ETHOS MID MARKET FUND I (PTY) LIMITED

Thesis

Ethos Mid Market Fund I (EMMF I) is a South African private equity fund launched in 2016, with a primary focus on mid-market leveraged buyouts and growth capital investments. The fund targets companies within South Africa and has a broader mandate to invest across Sub-Saharan Africa. EMMF I aims to be the lead shareholder in its investments, seeking high-growth potential companies that may be undercapitalized. The fund also engages in co-investment opportunities and special investment situations where its BEE credentials can be utilized. Initially targeting commitments of R2.5 billion with a hard cap of R3.0 billion, the fund had raised R675 million ($47.39 million) at its first close in November 2016. It deploys between R100 million and R350 million in equity per investment, with some sources indicating a broader range up to R500 million. The enterprise value for these leveraged buyout transactions typically falls between R500 million to R1 billion. As of September 2017, the fund was 40% invested and was nearing a final close above R2 billion.

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