Ethos Capital Partners

What Ethos Capital Partners does

EPE Capital Partners Ltd, doing business as Ethos Capital, is a public investment holding company incorporated in Mauritius and listed on the Johannesburg Stock Exchange (JSE) Main Board under share code EPE since 5 August 2016. The company's sole purpose is to provide public market investors with liquid, transparent access to a diversified pool of unlisted private equity-type investments managed by Ethos Private Equity (Pty) Limited, which serves as Investment Advisor under an Investment Services Agreement. Ethos Private Equity is the largest private equity firm in sub-Saharan Africa with R11 billion in assets under management and a 33-year track record.

Ethos Capital's investment strategy operates across four pillars: Primary Investments (commitments to Ethos Funds during fundraising), Secondary Investments (acquisitions of existing Limited Partner interests in Ethos Funds), Direct Investments (co-investments alongside Ethos Funds in underlying portfolio companies), and Temporary Investments (a portfolio of low-risk liquid debt instruments managed by Ashburton Fund Managers, targeting 7-8% net annualised returns). The company has committed capital to Ethos Mid Market Fund I (R900 million intended), Ethos Fund VI (US$10 million secondary), Ethos Fund VII (R2.3 billion intended from R1.25 billion first close), Ethos Mezzanine Partners Fund 3 (R320 million intended), and Ethos Healthcare Investments, alongside direct co-investments in Kevro Holdings (R100 million) and Primedia Holdings (R203 million).

The company monetises through capital appreciation on its unlisted portfolio (valued quarterly under IPEV guidelines), returns on its Temporary Investments portfolio, and dividend/interest income from portfolio companies. Ethos Private Equity charges advisory fees of 1.5% per annum on average invested capital for Primary and Direct Investments, plus 0.25% per annum on Temporary Investments less fees paid to Ashburton. At listing the company raised R1.8 billion through 180 million A ordinary shares at R10.00 each, and subsequently raised an additional R750 million via a fully underwritten renounceable rights offer in January 2020. NAV reached R1.87 billion (NAVPS R10.37) by 30 June 2017, and the company is governed by a unitary board of five independent non-executive directors, licensed as a Category One Global Business Company by the FSC of Mauritius and as an FSP (license 9254) in South Africa.

Name

Ethos Capital Partners

Legal name

EPE Capital Partners Ltd

Website

https://ethoscapital.mu

Company type

Public

Founded year

2016

Operating status

Operating

Short description

Ethos Capital (JSE: EPE) is a Mauritius-incorporated, JSE-listed investment holding company that provides public market investors liquid access to a diversified portfolio of unlisted private equity investments managed by Ethos Private Equity across sub-Saharan Africa.

Ownership category

akta.pro rank

Product category

Listed Private Equity Investment Vehicle

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599), Other Financial Investment Activities (5239)

SIC

Investors, Nec (6799), Investment Advice (6282)

akta.pro primary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Private equity investment
• Listed investment vehicle
• Sub-saharan africa funds
• Institutional asset management
• Alternative investment exposure

Headquarters

HQ city

Ebène

HQ country

Mauritius

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Others

Revenue model

1. Capital appreciation on unlisted investments: Ethos Capital generates returns through appreciation in the fair value of its unlisted investments in Ethos-managed funds and direct co-investments. Investments are valued quarterly in accordance with IPEV Valuation Guidelines using price-of-recent-investment and earnings-multiple methodologies.
2. Temporary Investments income: Returns on a portfolio of low-risk, liquid debt instruments (floating rate notes, negotiable certificates of deposit, treasury bills) managed by Ashburton Fund Managers. Provides net annualised return of approximately 7-8% on the temporarily uninvested capital.
3. Dividend and interest income from portfolio companies: Income received from investee portfolio companies through fund structures, including interest on mezzanine financing and dividends from equity investments. Invested capital represents approximately 40% of NAV, with the balance in temporary investments.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Ethos Capital is a publicly listed investment holding company that provides investors with liquid, listed access to a diversified portfolio of unlisted private equity-type investments managed by Ethos Private Equity. Its strategy encompasses Primary Investments (commitments to Ethos Funds), Secondary Investments (acquisitions of existing LP interests), Direct Investments (co-investments in underlying companies), and Temporary Investments (low-risk liquid debt instruments for cash management).

Product overview

Ethos Capital is a private equity investment holding company listed on the JSE. It operates as an investment entity offering long-term capital appreciation by investing in a diversified portfolio of unlisted private equity investments. The company's investment strategy encompasses four core approaches: Primary Investments (commitments to Ethos Funds), Secondary Investments (acquisitions of LP interests in existing funds), Direct Investments (co-investments alongside Ethos Funds in underlying companies), and Temporary Investments (low-risk liquid instruments for cash management). The company provides exposure to various Ethos-managed funds including Ethos Mid Market Fund I, Ethos Fund VI, Ethos Fund VII, Ethos Mezzanine Partners Fund 3, and Ethos Healthcare Investments.

