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Unlisted Investments
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Unlisted Investments are split into four broad categories, namely Impact Investing, Private Equity, Properties and Fund of Funds. Through Unlisted Investments, the PIC drives development and achieves inclusive growth – as these investments generate both social and financial returns. Social returns are wide enough to include job creation, empowerment and transformation of the companies and sectors where the PIC invests. The Unlisted investment mandate is effectively delivered through the following approaches:- Direct investments;
- Co-investments and Partnerships; and
- Indirect investment through third-party Fund Managers.
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[tab title="Impact%20Investing"]
[well color="primary-dark" class="text-well"]Impact Investing – as the name suggests – invests in projects that have positive financial impact on the portfolio and the general public. These are projects that support positive and long-term socio-economic development in South Africa and the Rest of the African continent. Impact Investing focuses on these sectors:
- Social Infrastructure Investments: These cover affordable housing and end user financing, student accommodation and healthcare;
- Priority Sector Investments: Priority sector investments include agriculture and agro processing, manufacturing and industrialization, mining and mining beneficiation, tourism, downstream industries, construction as well small, medium and micro enterprises;
- Economic Infrastructure Investments: Economic Infrastructure investments include energy (coal, gas, hydro), transport and logistics (roads, rail, air), water, broadband and telecoms as well was ports ( airports and harbors.); and
- Renewable Energy and Clean Tech: Renewable energy and clean tech concerns itself with investments in clean technology projects, recycling, green economy sectors as well as fuel cells.
The Fund provides funding to private and public sector entities that require funding for direct implementation of projects or to intermediaries, such as fund managers. The Fund also co-invests with other institutions with shared investment objectives. The Impact Investing portfolio may provide finance in the form of equity, mezzanine and senior debt. In certain instances, security over the assets of the company or from project sponsors may be required. The term of funding will usually not be less than five years and will be influenced by the nature of the transaction funded and its projected cash flows. Each transaction is considered based on its merits.
For more information on Impact Investing funding please click on the button below.[/well]
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[tab title="Private%20Equity"]
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Private Equity portfolio invests in equity or equity related investments across all private equity classes, namely venture capital; small, medium and large capital companies. The objective is to generate income and capital appreciation by making investments across all sizes of entities, whilst at the same time driving transformation. Our preference is to invest in companies that join with black partners in productive operational tie-ups, where the transactions consider board and executive representation, employment equity, skills development, preferential procurement, enterprise development and socially responsible investments. Transformation is achieved through initiatives that include, but not limited to:- Investing in companies that achieve a minimum of Level 3 B-BBEE contributor status, mainly focusing on ownership, employment equity and management from the Historically Disadvantaged Individuals (HDIs); and
- Supporting the emerging and existing black fund managers to promote and facilitate B-BBEE within the private equity industry.
For more information on Impact Investing funding please click on the button below.[/well]
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[tab title="Properties"]
[well color="primary-dark" class="text-well"]The PIC‘s unlisted properties portfolio is valued at approximately R45 billion. The portfolio comprises direct and indirectly-held properties.
Directly held portfolio: Refers to properties directly owned and held on the balance sheet of the Client(s). The title deed reflects the Client as the registered owner. These properties are actively managed by
Mowana Properties, a subsidiary of Pareto Limited.
Indirectly held portfolio: Refers to properties which are held through unlisted property companies, with the PIC Client holding shares in these investment entities, while the property title deed is registered under the investee company.
Such investments in property companies include in the following:
Pareto Limited;
V&A Waterfront Holdings (Pty) Ltd;
Airports Company South Africa SOC Ltd;
Menlyn Maine Investment Holdings (Pty) Ltd; Arch Property Fund and
Gateway Delta Development Holdings (Pty) Ltd.
These property investments are geographically spread across South Africa and are made up of high-quality retail, office, and industrial/specialised property assets, such as warehouses, student accommodation facilities, data centers and others. The PIC offers the following property related services to its various Clients: Property Deals and Transactions, Asset Management, and Property development.[/well]
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[well color="primary-dark" class="text-well"]The PIC Developments Team endeavors to organically grow the portfolio through new developments and also through the redevelopment of existing assets.[/well]
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Developments Summary |
| In Progress |
Approved Budget | R4.95 billion |
Historic spend on empowered entities | 84% of budget |
Current job opportunities created | 1,446 |
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Sectorial Development Pipeline |
Retail | R1.41 billion | 28%
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Office | R2.25 billion | 46%
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Industrial | - | 0% |
Specialised | R1.28 billion | 26% |
Total | R4.95 billion | 100% |
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Property name | Location | GLA |
Developments in progress |
| Kasteel Park (Phase 2) | Gauteng | 24,252 m² |
| Tshwane Regional Mall | Gauteng | 53,164 m² |
| Trevenna Office Campus | Gauteng | 40 000 m² |
| Alice Lane Building | Gauteng | 15,505 m² |
| Tlhabane Mixed-Use Development | North West | 37 000 m² |
| Malvern Heights | KwaZulu-Natal | 10,538 m² |
| Jakaranda Shopping Centre | Gauteng | 18,407 m² |
| Kingsley Shopping Centre | Gauteng | 24,110 m² |
|
Developments completed |
| Riverside Office Park | Mpumalanga | 33 000 m² |
| BCX Office Centurion | Gauteng | 34,692 m² |
| Kasteel Park Phase 1 | Gauteng | 24,252 m² |
| The Wedge Shopping Centre | Gauteng | 15,439 m² |
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The Property Management function of the Properties Portfolio is assigned to Mowana Properties. Mowana Properties provides facilities management services for the PIC’s unlisted properties. For further information on leasing solutions, facilities management activities and other property management activities, please visit www.mowanaproperties.co.za.[/well]
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[tab title="Fund%20of%20Funds"]
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The Fund of Funds (FoF) division was created to implement the indirect investment strategy of the PIC. All the strategies are underpinned by clients mandates.
FoF aims to generate sustainable risk-adjusted alpha active return. This is achieved through a selection of a diversified portfolio of third-party private equity fund managers, mainly in South Africa and Sub-Saharan Africa that are transformed FoF and extends PIC's reach and makes commitments to equity and mezzanine Funds in real estate, impact investments and private equity.
For more information on Fund of Funds funding please click on the button below.[/well]
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Our Success Stories
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