J.P. Morgan’s Worldwide Securities Services business will provide private equity fund administration services to 8 Miles Fund I, an initiative of Bob Geldof.
The pan-African private equity fund that plans to invest in businesses across a broad range of industries, with the aim of driving long-term growth in Africa. 8 Miles, which recently closed its first fund raising, plans to focus on growth sectors in Africa including agribusiness, consumer and retail, health, telecommunications, banking and financial services.
JPMorgan will provide a set of comprehensive services including fund and partnership accounting, capital call/distribution management, investor reporting, and investor tracking, investor relations support and treasury services.
James Hutter, global head of J.P. Morgan’s private equity and real estate services business within WSS, said: “We are excited to be working on such an innovative and worthwhile initiative, which demonstrates our ongoing commitment to Sub-Saharan and North Africa. Private equity funds of all sizes are increasingly turning to independent administrators like J.P. Morgan that have the global scale and reach to deliver administration services anywhere in the world."
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