Bob Geldof Plans African Private Equity Venture

After years of raising money for Africa through concerts and charity albums, Bob Geldof is moving into the boardroom. He’s trying to capitalize on Africa's resurgent economy by raising $1 billion for a fund called 8 Miles, which will invest in agribusiness, financial services, and telecommunications. The African Development Bank has already earmarked $50 million, and the World Bank’s private sector division has offered a similar amount. The Financial Times reports a person familiar with the project saying that Geldof plans to raise funds and make deals using the reputation and connections he has established since doing the Live Aid campaign for victims of the Ethiopian 25 years ago. “Sir Bob has got fantastic connections. He is there because he knows something about Africa and can get people to sit up and take notice,” said another source.