Key Takeaways
- • The Caribbean Alternative Investment Association (CARAIA), a not-for-profit organization, was officially launched on November 15, 2019, at Jamaica Pegasus Hotel in Kingston, anchored by the Development Bank of Jamaica (DBJ) through its Jamaica Venture Capital Programme (JVCP).
- • CARAIA will focus on promoting private equity, venture capital, real estate, private credit, mezzanine financing, and other alternative investment instruments across the Caribbean and Central America, with near-term concentration on Jamaica.
- • The association's strategic pillars include research and information dissemination, advocacy at local, regional, and international levels, regional institutional development, and governance and professional standards for members.
- • CARAIA's establishment fulfills a technical agreement deliverable between the DBJ and the Inter-American Development Bank (IDB) signed in 2016 to establish a private equity and venture capital industry in Jamaica.
- • The DBJ mobilized both local investment community members and international fund managers to participate in establishing and operating the association, positioning it as a private sector-led initiative with institutional backing.
Summary
The Caribbean Alternative Investment Association (CARAIA) was officially launched in mid-November 2019 as a regional response to growing demand for structured alternative investment platforms. The not-for-profit entity, anchored by Jamaica's Development Bank through its Jamaica Venture Capital Programme, represents a coordinated effort by the DBJ to mobilize both domestic investment professionals and international fund managers in establishing institutional infrastructure for alternative assets across the Caribbean.
CARAIA's mandate encompasses six core asset classes: private equity, venture capital, real estate, private credit, mezzanine financing, and other alternative investment vehicles. The organization's operational strategy is structured in concentric phases—launching with Jamaica-focused activities in the near term before expanding to the wider Caribbean and Central America in subsequent periods. This staged approach reflects realistic market development timelines while maintaining clear expansion targets.
The association's four strategic pillars address market infrastructure gaps identified by regional stakeholders. Research and information dissemination will establish baseline intelligence on regional alternative investment markets; advocacy work will operate at local, regional, and international policy levels; institutional development initiatives will strengthen ecosystem participants; and governance standards will establish professional certifications and best practices for member organizations.
According to Milverton Reynolds, Managing Director of the DBJ, CARAIA's establishment represents fulfillment of a 2016 technical agreement with the Inter-American Development Bank aimed at developing Jamaica's private equity and venture capital sectors. Reynolds emphasized the strategic importance of the initiative, noting that "the establishment of the association is good for Jamaica and the wider Caribbean when taken against the background that, globally, the Caribbean is being considered a block." This positioning suggests institutional recognition that regional coordination provides competitive advantages in attracting international capital deployment.
The private sector-led structure, supported by DBJ guidance, signals institutional commitment while maintaining operational independence. The composition of founders—combining local investment community members with international fund managers—positions CARAIA to bridge capital flows and expertise gaps that have historically constrained Caribbean alternative asset markets.
CARAIA's mandate encompasses six core asset classes: private equity, venture capital, real estate, private credit, mezzanine financing, and other alternative investment vehicles. The organization's operational strategy is structured in concentric phases—launching with Jamaica-focused activities in the near term before expanding to the wider Caribbean and Central America in subsequent periods. This staged approach reflects realistic market development timelines while maintaining clear expansion targets.
The association's four strategic pillars address market infrastructure gaps identified by regional stakeholders. Research and information dissemination will establish baseline intelligence on regional alternative investment markets; advocacy work will operate at local, regional, and international policy levels; institutional development initiatives will strengthen ecosystem participants; and governance standards will establish professional certifications and best practices for member organizations.
According to Milverton Reynolds, Managing Director of the DBJ, CARAIA's establishment represents fulfillment of a 2016 technical agreement with the Inter-American Development Bank aimed at developing Jamaica's private equity and venture capital sectors. Reynolds emphasized the strategic importance of the initiative, noting that "the establishment of the association is good for Jamaica and the wider Caribbean when taken against the background that, globally, the Caribbean is being considered a block." This positioning suggests institutional recognition that regional coordination provides competitive advantages in attracting international capital deployment.
The private sector-led structure, supported by DBJ guidance, signals institutional commitment while maintaining operational independence. The composition of founders—combining local investment community members with international fund managers—positions CARAIA to bridge capital flows and expertise gaps that have historically constrained Caribbean alternative asset markets.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.