• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
See More

Geldof Africa fund raises $200m

Feb 13 2012 12:43 Reuters

Related Articles

China imports slump raises demand worries

Sacci: SA must act on Fitch concerns

Stricken cargo ship breaks up

Zuma mulls over impact of euro crisis

Recovery hopes as US private hiring surges

Pearson raises 2011 earnings guidance

Johannesburg - Irish rock star Bob Geldof has raised $200m for his “8 Mile” African private equity fund, cementing a shift in his global anti-poverty crusade from rich world debt forgiveness to promoting private enterprise.

“Africa is now a continent of extraordinary business and investment opportunity,” Geldof, who has become one of Africa’s most astute and knowledgeable economic commentators, said on Monday.

“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.”

The fund, named after the shortest distance between Europe and Africa, will invest in companies that promised to provide jobs and long-term growth.

Commerical agriculture, consumer and retail firms, health, telecommunications and financial services are among the main sectors it is looking at, the statement added.

Besides institutional and private investors, the fund’s backers include the World Bank’s International Finance Corporation, the African Development Bank and the CDC, Britain’s development finance arm.

Geldof’s announcement is the latest example of the private equity industry training its sights on Africa, home to more than a billion people and many economies growing at 6% a year or more.

US firm Carlyle Group has opened offices in Johannesburg and Lagos and is expected to announce the closing of its first Africa fund soon. London-based Helios is likely to deploy capital after closing a $900m Africa fund in June last year.

Boomtown Rats frontman Geldof shot to global prominence in 1980s as organisers of the Band Aid and Live Aid concerts that raised millions of dollars for African aid.

He also led a major push in 2005 to get rich countries to write off debt to the poorest African countries and double their aid spending by 2010.
bob geldof


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.

The rich will pay - Mpofu

The EFF in Gauteng will focus all its energy on improving the lives of the poor, the party's premier candidate Dali Mpofu says.


Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...