CAPE TOWN- The Public Investment Corporation (PIC) is a public asset management firm entirely owned by the South African government, with the Finance Minister as the sole shareholder representative of the government.
-PIC’s clients are mostly public sector entities including the Government Employees Pension Fund, which contribute 88.2% of the funds that PIC manages.
-It invests in a variety of asset classes such shares on the Johannesburg Stock Exchange(JSE), Bonds, Private Equity, and Developmental Investments.
-The PIC’s top five clients are:
- The Government Employees Pension Fund (GEPF)
- The Unemployment Insurance Fund (UIF)
-The Associated Institutions Pension Fund (AIPF)
-The Compensation Commissioner: Pension Fund (CCPF)
- Compensation Commissioner Fund (CC).
-It is the largest and most successful asset manager on the African continent with assets under management in excess of R1.857 trillion as at March 31, 2016.
-The PIC’s developmental investment programme has focus areas such as Economic Infrastructure (Roads, Rail, Transport & Logistics, Energy, Ports (air, sea, and rail); Social Infrastructure (Affordable Housing, Health, Education); Priority Sector Investments (Agriculture, Agro-processing, Manufacturing and beneficiation Tourism); Environmental & Sustainability (Renewable energy, Clean technology Green buildings, Sustainable environments);and SMEs across all sectors.
-The PIC is among fifteen entities that report to the Ministry of Finance through governance arrangements that give them autonomy, but also enable them to align their strategies with government policy.