PIC, Public Investment Corporation; South Africa‘s state-run asset manager the is seeking to up its share of unlisted investments from 5% of its portfolio to 25% over the next five years to create jobs.
The PIC has about R2.5 trillion in assets under management, which it invests on behalf of public servants.
Some 95% of its portfolio is currently invested in shares that trade on the Johannesburg Stock Exchange, bonds, money market accounts, and listed properties. Smaller amounts are also invested in global bonds and shares.
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The group’s acting CEO Makano Mosidi, told a Parliamentary oversight committee that increasing the weight of unlisted investments would help create jobs.
“The biggest focus in the next five years is looking at whether we can move that 5% to the visionary 25%. Of course, we will take it in stages.”
Mosidi, the group’s chief technology officer, is temporarily acting as CEO in place of Abel Sithole, who is sick. Sithole is expected to return to work on the 20th of June.
The committee has heard that the PIC had finalized a new mandate governing how it invests in unlisted companies.
It is also in the process of bringing an electronic system called “e-front” online that would allow members of the public to pitch directly for funding.
Source: News 24
