The Government of Jordan, represented by Jordan Enterprise Development Corporation (JEDCO), has launched a Call for Proposals to pre-select one or two fund managers to provide services in relation to the establishment and management of the up-coming Early Stage and Capital for Growth funds in Jordan.
The Funds are part of the Jordan Enterprise Venture Capital Programme 2009 aiming at developing the emerging venture capital service industry in Jordan and at improving access to equity and quasi-equity financing for SMEs in Jordan.
The Funds will have minimum sizes of EUR5M/US$6.9M (Early Stage) and EUR20M/US$27.5M (Capital for Growth), of which 60% and 35% respectively have been committed in-principle by anchor investors.
The Funds will be managed by the private sector with the anchor investors being treated on a pari passu basis with private sector investors, in terms of risks and rewards. Selection of Fund Manager(s) will be determined on a competitive basis.
Bidding for the management of these funds is open to Venture Capital fund management companies, consortia, new management teams or promoters in a position to demonstrate their ability to:
- Formulate investment strategies matching the Funds’ investment policies;
- Mobilise a management team with relevant track-record;
- Raise additional funds from private and institutional investors;
- Source deals and actively manage the portfolio to create value.
The guidelines for submitting applications are available under the Venture Capital section on the JEDCO website: http://www.jedco.gov.jo.
The final closing date for receipt of proposals is on 15 June 2009 at 15:00 hrs. GMT + 3.
This is a great move by the Jordanian government to try to help build and enrich a professional VC industry in the country. A move worth following closely, and we’ll make sure to keep an eye on it and bring you any updates and news on how things develop.