Differentiator

Problem solved

Functional benefit

Products and services

• Primary Investments

Quantifiable outcome

• 33-year track record: 106 transactions, 96 realised investments at gross IRR of 36.3% and 2.7x multiple of cost (as of December 2017)
• +4 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Ethos Private Equity (Pty) LimitedcoreStrategic or Co-development Partner · 5 August 2016Ethos Private Equity serves as the Investment Advisor to Ethos Capital under an Investment Services Agreement. It manages over R11 billion in assets and has a 33-year track record in South African and sub-Saharan African private equity. It provides Senior Advisers to fulfil the roles of Ethos Capital's CEO and CFO. It charges advisory fees of 1.5% per year on average invested capital and management fees on temporary investments. Ethos Capital is designed to offer investors exposure to funds managed by Ethos Private Equity.
• Ashburton Fund Managers Proprietary LimitedminorImplementation/ SI/ Consulting PartnerAshburton Fund Managers manages the portfolio of Temporary Investments (money market instruments including floating rate notes, NCDs, and treasury bills) under a discretionary investment management agreement dated 28 July 2016. Advisory fees for temporary investments are charged at 0.25% per year less any fees payable to Ashburton.
• Ocorian Corporate Services (Mauritius) LimitedminorOthersOcorian Corporate Services serves as the Company Secretary and Registered Office provider for Ethos Capital. Located at Level 6, Tower A, 1 Exchange Square, Wall Street, Ebene, Mauritius.
• Computershare Investor Services Proprietary LimitedminorOthersComputershare serves as the Transfer Secretary for Ethos Capital, managing share registry services. Located at Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196, South Africa.
• Deloitte & ToucheminorOthersDeloitte & Touche serves as the independent reporting accountants and auditors of Ethos Capital. Listed as having provided an unqualified audit opinion on the annual financial statements. Auditors are based at Level 7, Standard Chartered Tower, 19 Cybercity, Ebene, Mauritius (and also at 5 Magwa Crescent, Waterfall City, Johannesburg).

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• 3i Group: London-listed global private equity and venture capital investor operating a similar closed-end listed structure. Closest analogue in business model: a publicly traded vehicle providing public-market investors with diversified PE exposure and quarterly NAV disclosure.
• Pantheon International plc: London-listed fund of private equity funds that provides public shareholders diversified exposure to global PE primaries, secondaries, and co-investments. Directly comparable listed FoF structure with NAV-based reporting and persistent discount dynamics.
• HarbourVest Global Private Equity Limited: London-listed fund-of-funds offering diversified global PE exposure across primaries, secondaries, and directs. Comparable listed PE access vehicle with similar discount-to-NAV mechanics and institutional investor base.
• ICG Enterprise Trust plc: London-listed investment trust focused on buyouts and growth equity through primary, secondary, and co-investments. Direct analogue as a listed closed-end PE vehicle with quarterly NAV disclosure.
• abrdn Private Equity Opportunities Trust plc: UK-listed investment company providing shareholders exposure to PE fund commitments and co-investments. Closely comparable listed structure offering liquid access to illiquid PE assets.

Regional players

• Brait plc: Mauritius-domiciled, JSE-listed investment holding company focused on consumer and financial services across Africa and Europe. Most relevant JSE-listed peer given similar closed-end structure and African investment mandate.

Broad incumbents

• KKR & Co Inc: NYSE-listed global alternative asset manager with extensive PE operations. Comparable as a listed PE franchise but operates at vastly larger scale and through multiple flagship buyout funds rather than a single-country listed wrapper.
• Apollo Global Management: NYSE-listed global alternative asset manager with significant PE exposure. Comparable as a listed alternative asset manager but operates at global scale across multiple strategies rather than a focused African PE mandate.
• The Carlyle Group: NASDAQ-listed global alternative asset manager with diversified PE strategies. Comparable as a listed PE platform though substantially larger and more diversified than Ethos Capital's sub-Saharan-focused mandate.

Others

• Ethos Private Equity: The underlying investment advisor that originates, executes, and manages all of Ethos Capital's investments. Not a peer in the listed-vehicle sense but the most directly connected party that drives Ethos Capital's returns.

Market position

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ethospvtequity
• Facebookfacebook.com/sharer/sharer.php?s=100&p[title]=Ethos&p[url]=https://ethoscapital.mu

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ethos Capital Partners