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Jamaica: The DBJ selects new fund manager to invest in local businesses

A London-based management firm focused on alternative private equity and venture capital solutions has been selected to establish and manage a new Small and Medium-sized Enterprises (SMEs) Fund in Jamaica.

The company, Actus Partners, was chosen to be the sole manager after a recent ‘Call for Proposals’ from local and international private equity funds for fund manager(s) under the World Bank Access to Finance for Micro, Small and Medium-sized Enterprises Project (A2F) for which the DBJ is the implementing agency.

Actus Partners has established the Jamaica Actus Small and Medium Enterprises Fund I (JASMEF) which will provide growth and risk capital financing to invest in high-growth SMEs in Jamaica, in addition to other investments undertaken in the Caribbean.

JASMEF will receive an investment of US$5 million from the DBJ, through a financing facility provided via the World Bank Group’s International Bank for Reconstruction and Development (IBRD) and will be required to raise additional funding of a minimum of US$10 million, to meet the DBJ’s objective of having a minimum level of funding dedicated to Jamaica-based SMEs.

According to its managing partners, JASMEF’s overall target is a fund size of up to US$100 million, investable in Jamaica and other eligible countries of the Caribbean region.

The fund is expected to begin operations in the third quarter of 2021 and will employ a variety of marketing tools to inform business projects and entrepreneurs of the availability of its financing.

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