Newly appointed Minister without Portfolio in the Ministry of Economic Growth and Job Creation (MEGJC) Senator Pearnel Charles Jr is urging FirstRock Capital Holdings’ investors to “keep betting on Jamaica”.

Charles Jr, son of the Speaker of the House of Representatives, the veteran politician Pearnel Sr, was making probably his earliest speech, since his appointment, to investors at FirstRock’s official launch at its offices, Monroe Road, Liguanea on Thursday night.

President and CEO Ryan Reid had explained that the answer to the investment firm’s phenomenal success was its determination to “bet on” Jamaica’s positive economic outcomes over the past couple of years.

“The answer is simple: We are betting on Jamaica, and in betting on Jamaica, I am asking you to bet on FirstRock, too,” Reid declared, after getting the audience into a chant of “bet on Jamaica”.

He said that bets were gauged on positive economic events like: the 1.25 per cent Bank of Jamaica (BOJ) policy interest rate; inflation below three per cent; eight per cent unemployment; the lowest real estate costs, regionally; and, 16 consecutive quarters of positive economic growth.

“You are doing exactly what we want Jamaicans to do, bet on Jamaica,” Charles Jr joined in the chant when he was next called to the podium, representing Prime Mnister Andrew Holness. The prime minister was the scheduled guest speaker, but was held up in a meeting at Jamaica House while the launch was on. However, he turned up later to meet and greet the crowd.

“It’s not just a catchphrase. It is something that requires bold steps for us to demonstrate to the country that Jamaica is the place for you to invest and thrive,” Charles argued.

He added that FirstRock had pursued a tremendous step on its part to pull together boards of directors that could rival any board, globally.

“I don’t see FirstRock as an option. This is a company that is destined for success and, as government, we are extremely pleased with the direction in which you are headed,” Charles concluded.

Reid introduced powerful FirstRock Capital Holdings board to the crowd, including influential business figures like Dr David Lowe, as its chairman; leading information technology magnate, Douglas Halsall; well-known builder, YP Seaton; Sandra Richards, CEO at the Branson Centre for Entrepreneurship; Keisha Anderson; and Alton Morgan.

He also introduced the holding company’s management company’s board headed by Dr Michael Banbury, who co-founded FirstRock with Reid, real estate magnate Pierre Shirley and Supreme Ventures’ former chairman, Paul Hoo.

Reid also announced that FirstRock, which successfully closed a private placement worth $2.5 billion late last year, is headed for an Initial Public Offering (IPO) later this year.

He said that FirstRock spent 6-9 months building out a pipeline of deals and formulating policies and procedures which will essentially be a religion.

“It will guide our decision- making process, and I can assure you tonight that we will not deviate from that,” he added.

He said that following the private placement, which successfully closed with a placement of $2.5 billion, the company has commenced deployment of capital into the pipeline, to convert it from potential deals to actual deals and expect to be fully deployed by the end of July next year.

“Following that full deployment, we will further expand our pipeline in anticipation of an IPO. So truthfully, if you missed the private placement, possibly you could get in on the IPO,” he offered to an amused audience.

He also acknowledged the contribution to FirstRock’s success from the input of partners like Sygnus Capital, who structured the private placement; and Proven Wealth, Sagicor Investments and JN Fund Managers, who were brokers.

Earlier, Dr. Lowe had noted that the impressive level of capital that was raised by FirstRock was not only a signal of the sophistication of the investment community, but also a demonstration of confidence in the business model.

He said that the commitment of the government to challenge the bureaucracy and improve the ease of doing business should be applauded.

“The concept of moving from red tape to red carpet to facilitate commercial and entrepreneurial activity, should be applauded,” he said.

He added that the entrepreneurial spirit and the DNA of the private sector should continue to be very important, and should be stimulated by the move to increase investment and challenge the risk appetite for the private sector going forward.

He said that, finally, the opportunity of investing could now move from a “Vanilla” type model to a more creative high-yielding asset, backed investments to support local and regional plays, and facilitating a much more innovative source of wealth creation and capital formation to support local and regional efforts.