JOHANNESBURG -(Dow Jones)- J.P. Morgan Worldwide Securities Services said Tuesday it will provide private-equity fund administration services to 8 Miles Fund I, a pan-African fund backed by Bob Geldof. The private-equity fund, which raised $200 million earlier this year, plans to make investments in sectors across Africa that it sees as growth areas such as agribusiness, consumer and retail, health, telecommunications, banking and financial services. The fund, whose name refers to Africa and Europe being eight miles apart at their nearest points, said in February it raised initial funding from the African Development Bank, U.K. government-owned development-finance institution CDC, and International Finance Corp., the World Bank's private-sector arm. J.P. Morgan will provide services including fund and partnership accounting, capital call and distribution management, investor reporting and treasury services. "8 Miles will seek to invest in companies in our target sectors with the aim of supporting their growth into market-leading companies and regional champions in Africa," said Nathan Mintah, co-founder and co-managing partner of 8 Miles. 8 Miles LLP is regulated by the U.K. Financial Services Authority and the fund is open only to institutional and qualified investors. -By Devon Maylie, Dow Jones Newswires; +27117837848; devon.maylie@dowjones.com
