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Public Investment Corporation
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  • HOME
  • WHO WE ARE
    • About Us
    • Vision, Mission and Values
    • Our Leadership
      • Board of Directors
      • Executive Committee
    • Our Clients
  • OUR BUSINESS
    • Listed Investments
      • Listed Equities
      • Fixed Income
      • Externally Managed Funds
    • Unlisted Investments
      • Impact Investing
      • Private Equity
      • Properties
      • Fund of Funds
  • INVESTMENT PHILOSOPHY AND APPROACH
    • Investment Philosophy
    • Investment Process
    • Risk and Compliance
    • Environmental, Social & Governance
    • Research & Insights
      • Economic Research
      • Sectoral Research
  • APPLY FOR FUNDING
    • Isibaya
    • Properties

Unlisted Investments

  • Listed Investments
    • Listed Equities
    • Fixed Income
    • Externally Managed Funds
  • Unlisted Investments
    • Impact Investing
    • Private Equity
    • Properties
    • Fund of FundsCurrently selected
Page Content
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Unlisted Investments

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[column 12 class="text"]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"]
[well color="primary-dark" class="text-well"]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 comprise 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 accomodation facilities, datacenters 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 billion28%
Office
R2.25 billion46%
Industrial
-0%
Specialised
R1.28 billion26%
Total
R4.95 billion100%
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Property name
Location
GLA
Developments in progress
Kasteel Park (Phase 2)Gauteng24,252 m²
Tshwane Regional MallGauteng53,164 m²
Trevenna Office CampusGauteng40 000 m²
Alice Lane BuildingGauteng15,505 m²
Tlhabane Mixed-Use DevelopmentNorth West37 000 m²
Malvern HeightsKwaZulu-Natal10,538 m²
Jakaranda Shopping CentreGauteng18,407 m²
Kingsley Shopping CentreGauteng24,110 m²

Developments completed
Riverside Office ParkMpumalanga33 000 m²
BCX Office CenturionGauteng34,692 m²
Kasteel Park Phase 1Gauteng24,252 m²
The Wedge Shopping CentreGauteng15,439 m²
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[well color="primary-dark" class="text-well"]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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