Ethos is a leading alternative investment manager in Africa with private equity and credit strategies.

Ethos helps businesses grow by being an active manager, partnering with investors and management teams to generate superior returns and drive positive impact through the activities of its portfolio companies.

Ethos Capital


Ethos Capital offers investors long-term capital appreciation by investing in a diversified portfolio of unlisted investments managed by Ethos.

Founded in 1984, Ethos was instrumental in establishing the private equity asset class in the region. Over its first three decades, the firm built a renowned platform with a strong track record that provided sufficient scale to develop a range of alternative investment funds.

Ethos has been pursuing a growth vision since 2016 and has transformed from a monoline private equity fund program to a diversified, multi-fund platform with a significant presence across the continent.

On 21 November 2023, Ethos announced that it would merge its operations into The Rohatyn Group (TRG), a specialized global asset management firm focused on investment solutions in emerging markets and real assets.

On 1 April 2023, The Rohatyn Group announced the completion of its acquisition of Ethos.

“We are pleased to complete our acquisition of Ethos, which marks our official expansion into Africa, one of the largest and fastest growing regions in the world,” said Nicolas Rohatyn, TRG’s Chief Executive Officer and founder. “Together, with unmatched local knowledge and a skilled global team of investors, we’ll unlock significant opportunities to drive further growth across the continent’s private markets, real assets, and public markets.”

“Today marks the beginning of an exciting new chapter for our team,” said Stuart MacKenzie, CEO of Ethos. “By leveraging TRG’s resources, network and deep understanding of emerging markets, we will be better positioned than ever to drive investment across Africa and create value for our stakeholders.”

About TRG

Founded in 2002, The Rohatyn Group specializes in emerging markets and real assets. Headquartered in New York, the firm employs over 180 professionals based in 17 countries across North and South America, Europe, the Middle East, Africa, India, Southeast Asia, and Oceania. It currently has approximately $8 billion in assets under management. For more information, please visit