Investor
The Public Investment Corporation SOC Limited (PIC)
The Public Investment Corporation (PIC) is a state-owned asset management firm wholly owned by the Government of the Republic of South Africa. Established originally in 1911 and corporatised on 1 April 2005, the PIC is the largest investment manager in Africa. It manages a diversified portfolio across multiple asset classes, including listed equities, real estate, fixed income, private equity, and impact investing. The PIC serves primarily public sector clients, most notably the Government Employees Pension Fund (GEPF) and the Unemployment Insurance Fund (UIF). Its investment strategy follows a dual mandate: achieving robust financial returns for its clients while driving inclusive economic growth and social transformation through a dedicated impact-investing programme (Isibaya Fund). Based in Pretoria, the PIC controls approximately 10% of the Johannesburg Stock Exchange (JSE) market capitalisation.
Investment focus
- Sectors
- Energy and powerSMEsInfrastructureReal estate and housing
- Stages and strategies
- GrowthBuyoutFund investments
- Instruments
- EquityDebtMezzanine
- Regions
- Sub-Saharan Africa, Northern Africa, Eastern Africa, Western Africa, Central Africa, Southern Africa
- African markets named in public materials
- South Africa
Funds managed
Fund commitments
- PAPE Fund III
- Convergence Partners Communications Infrastructure Fund
- Pan African Infrastructure Development Fund I
- Ethos Fund VI
- Hlayisani Venture Fund II
- Kleoss Fund I
- Vantage Mezzanine Fund I
- Africa Capitalworks Fund
- Adenia Capital V L.P.
- Fireball Fund I
- Sanlam Private Equity Mid-Market Fund I
- Enko Impact Credit Fund
- Kuramo Africa Opportunity Fund II
- Lereko Metier Sustainable Capital Fund
- Climate Investor Three South Africa (SA-H2 Fund)
- Mamor Capital Ventures Fund I
- IDF Innovation Fund
- Sanari 3S Growth Fund
- Africa Food Security Fund I
- South Africa Infrastructure Fund
- Medu III SA Partnership
- Housing Impact Fund South Africa
Selected portfolio and direct investments
- Zaad Holdings Proprietary Limited
Recent investments and transactions
| Date | Transaction | Type | Value | Market |
|---|---|---|---|---|
| 9 Feb 2026 | Phatisa, Public Investment Corporation (PIC), Industrial Development Corporation (IDC), and Women Investment Portfolio Holdings' (Wiphold) Acquisition of Zaad Group's Operations in Africa for R1.4 billion | Private Equity, Natural Resources | $88.8m | Tanzania |
Sources
- Partner Researchers, accessed 14 November 2026
- Partner Researchers, accessed 14 November 2026
- https://techbuild.africa/black-women-led-vc-mamor-capital-18-8m-sas-tech/, techbuild.africa. Accessed 14 November 2026.
- https://climatefundmanagers.com/2026/08/06/scaling-up-green-transition-in-southern-africa-climate-fund-managers-reaches-first-close-of-sa-h2-fund-at-zar-3-billion/, climatefundmanagers.com. Accessed 14 November 2026.
- https://enkocapital.com/wp-content/uploads/2025/10/Enko-Capital-First-Close-Press-Release.pdf, enkocapital.com. Accessed 14 November 2026.
- https://www.adenia.com/news/adenia-closes-fifth-flagship-fund-oversubscribed-at-470m/, www.adenia.com. Accessed 14 November 2026.