Asset Owner Directory

Public Investment Corporation Limited

The Public Investment Corporation SOC Limited (PIC) is an asset management firm wholly owned by the government of the Republic of South Africa, represented by the Minister of Finance. Established in 1911 as the Public Debt Commissioners, the PIC was corporatised on 1 April 2005 in accordance with the Public Investment Corporation Act, 2004. The PIC ranks amongst the best and successful asset management firms in the world and is by far the largest in Africa. PIC’s clients are mostly public sector entities, which focus on provision of social security. Amongst these are the Government Employees Pension Fund (GEPF), Unemployment Insurance Fund (UIF), Compensation Commissioner Fund (CC), Compensation Commissioner Pension Fund (CP) and Associated Institutions Pension Fund (AIPF).


South Africa

AUM ($B)




Chief Executive

Abel Sithole

Chief Investment Officer

Sholto Dolamo


Reuel Khoza

Asset allocation

37.75% Listed Equities (Managed in-house)

10% Listed Equities (Externally Managed)

31.58% Bonds

5.15% Cash and Money Markets

1.45% Listed Properties

0.77% Private Equity

2.25% Impact Investing

2.15% Unlisted Properties

6.11% Global Listed Equities

1.46% Global Listed Bonds

0.94% Africa - Listed Investments

0.39% Africa - Unlisted Investments

Asset Owner Directory