8 Miles has received a $50million commitment from UK development finance investor CDC Group.
CDC joins the International Finance Corporation (IFC) and African Development Bank (AfDB), which were key to the fund achieving its $200million first close earlier this year. The IFC committed up to $60million, while the (AfDB) has supported the vehicle with $50million. 8 Miles is workings towards a revised $450 million final target.
8 Miles received its initial seed capital from CLSA Asia – Pacific Markets, which also acted as its sponsor. The fund was initially set at $1billion but has since been revised down, as the management team works to roll out a more focused strategy.
“Africa is now a continent of extraordinary business and investment opportunity. 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,” said Bob Geldof executive chairman, 8 Miles.
The fund will primarily focus on agribusiness, financial services, consumer goods, energy, infrastructure, telecoms, media, technology, logistics and transport. The 8 Miles vehicle has been structured as an English limited partnership.