Fairfax seeks $1b for Africa fund
Fairfax Financial Holdings Ltd, the Canadian insurer, said it is selling shares in an initial public offering for a fund that will make investments in Africa. The company is seeking to raise as much as $1 billion from the sale, sources said. Fairfax, run by value investor Prem Watsa, is hunting for countries on the continent with fast-paced economic growth, according to a prospectus filed on Friday. The Toronto-based firm has $416 million already committed from its own funds and partners including Ontario Municipal Employees Retirement System and CI Investments Inc. for the venture, called Fairfax Africa Holdings Corp. A $1 billion IPO would be the largest in Canada since Hydro One Ltd. raised C$1.8 billion ($1.33 billion) last year.