British International Investment

TRG Mezzanine Partners 3 (formerly Ethos Mezzanine Partners 3)

EthiopiaKenyaMalawiMauritiusAfricaEast AfricaSouthern AfricaCommunications & IT servicesConstruction & Real estateFood & AgricultureManufacturing

Ethos Mezzanine Partners III, is the third mezzanine fund to be raised by Ethos Mezzanine Partners, the fund manager.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

Ethos Mezzanine Partners III, is the third mezzanine fund ($150m) to be raised by Ethos Mezzanine Partners, the fund manager.

In May 2018, CDC made a $20 million commitment to the $70 million first close of Ethos Mezzanine Partners III.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

The fund will be one of the first providers of debt-based growth mezzanine financing in southern and eastern Africa, which will support the development of financial markets. The fund will also support the evolution of mid to large-sized family businesses by providing growth capital and value-add advisory services.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    Africa, East Africa, Southern Africa

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Communications & IT services, Construction & Real estate, Food & Agriculture, Manufacturing

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    May 2018
    Amount :
    Currency of investment :
    Fund Manager:
    Ethos Private Equity

    The company or investment fund’s place of incorporation.

    South Africa

Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
Balaji EPZ Limited Kenya East Africa Manufacturing December 2023 Active
Chibuku Products Holdings Limited Malawi Southern Africa Food & Agriculture August 2018 Active
Grit Services Limited (“Grit”) Mauritius East Africa Construction & Real estate December 2021 Active
Kinetic Holdings Kenya East Africa Communications & IT services March 2023 Active
Turaco Ethiopia East Africa Manufacturing July 2020 Active

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