Southern Africa-focused alternative investment fund manager Ethos has reached a first close for its seventh buyout fund with ZAR2 billion (approximately US$140 million) in capital commitments from local South African investors. Separately, Ethos has reached a first close for its maiden artificial intelligence (AI)-focused fund, established in partnership with former insurance industry CEOs Nic Kohler and Roger Grobler, with ZAR600 million (approximately US$42 million) in capital commitments. Investors in Ethos AI Fund I include Ethos Capital and Standard Bank. The fund plans to invest in businesses that will benefit disproportionately from algorithmic decision-making. In addition, Ethos AI Fund I, Ethos Fund VII and Ethos Fund VI have together invested in AI-enabled South Africa-based companies Vertice MedTech Group and Channel VAS, committing ZAR700 million (approximately US$49 million) to the latter.