Bob Geldof's African-focused private equity fund 8 Miles Llp is understood to be close to making its first investment, with a purchase of a stake in a commodities trading firm Eleni.
Morgan Stanley and the World Bank's International Finance Corporation have invested around €4.2m in the Tanzanian firm. Sources close to 8 Miles said an "investment is still being worked on – but not done".
Geldof (above) chairs the private equity group. The Eleni investment may be completed before Geldof returns to his former job as frontman with Boomtown Rats, when they reform for a series of concerts this year.