Geldof puts €1bn target on Africa fund
BOB Geldof is seeking to raise up to €1bn for a new Africafocused private equity fund called 8 Miles.
This marks a major change of approach for the Irish rocker and campaigner as he will now be switching to investing in emerging African businesses rather than seeking aid for poorer African countries.
The London-headquartered fund will be run by former Doughty Hanson buyout star Mark Florman and ex-Cinven private equity player Gordon Moore.
It is understood that the fund has already bagged funding commitments from the International Finance Corporation, African Development Bank and the Dutch government.
Geldof is also investing his own money in the buyout group.
It is not clear whether Ireland’s international aid programme will be approached for investment by the fund.