On Tuesday, January 24, 2023, the Caribbean Alternative Investment Association (CARAIA), a not-for-profit regional organization based in Jamaica, held its third annual general meeting at the Jamaica Pegasus Hotel and online. With the rapid emergence of the Jamaican alternative investment market, CARAIA was established in 2019 through support from the Development Bank of Jamaica and the IDB Lab, under the Jamaica Venture Capital Programme.
An alternative investment includes private equity, private credit, venture capital, hedge fund, and other non-traditional financial assets. These investments are seen as critical to the development of any financial market and the economy due to their ability to provide flexible and patient capital to businesses. Additionally, they offer enhanced and diversified returns to investors and globally represent a significant share of financial assets under management.
The Association now has 22 members consisting of major fund managers across various asset classes, in Jamaica, Trinidad and Tobago, Bahamas, Guyana, and Barbados, as well as local and foreign institutional and corporate investors. At the Association’s AGM, a seven-member Board of Directors was again confirmed for 2023 and is comprised of business and finance leaders, nominated to oversee the administrative and strategic affairs of the organization. The Board will lead market intelligence and training in best practices for the industry, support business growth, and advocate for an improved investment climate, especially in relation to investor-friendly legislation that will propel the evolution and expansion of the industry, among other things.
Beris Grey, Chairman of the Association, in his address to the members of CARAIA, mentioned that "The Jamaican financial system having gone through FINSAC, and recent debt restructuring is well capitalized and resilient. We have grown leaps and bounds over the last two decades in terms of best practices and improvements in the regulatory environment and we have seen the results of this reflected in the overall growth of the sector. Consequently, I do not see a systemic deficiency in our system. However, we are championing a new industry in the form of the alternative investment market, and the bedrock of financial services firms are principles of trust and integrity which must be upheld by all our members in order to attract sustainable capital.”
Placing the onus on the membership of CARAIA, Grey said, "As an emerging industry, we have huge ambitions but we will not attract capital locally and internationally if we do not make corporate governance and risk management, particularly, financial risk management, operational risk, and reputational risk non-negotiable in our businesses. I am convinced we have made these matters a priority and therefore, expect investors to continue to show confidence in our attractive alternative investment assets and the wider financial services sector”
CARAIA aims to create and develop a globally recognized alternative investment ecosystem in the Caribbean. During 2023, we will conduct various seminars on topics such as environmental, social and governance (ESG) principles and practices, and will partner with international institutions to drive a deeper understanding of the sector.
For further information please contact:
Latoya Franklin
General Manager
Email: caraia@dbankjm.com
Tel: 876-929-4000 Ex. 4043
Website: www.caraia.org
LinkedIn: www.linkedin.com/in/caraia/