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Fin24 reports that the Public Investment Corporation (PIC) 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 state-run asset manager has about R2.5 trillion in assets under management, which it invests on behalf of the Government Employees Pension Fund (GEPF) and other government funds. 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. The group's acting CEO Makano Mosidi, told a parliamentary oversight committee that increasing the weight of unlisted investments would help create jobs. "We are focusing on lifting the unlisted side because globally, that leg, that asset portfolio is the one that will ensure that we create jobs and transform the economy. 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," she indicated. Mosidi, the group's chief technology officer, is temporarily acting as CEO in place of Abel Sithole, who is ill. Sithole is expected to return to work on 20 June.
- Read the full original of the report in the above regard by Jan Cronje at Fin24
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