Nearly two years after announcing a fundraiser for its private equity fund for Africa, Irish rock star Bob Geldof’s firm may soon be ready to take off.
Geldof, known for his fundraising efforts for Africa dating back to the 1980s, has raised $200 million for his African private equity fund, “8 Mile.” The fund’s name hails from the distance between the southern tip of Europe and the northern edge of Africa.
The fund is looking at investing in companies that will spur jobs and long-term growth in the sectors of agribusiness, retail, health, telecommunications and financial services, among others. Some of its backers include the International Finance Corp., the African Development Bank and the U.K.’s Commonwealth Development Corp.
The musician and activist’s original goal in 2010 was ambitious: raise $1 billion for the fund. But due to the global economic downturn, Geldof scaled down his hopes to $450 million by end-2012.
Find projects & tenders in Africa. Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders — emailed to you FREE every business day.