The Tobago House of Assembly Venture Capital Equity Fund Limited (VCEFL) is a venture capital company that was incorporated in February 2010, and registered as a venture capital company (VCC) in accordance with the Venture Capital Act, 1994. The VCEFL was established by the Tobago House of Assembly (THA) and commenced operations in December 2012 with the aim of investing in and helping to build great Tobago-based businesses which are also guided by the THA’s “clean, green, safe and serene” principle.
As part of the wider Tobago Business Development Strategy, the VCEFL provides an alternative to debt financing for entrepreneurs on the island through the offer of ‘patient’ capital by way of equity investment in companies. The VCEFL is THA’s response to the well documented lack of equity capital available for small business financing in Trinidad and Tobago. The intent is to support and strengthen qualified new and early stage small and medium businesses in a public/private sector arrangement and increase the supply of risk capital to the entrepreneurial small business sector. As part of its economic diversification and development thrust the THA has set aside TT$25M in seed capital to invest in those Tobago businesses in realizing their aspirations.
The creation of the VCEFL has been driven by the vision of:
- Transformation of Tobago’s Economic Landscape
- Diversification of the Economy
- Reduction of Reliance on THA for Job Creation
- Re-Igniting Entrepreneurship in Tobago
The mission of the VCEFL is to:
- Transform Tobago’s economy through private sector participation in new and existing economic activities
- Broaden the range of investment capital available to Tobago entrepreneurs and businesses by providing venture capital and private equity options
- Build a healthy diversified portfolio of profitable Tobago companies to provide a target return on investment (ROI) and generate reliable streams of income for investors
- Create economic benefits for Tobago through stimulation of private enterprise for trade and employment with a reduction of reliance on THA for job creation and financing.