Ethos Private Equity Fund V

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_x000C_Ethos Private Equity Fund V (Ethos V or the Fund) is a private equity fund which will make equity and equity-related investments primarily for control positions in market-leading growth businesses located in South Africa as well as in other African countries. The Fund has a target committed equity capital of up to $500 million. The Fund will be the fifth fund raised and managed by Ethos Private Equity Limited (“Ethos”) which is based in Johannesburg and has a core group of 16 professionals that have worked together since 1985. IFC intends to invest up to $25 million in Ethos V and will also consider an investment of up to $5 million in Sphere Private Equity Fund I (Sphere I) which is a related fund set up as a joint venture with Ethos V to share deals and the expertise of senior Ethos partners. Sphere I is a Rand-denominated private equity fund with target capital commitments of Rand 600 million (~$100 million) which will be managed by Sphere Holdings (Sphere). Ethos V and Sphere I are fundraising simultaneously for capital commitments in the ratio of 5:1 respectively.