Fund VI exceeded by $50 million Ethos' initial target as well as the firm's last fund, which closed in 2006.
The current fund has already begun to be invested. Last year it acquired a South African corporate clothing and promotions company called Kevro for 850 million rand ($95 million) and invested an undisclosed sum in a South African construction company, Waco International.
Ethos declined to identify individual limited partners for its newest fund, although a representative said via e-mail the geographic breakdown was fairly evenly split between Africa, Europe and North America, and Asia and the Middle East. Limited partners include sovereign wealth funds, insurance companies and pension funds, the company said.
Ethos, which was formed in 1984, is among the oldest private equity firms in Africa. Like most private equity on the continent, Ethos continues to be centered in South Africa, Africa's most developed economy and a market long accustomed to buyouts. However, some global private equity powerhouses are beginning to look at Africa more seriously and, in the process, are taking a more regional approach.
Carlyle Group, for example, in November invested in a Tanzanian commodities company called Export Trading Group, the first investment in a targeted $500 million sub-Saharan African fund.
In the wake of investment banking head Antonio Weiss' departure, Lazard names Alexander Stern as CEO, financial advisory, and Matthieu Pigasse as global head, M&A and sovereign advisory. For other updates launch today's Movers & shakers slideshow.
Justin Abelow, a managing director in Houlihan Lokey's financial sponsors group, shared his outlook on private equity activity for 2015. PE activity will continue to be robust, Abelow said. He also discussed the factors impacting the PE industry. Houlihan Lokey had more than 750 sponsor-related engagements with more than 500 sponsors in 2014. Houlihan's financial sponsors group has 16 coverage officers and is led by senior managing director John Mavredakis. Houlihan's transactions include the sale of Sentinel Capital-backed Chase Industries Inc. to Audax Group, sale of American Securities LLC and ACI Capital Co. LLC-backed Healthy Directions LLC to Helen of Troy Ltd. and the recapitalization of Ability Network Inc. by Summit Partners. More video