However, the group said the increase during the year was muted mainly as a result of the macroeconomic headwinds in South Africa.
Total assets increased to R1.9 billion at year-end.
Chief executive Peter Hayward-Butt said Ethos had invested in five and added to two portfolio companies across its managed funds totalling R2.6bn during the period.
“Ethos had a very active year on the investment front, acquiring or investing in seven assets. The belief is that investing patiently behind businesses with a sustainable right to win and strong management teams will deliver long-term value creation for investors,” Hayward-Butt said.