr. De Armas joined a family-owned business in Puerto Rico; initially, he served as the company’s senior vice president before he was named President. Here, Francisco demonstrated keen leadership as well as the ability to identify and capitalize on market opportunities. With these skills, he co-founded CIAC in 2009.
As the Principal and Managing member of CIAC, Mr. De Armas is responsible for debt restructuring and legal strategy. The assets managed by the firm include sub-performing and non-performing commercial loans. In addition to the firm itself, Francisco founded and manages CIAC Consortium II LLC, a private equity fund targeted to investors in Puerto Rico. This fund invests in credit-intensive assets, including liquidity events, government development loans, and sub-performing loans. CIACC has achieved a historical unlevered ROE of 16%. since inception.
Mr. De Armas’ and his partner are also in the prelaunch of PROZ, LLC, a qualified opportunity zone fund targeting investments in Puerto Rico. Under the OZ Act of 2017 95% of Puerto Rico’s territory was designated as an opportunity zone a significant advantage over other U.S. jurisdictions. Projections for potential investments under consideration for the first series of the Fund is expected to reach 136% in accumulated capital gains and an annual lifetime unlevered ROI of 11%. Managing diverse funds such as PROZ requires a deep understanding of the market, combined with financial and legal background in complex investments. This has allowed Francisco De Armas to create lucrative opportunities for his firm’s group of investors.
Francisco De Armas is a respected leader within the asset management sector in Puerto Rico due to his understanding of complex financial deals. Mr. De Armas continues to seek out new opportunities both as investor and asset manager.