VM Investments Limited has partnered with London-based Actus Partners to successfully complete the first closing of a new Caribbean private equity fund focused on Small & Medium Enterprises (SMEs).

Actus was declared the sole winner in 2021 of a Development Bank of Jamaica (DBJ)/ World Bank global selection process to identify managers for a private equity fund focused on supporting the development of Jamaican/Caribbean SMEs.

This competition was part of the Jamaica-World Bank Access to Finance for Micro, Small and Medium Enterprises Project.

The fund, named the Jamaica Actus Small & Medium Enterprises Fund is supported by DBJ to the tune of US$5.5M via a partnership between the World Bank and the Jamaican Government.

US$500,000 will be used for technical assistance.

VM Investments has also committed US$10M and will raise additional capital via large institutional fund managers for the final close. JASMEF is targeting a final fund size of US$100M.