South African private equity firm Ethos has raised $800m for their Fund VI, exceeding their initial $750m target.
The firm noted that for the first time, they were able to attract investors from Asia, reflecting growing interest in opportunities for private equity especially in Africa.
Reuters reports that ‘Ethos had managed to attract a wider spread of investors than in previous rounds of fundraising, drawing Asian pension and sovereign wealth funds for the first time, as well as investors from Europe, North America, the Middle East and Africa.’
The fund will be invested in South Africa where the firm mainly targets companies with a value of $100-$450m, and in selected sub Saharan African countries.
Fund VI has already made two investments, in a construction and scaffolding company and a gift branding company respectively.
With the $800m, Ethos are hot on the heels of Helios who have raised the so far largest PE fund for sub Saharan Africa with $900m.
