The GEPF is Africa’s largest pension fund. It has more than 1.2 million active members, in excess of 400,000 pensioners and beneficiaries, and assets worth more than R1.6 trillion ($122 billion). GEPF is a defined benefit pension fund that was established in May 1996 when various public-sector funds were consolidated. Its core business, which is governed by the Government Employees Pension Law (or GEP Law), as amended, is to manage and administer pensions and other benefits for government employees in South Africa.
The Public Investment Corporation is the asset management company for GEPF and invests on its behalf. PIC is wholly owned by the South African Government and is the only asset manager that serves South Africa’s public sector. The GEPF invests in equities, fixed income, property and Isibaya Fund (which invests in black economic empowerment and infrastructure development projects that help create jobs, relieve poverty and transform the economy).