First Rock in need of more cash soon

First Rock in need of more cash soon

$2.5 billion raised in private placement earlier this year close to being used up

Observer Business Writer

Wednesday, August 28, 2019

Print this page Email A Friend!

First Rock Capital Holdings is admitting that it has deployed almost all of the $2.5 billion raised from a private placement earlier this year and will shortly be in need of more cash for investment purposes.

The start-up Jamaican real estate and private equity company with regional subsidiaries will fully use up all its remaining investment funds in the next few weeks, as it wraps up two more overseas acquisitions in Costa Rica and Guyana.

This is coming close to First Rock's recent execution of two deals in the Cayman Islands and Florida worth US$4 million ($520 million).

The company, through its subsidiary First Rock Capital Cayman Limited, executed a US$3-million deal in the Cayman Islands for a luxury residential development in the West Bay area and an investment of US$1 million in Florida.

“Truth is we are almost fully deployed in terms of capital, I suspect we should be fully deployed in a couple of weeks, now we certainly will require more capital to exploit more opportunities,” declared Ryan Reid, president and co-founder of First Rock.

Speaking in an interview with the Business Observer, Reid emphasised that First Rock is going back to the local capital market to raise more cash but is not saying when or the means in which the capital would be raised, positing that “this is yet to be determined”.

According to Reid, “the extent to which capital is raised will be informed by our expanding (investment) pipeline.”


The First Rock president reiterated that the company still intends to list on the main market of the Jamaica Stock Exchange, a promise made when the company successfully made its $2.5 billion private placement.

He said this should be done before the end of the year, as First Rock continues to positively stamp its mark in the real estate and private equity arena islandwide and overseas.

While First Rock has increased its overseas acquisitions, Reid said the company will remain bullish in its investments in Jamaica, which is filled with investment prospects.

“Jamaica is home, we are extremely optimistic and we are extremely confident on Jamaica at this time and what I would say is that the majority of our capital deployment will be in Jamaica.”

First Rock has raised its profile in such a short period having made some big investments in real estate and private equity ventures locally and in the region.

It has also managed to prove its credibility and integrity among its partners and shareholders.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon