Public Investment Corporation

Overview

Established in 1911, the Public Investment Corporation (PIC) is a South African state-owned entity responsible for managing assets on behalf of public sector entities. As of 31 March 2024, it managed assets totaling ZAR 2.693 trillion (approximately USD 142 billion), making it Africa's largest asset manager. The PIC's clients include the Government Employees Pension Fund (GEPF), Unemployment Insurance Fund (UIF), and other public sector funds. The PIC's investment portfolio is diversified across various asset classes, including listed equities, real estate, capital markets, private equity, and impact investing. Through its listed investments, the PIC holds over 10% of the Johannesburg Stock Exchange (JSE) and has exposure to nearly all sectors of the South African economy. The corporation also has a mandate to invest in the rest of the African continent and beyond. In April 2025, the PIC became the 36th shareholder of Africa50, a pan-African infrastructure investment platform, with a US$40 million investment. This move underscores the PIC's commitment to supporting infrastructure development across Africa. Additionally, in September 2024, the PIC entered into an agreement with the UAE's International Resources Holding (IRH) to invest in rail infrastructure and green energy projects in South Africa, aiming to transition the country's energy sector from coal to cleaner sources and enhance logistical capacity. The PIC is governed by a board of directors appointed by the Minister of Finance, with the current chairman being Dr. David Masondo. The corporation's CEO, Patrick Dlamini, assumed the role on 1 June 2025, succeeding Abel Sithole. Under Dlamini's leadership, the PIC is expected to focus on operational excellence, sustainable growth, and fulfilling its investment mandate. The PIC's investment philosophy emphasizes generating financial returns for its clients while also achieving social returns through impact investing. The corporation supports the United Nations' Sustainable Development Goals and considers environmental, social, and governance (ESG) factors in all its investments. The PIC's significant investments include major stakes in companies such as Aspen Pharmacare and Gold Fields, making it the largest investor in companies listed on the Johannesburg Stock Exchange. Its diversified portfolio and strategic investments play a crucial role in the South African economy and the broader African continent.

Investment Focus

• Long-term investment horizon
• Alignment with United Nations Sustainable Development Goals
• Consideration of environmental, social, and governance factors

Portfolio Companies