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Irish Rock Star backed Private Equity Firm to Invest $450 million in sub-saharan Africa

By on February 14, 2012

Private Equity firm 8 Miles LLP backed by Irish Rock Star Bob Geldof has raised $ 200 million to invest in sub-Saharan Africa which includes Nigeria, Kenya, and Ghana as the top investment destinations.

8 Miles, which takes its name from the shortest distance between Europe and Africa, was initially seeking $ 1 billion, however due to the financial crisis in Europe has reviewed its target to $ 450 million, of which $ 200 million has already been raised.

The World Bank, African Development Bank, CDC Group Plc, as well as institutional and High net worth individuals have made pledges to invest in the Private Equity firm’s sub-Saharan Africa fund.

“Africa is now a continent of extraordinary business and investment opportunity,” Bob Geldof, who organized the Live Aid charity concerts and acts as 8 Miles’ non-executive chairman, said in the statement. “Private equity is one way to support the enterprise and dynamism of the people of the continent and help provide the jobs and skills that are needed.”