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In Brief

Irish rock star Bob Geldof has raised $200 million for his “8 Mile” African private equity fund, Reuters reported. The fund, named after the shortest distance between Europe and Africa, will invest in companies that promised to provide jobs and long-term growth. Besides institutional and private investors, the fund’s backers include the World Bank’s International Finance Corp., the African Development Bank and the CDC, Britain’s development finance arm, Reuters wrote.

Abraaj Capital has appointed Citigroup to provide fund administration services for Riyada Enterprise Development, the $650 million small and medium sized enterprise fund of the Abraaj Capital group. Riyada Enterprise Development was established in 2009 to capitalize on investment opportunities in small and medium sized businesses in the Middle East and North Africa.

China has launched a 50 billion yuan ($7.93 billion) fund in Shanghai to aid overseas acquisitions by Chinese companies as part of efforts to promote international use the yuan, Reuters reported. The government-backed fund, Sailing Capital International, has a fundraising target of 50 billion yuan and has already raised 12 billion yuan, Reuters wrote.

CS Strategic Partners, the secondary private equity arm of Credit Suisse, has closed its newest fund—CS Strategic Partners V LP—with $2.9 billion. The fund includes more than $87 million committed by Credit Suisse and the strategic partner investment team, the firm said.

L Capital Asia, the private equity arm of LVMH Moët Hennessy Louis Vuitton SA, could begin raise as much as $1 billion for a new fund, Reuters reported. The investment unit cited increased opportunities for investments in Chinese retail companies. L Capital Asia recently headed a consortium to invest $200 million in China’s Trendy International Group, valuing the family-run fashion company at about $2 billion, Reuters wrote.

Long Ridge Equity Partners, a New York-based buyout firm investing in financial services firms, told regulators it has raised $34 million so far en route to a fund the size of which they chose not to specify. Kevin Bhatt, an AEA Investors veteran, and Jim Brown are listed on the firm’s filing as partners for the fund. Minimum LP contributions are $1 million, according to the filing.

Parthenon Capital Partners, a mid-market private equity shop, has closed its latest fund, Parthenon Investors IV LP, with $700 million. Based in Boston and San Francisco, Parthenon Capital focuses on business services, financial and insurance services and healthcare investments.

Solis Capital Partners has held a first close for its second fund, sealing $42.5 million in commitments. The fund is aiming for a total of $100 million, and Solis Capital said it expected to close the fund by the end of 2012. Solis Capital is a lower mid-market buyout firm based in Newport Beach, Calif.