Founded by Bob Geldof, the 8 Miles Fund is a pan-African private equity firm focused exclusively on investing in Africa. The investment by Vital Capital in the 8 Miles Fund complements parallel investments by the IFC (International Finance Corporation), the CDC (Commonwealth Development Corporation) and the AfDB (African Development Bank).
8 Miles focuses on consumer-driven businesses and service providers with strong growth prospects. Typical sectors supported by the Fund include agribusiness, business and financial services, consumer goods and retail, energy and utilities, healthcare and pharmaceutical services, hospitality and real estate, telecom, media and technology, transport and logistics.
The expected impact of the investment in 8 Miles and thereby in its various projects is the encouragement of economic development in general and in the private sector in particular. Investing in high-growth mid cap companies will result in significant job creation. The fund will contribute to regional integration by helping companies expand within and between Sub-Saharan and Northern Africa. It will provide much needed growth and expansion capital and value enhancing advice to companies located in frontier markets throughout Africa. In addition the fund will aim to improve companies’ sustainable development by ensuring the implementation of best practice corporate governance as well as robust environmental and social standards.
A link to Bob Geldof's movie.