The Government of Jamaica has recognized the need to develop a private equity (PE) and venture capital (VC) market in Jamaica in order to provide long term financing solutions for new and existing businesses that will enable sustained growth and development of the local economy. Accordingly, the GOJ has mandated the DBJ to undertake the establishment of an appropriate legal, taxation and regulatory framework for venture capital/private equity markets, develop local fund management expertise, stimulate the mobilization of seed, venture and private equity investment or long term capital at a critical mass scale on a sustainable basis to fund projects in industries where tremendous growth opportunities exist.
The GOJ has recognized that a vibrant and sustainable VC and PE market will create an avenue for addressing the problem of lack of access to long term equity financing for Jamaican companies, including:
- High potential, late-stage, established companies which have proven business concepts and require capital to expand operations, develop new markets, processes and/or products and ultimately create value added production and increased employment in the local market,
- Seed and Start-ups in the technology sector and creative industries, as well as other identified strategic areas of growth, in which Jamaica possesses a validated competitive advantage,
- Privatizations as well as companies in new sectors identified as having the ability to result in significant and sustainable economic growth.
In that regard, the GOJ through DBJ’s JVCP is collaborating with other public sector and private sector investor partners to encourage the active participation of existing local and international funds, in a local VC and PE market, as well as the establishment of new venture capital funds and new Fund Managers in Jamaica.
The investor partners have established the Panel comprised of the DBJ and a number of local corporate, institutional and individual investors in order to develop the framework for selection of qualified private sector fund managers which will undertake syndicated investments in eligible portfolio companies through appropriate investment vehicles.
The Panel will have the opportunity of undertaking investments in the selected Funds and Members so investing will have the opportunity of co-investing in portfolio companies along with the selected Fund Managers. From time to time the Panel issues Call for Proposals to select one or more private equity or venture capital funds targeting projects in Jamaica. Applicants are invited to present proposals to the Panel in accordance with the requirements described in this Call For Proposals.
The Original Panel
• Development Bank of Jamaica – Jamaica Venture Capital Programme
• ICD Group
• Capital Options
• JN Fund Managers
• GraceKennedy Financial Group
• PanJam Investment
• NCB Capital Markets
• Musson Group