South African alternative asset manager Brait is set to lock horns with local rival buyout firm Ethos in an effort to raise the Africa’s largest fund.

Brait is preparing to raise about $1.5bn (€964m) in the second half of this year according to sources close to the situation. John Gnodde, chief executive of Brait’s private equity arm, said: “We anticipate starting the fundraising at the end of the year,” although he declined to comment further.