Skip to content

Africa Pension Giant to Cut $4.4 Billion PIC Unit Allocation

  • GEPF is negotiating new mandate with Public Investment Corp.
  • Unlisted assets used to make empowerment, social investments
Updated on

Africa’s biggest pension fund expects to cut the amount of money it allocates to a division of South Africa’s Public Investment Corp. that has to date helped it fulfill some of its environment, social and governance aspirations.

South Africa’s Government Employees Pension Fund allowed a 70 billion-rand ($4.4 billion) allocation agreement with the PIC, the continent’s largest fund manager, to lapse in March and is now negotiating a new mandate. That, according to GEPF Head of Investments Sifiso Sibiya, will include “the introduction of more consequence management” for poor investment decisions.