GELDOF SEEKS $1BN FOR AFRICAN FUND

SIR Bob Geldof has launched a private equity fund to raise $1bn for investment in Africa – making it one of the largest in the market for African deals. Geldof has teamed up with Mark Florman, a former executive at UK buyout firm Doughty Hanson, to run the fund. Called 8 Miles, the fund plans to make about 20 investments of between $15m and $80m in agribusinesses, financial services and telecommunications.