Fairfax to raise $500 mln for new African investment fund

Fairfax Financial Holdings Ltd said it expects to raise about US$500 million in equity for Fairfax Africa Holdings Corp, a new vehicle that will invest public equity, private equity and debt in African businesses. Commitments to Fairfax Africa will come from an initial public offering of subordinate voting shares, a related offering, and cornerstone investors subscribing through a US$144 million private placement. Toronto-based Fairfax, a financial holding company led by Canadian billionaire Prem Watsa, set up a comparable Indian fund in 2014.

ManagersCanadaNorth AmericaBriefs