The new not-for-profit entity, dubbed the Caribbean Alternative Investment Association (CARAIA), has been launched in Jamaica to promote expansion of private equity, venture capital, real estate, private capital, mezzanine financing and other alternative investment instruments.
The entity which is aimed at fostering development of the local and regional alternative investment industry is being anchored by the Development Bank of Jamaica (DBJ), through its Jamaica Venture Capital Programme (JVCP).
Speaking at the official launch at The Jamaica Pegasus hotel in New Kingston on Friday (November 15), Managing Director of DBJ, Milverton Reynolds, said CARAIA’s establishment is one of the deliverables under a technical agreement with the Inter-American Development Bank (IDB) in 2016, for the establishment of a private equity venture capital industry in Jamaica.
The DBJ boss indicated that the development bank has been able to mobilise members of Jamaica’s investment community, as well as international fund managers, to participate in establishing and operationalising the Association.
CARAIA’s strategic focus will be on research and information dissemination; advocacy at the local, regional and international levels; fostering regional institutional development, as well as governance and professional development of members.
Over the short-term, the Association will be Jamaica-focused, but the entity will target the wider Caribbean and Central America over the medium to long-term.
Reynolds said the DBJ was pleased to have guided the process for the development of the Association, which is private-sector led.
The Advisory Council of CARAIA includes Chairman Christopher Williams, Joseph Matalon, Nicholas Scott, Jason Morris, Keith Collister, Brian Frazer, Steven Gooden, and Audrey Richards.