8 Miles secures US$200mn

8 Miles secures US$200mn

Published: February 15, 2012

Geldof fund secures World Bank and AfDB support.

8 Miles LLP, a private-equity firm backed by musician and aid campaigner Bob Geldof, has raised US$200mn to invest in Africa.

The fund secured commitments from the World Bank, the IFC, the African Development Bank (AfDB) and UK development institution CDC as well as institutional and private investors.

The London-based fund, which is looking to raise a further US$250mn, will make investments in the agriculture, consumer, health, telecommunications and financial services sectors.