South Africa-focused private equity fund manager Ethos Private Equity has sold its entire 7.7 percent stake in Johannesburg Stock Exchange-listed financial services group Transaction Capital via a book build managed by Rand Merchant Bank for ZAR490 million (approximately US$34 million). The transaction was structured through Ethos Private Equity Fund V. Ethos had been invested in Transaction Capital, which operates both an asset-based lending division and a transaction capital risk services division, since 2006.