Our History

Building better businesses has been Ethos' purpose for 35 years

We apply this growth philosophy to ourselves as much as we do to our investments.

Accordingly, we have been investing significantly in our franchise over the past five years to pursue a vision to grow Ethos from being the leading private equity manager in South Africa to become the leading Alternative Asset manager in sub-Saharan Africa.

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Our History
In pursuit of our growth vision to become the leading Alternative Asset Manager in sub-Saharan Africa, Ethos recently launched Ethos Mezzanine Partners Fund 3, Ethos Ai Fund I and Ethos Fund VII.   And in 2018, we held the successful final close of Ethos Mid Market Fund I.

In parallel, we raised capital from the listed market (to supplement our traditional LP investor base). We believe this listed vehicle – Ethos Capital – provides investors with a unique opportunity to invest (and co-invest) into Ethos Funds. In turn, Ethos Capital will give stockholders access to a diverse portfolio of unlisted assets actively managed by Ethos.

We are continuously assessing fund and investment strategies; driving innovation, while addressing investor needs, is core to our long-term success.

We believe that our vision is an appropriate strategy for sustained success and these new products will form the cornerstone of our Alternative Assets ambition.

2017
CORPORATE MILESTONES
FUNDS
2019

FUNDS

Ethos AI concluded third investment: TymeBank

Leading empowerment investment holding company African Rainbow Capital (ARC) and one of South Africa’s leading alternative asset managers, Ethos Private Equity have jointly announced an investment of R200 million by the Ethos Artificial Intelligence (AI) Fund and co-investors (jointly Ethos AI Fund) in recently launched digital bank TymeBank. The bank is majority owned by ARC.

2018

FUNDS

Ethos Ai Fund I first close & first two deals

With a first close of R600m, Ethos Ai Fund I has successfully made its first two investments: Vertice MedTech Group & ChannelVas

2018

FUNDS

Ethos Fund VII first close & first two investments

2018

FUNDS

Ethos Mezzanine Partners 3 reaches first close

Drawing from a broad pool of limited investors, including cornerstone development institutions, Ethos Mezzanine Partners 3 has reached a first close of over US$100m.  The Fund is targeting US$150m.

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2018

FUNDS

Ethos Mid Market Fund I R2.5bn final close

Ethos Mid Market Fund I exceeds fund target.

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2018

MILESTONES

Ethos opens Nairobi office

Nairobi office bolsters Ethos’ broad sub-Saharan networks with on-the-ground expertise and insights.

2017

MILESTONES

RMI & RIM Investment

RMI & RIM invest behind Ethos alternative asset growth strategy

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2017

FUNDS

Ethos Fund VII launched

Target R8 - 10 Billion

2017

FUNDS

Ethos Mezzanine Partners 3 launched

Target US$150-200 million

2016

MILESTONES

Ethos Capital lists on the JSE, raising R1,8 billion

Listing offers investors long-term capital appreciation by investing in a diversified portfolio of unlisted investments managed by Ethos.

2016

MILESTONES

Ethos acquires Mezzanine Partners

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2016

FUNDS

Ethos Mid Market Fund I launched

Target R2.5 Billion

First close; currently investing

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2016

MILESTONES

Ethos announces Alternative Assets Vision

2014

MILESTONES

Stuart Mackenzie appointed CEO

Stuart succeeds founding partner, Andre Roux

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2014

MILESTONES

100th investment concluded

Investment into Autozone

2012

MILESTONES

Ethos Educational Foundation Trust established

The Trusts principal objective is to provide financial assistance and support to previously disadvantaged women and men to study, therefore, creating opportunities to enter the Financial Services Sector.

2012

FUNDS

Ethos Fund VI

R6.5 Billion

Largest Fund closed; currently investing

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2011

MILESTONES

Ethos establishes dedicated in-house Value Add team

Active manager model re-energised enabling Ethos to broaden origination range to include opportunities with an optimisation thesis

2010

MILESTONES

Peter Mageza appointed independent Chairman of the Board of Directors

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2006

FUNDS

Ethos Fund V relationship with Sphere Holdings established

Ethos supports establishment of Sphere Fund I's & assists fund raise and investment programme

2006

FUNDS

Ethos Fund V

R5.6 Billion

Largest private equity fund in Africa; currently in value creation/realisation phase

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1998

MILESTONES

1st investment over R2bn enterprise value

Ethos Fund IV makes R2,1bn investment into Foodcorp

1998

MILESTONES

Landmark multinational transaction with significant operations across Africa

Dunlop Africa in 1998

Landmark multinational transaction with significant operations across Africa – Dunlop Africa in 1998

1998

FUNDS

Ethos Fund IV

R2.1 Billion

Ethos becomes independent from the FirstRand Group

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1997

MILESTONES

75th concluded investment

Investment into Crossroads Distribution

1996

FUNDS

Ethos Fund III

R705 Million

First international private equity fund in South Afirca

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1994

MILESTONES

1st Black Economic Empowerment investment

Pioneering Black Economic Empowerment investment into Kagiso Publishers

50th concluded investment

1992

MILESTONES

First public-to-private deal in South Africa

Strip Steel Limited in 1992

First public-to-private deal in South Africa – Strip Steel Limited in 1992

1992

FUNDS

Ethos Fund II

R116 Million

First non-captive private equity fund in South Africa

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1989

MILESTONES

25th investment concluded

Investment into Rasco

1984

MILESTONES

1st investment concluded

Investment into Hudaco

1984

MILESTONES

Ethos established by founding partner Andre Roux

Investments made on balance sheet as FirstCorp Capital Partners, a division of First National Bank