Download Bob Geldof`s private equity firm 8 Miles to make first investment

Bob Geldof’s private equity firm 8 Miles to make first investment
8 Miles, the Africa-focused private equity firm chaired by activist and Boomtown Rats
frontman Bob Geldof, is poised to make its first investment.
January 28, 2013 - The London-based firm is expected to join an investment round within the
next month for eleni, a newly-formed company based in Nairobi, Kenya which will incubate
and support commodity exchanges across Africa to promote food security.
8 Miles is expected to receive support for the deal from the African Development Bank.
The financing round is being led by Morgan Stanley – which has invested in a number of
exchanges and market centres globally – and International Finance Corp, which have both
agreed to make equity investments of $5m and $2.5m respectively.
Eleni is led by CEO Eleni Gabre-Madhin, who founded and managed the highly acclaimed
Ethiopia Commodity Exchange (ECX) from 2008 to late 2012.
Building on the success of ECX, Gabre-Madhin and co-founders Keith Thomas and Jawad Ali
have recently launched eleni, which aims to be the industry leader in designing, building, and
supporting the operations of commodity exchange eco-systems in frontier markets.
The company’s business model is based on delivering turnkey projects on a Public-Private
Partnership basis, combining private investment with the best of know-how, technology and
management, to support exchange projects.
The company, which expects to launch several such projects in 2013, aims to rollout
exchanges progressively across Africa and elsewhere in the coming years.
Beyond the initial funding, each country or regional exchange project will involve the
formation of a private investor consortium.
“I cannot think of a better time to develop this business in Africa,” Gabre-Madhin said in a
statement. “Africa is the world’s last frontier for agriculture, with only one quarter of its
yield potential achieved and seventy per cent of its farmland as yet unused.
“Our company represents passion, excellence, integrity and innovation. Our aim is to build
vibrant exchanges across frontier economies, going beyond Africa and beyond agriculture, to
transform not only commodity markets but also the livelihoods of millions of producers.”
8 Miles reached a $200m first close for its maiden fund in February last year.
The fund, which is looking to raise about $450m, aims to invest across industries including
agribusiness, consumer and retail, health, telecoms and business and financial services.
Cornerstone investors include the IFC, African Development Bank, and UK governmentowned development-finance institution CDC, alongside other institutional and private
investors.
The firm is supported by senior advisers, including industrialists, governance and industry
experts, with Geldof taking the role of non-executive chairman.
“Africa is now a continent of extraordinary business and investment opportunity,” Geldof
said at the time. “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.”
Original source: http://www.altassets.net/private-equity-news/by-news-type/dealnews/bob-geldofs-8-miles-to-make-first-investment.html
*
*
*
*
*
Chaired by Kofi Annan, the former Secretary-General of the United Nations, the Africa
Progress Panel (the Panel) includes distinguished individuals from the private and public
sectors, who advocate on global issues of importance to Africa and the world.
For further information, please contact
Edward Harris - [email protected]
(m) +41 79 87 38 322 and (w) +41 22 919 7536
www.africaprogresspanel.org and www.facebook.com/africaprogresspanel
@africaprogress and #APR2013