South Africa-focused private equity fund manager Ethos Private Equity has reached a first close for Ethos Mid Market Fund I with an undisclosed amount of committed capital. Investors in the fund include investment management firm Ethos Capital, which committed ZAR550 million (approximately US$38 million). The fund will seek to deploy between ZAR100 million and ZAR350 million (approximately US$6.9 million and US$24 million, respectively) in medium-sized family-owned and entrepreneurial businesses, corporate spinoffs and other companies with high growth potential.