“Time is change; we measure its passing by how much things alter.”

 Nadine Gordimer


In 1911, the Public Debt Commissioners was established with a mandate to manage trust funds placed in the care of the government.

Initially, the Public Debt Commissioner’s clients were the South African Railways and Harbours but by 1924, they included the funds of provincial administrators.

By 1951, the total assets managed by the entity totalled £106.4 million.


South Africa became a Republic and established the rand as its currency.

By the end of 1961, assets under management totalled R1.6 billion.


The PIC, then Public Investment Commissioners,  changed its primary focus from debt management to the investment of funds on behalf of the public sector.

In 1965, South Africa’s economic growth was at its highest ever at 8.9%.

1985- 1999

The PIC announced the formation of the Isibaya Fund.

With massive, burgeoning political and social changes underway, South Africa’s economic growth was at its lowest at 2.1%.


Parliament passes the Public Investment Corporation Act 23 of 2004 to provide for the establishment of the Public Investment Corporation and cessation of the Public Investment Commissioners.

Economic growth averaged 3.6% for the period.


On 1 April 2005, following the promulgation of the Public Investment Corporation Act, 2004, the PIC was transformed into the leading asset manager it is today.

Due in part to the global financial crisis, South Africa’s economic growth receded to 1.8% in 2009.

The PIC played a crucial role in developing the necessary airport infrastructure to accommodate the massive influx of tourists to the 2010 world soccer the tournament.


The PIC celebrated 100 years of existence, ending the financial year with assets of over R1 trillion under management and a number of important infrastructural and investment projects helping to improve the day-to-day lives of millions of South Africans.


PIC finalised plans to invest 10% of the Government Employees Pension Fund (GEPF) assets under management outside the borders of South Africa, with 5% set aside for the rest of the African continent.