Mr Geldof, who has long campaigned against poverty in Africa, has been planning to launch the fund for several years but his efforts were delayed by the onset of the financial crisis. He is expected to use his knowledge of African development to source deals for the fund, although sources close to the situation insisted that the venture will be entirely commercial rather than charitable.
Philip Pritchard, a broker with Credit Lyonnais in Asia who is a friend of Mr Geldof, and Simon Hall, a London-based headhunter, are thought to have helped pull the plans together.
The team have already secured backing from the African Development Bank and the International Finance Corporation. Several other investors are set to sign up.
Mr Geldof’s foray into private equity follows in the footsteps of U2′s Bono who co-founded Elevation Partners in 2005.
September 6th, 2010 Posted in General