What we do


Ethos Capital’s objective is to offer investors long-term capital appreciation by investing in a diversified portfolio of unlisted investments managed by Ethos Private Equity, the largest private equity firm in sub-Saharan Africa.

Incorporated in Mauritius and listed on the JSE, Ethos Capital’s investments will be sourced and managed by Ethos Private Equity.

The opportunity to invest into Ethos Funds and co-invest alongside Ethos Private Equity through a liquid and efficient vehicle listed on the exchange operated by the JSE and governed by an independent Board of experienced private equity Non-executive Directors is unique.

Ethos Private Equity – the largest private equity firm in sub-Saharan Africa – has an established private equity investment track record, having generated investment returns with a Gross Realised IRR of 36.3% over a period of more than 30 years. Ethos Capital will have the ability to leverage off Ethos Private Equity’s investment platform and share in its success.

Ethos Capital provides public-market investors with a liquid vehicle to indirectly access a diversified pool of unlisted small- to mid-sized companies through equity or equity-like instruments, which will be actively sourced by Ethos Private Equity to optimise investor returns.

Strong economic alignment with Ethos Private Equity, the investment adviser, to Ethos Capital, through a significant investment by Ethos Private Equity in Ethos Capital’s A Ordinary Shares.

The Board has an extensive understanding of, and a long track record in, the private equity industry and will leverage this experience in order to make optimal investment decisions for Ethos Capital.

Ethos Capital conducts its business operations from Mauritius because of the business-friendly environment, the spread of tax treaties that Mauritius has with many, but not all, of the jurisdictions that Ethos Capital will invest in and its acceptance among global investors as an investment jurisdiction as at the date of the Pre-listing Statement. This, combined with Ethos Private Equity’s fee structure, which is structured so as to ensure that there are no “fees on fees”, which achieves an alignment of interests between Ethos Private Equity and Shareholders, gives structural efficiency to Ethos Capital and ensures that the structure is fiscally transparent.

Ethos Capital will actively manage liquidity in the best interests of its Shareholders. As part of its liquidity strategy, the Board is committed to strategies to enhance the NAV per A Ordinary Share, which will include the potential repurchase of A Ordinary Shares should the price per A Ordinary Share trade at a discount to the prevailing total NAV per A Ordinary Share for a period of time. Any repurchase strategy implemented by the Board will take into account Ethos Capital’s liquidity requirements and its fund commitments, and will initially only be implemented until Ethos Capital has invested 75% of the proceeds raised in the Offer. Post this, the Board will reconsider whether this repurchase strategy remains in the best interest of shareholders of Ethos Capital.