Every rand has a name — the PIC’s high-stakes mission to protect wealth
The PIC says resilience, oversight and long-term investment can protect public wealth through market shocks — because every rand entrusted to it has a name, and every one of those names deserves an answer.
The Public Investment Corporation (PIC) is a South African organization tasked with safeguarding the country's public wealth, even in the face of market turbulence. As reported by Lindsey Schutters, every rand entrusted to the PIC has a name, emphasizing the personal nature of the wealth it manages. In 2026, the PIC experienced significant growth, with client assets under management increasing by R608-billion, or 20%, reaching R3.657-trillion.
Despite geopolitical turmoil and sudden withdrawals of R172-billion by clients, the PIC's assets recovered to R3.819-trillion by August 2026.
The PIC's resilience is attributed to its diversified portfolio, robust asset allocation, and long-term focus. In 2025, the Government Employees Pension Fund (GEPF), which accounts for 88.7% of total portfolio assets, achieved a 24.21% return, surpassing its target of inflation plus 5.5%. Over five years, the GEPF's annual returns averaged 12.24%, exceeding the benchmark target of 10.32%.
This success is bolstered by South Africa's stable political environment, strong domestic equity markets, and well-regulated financial system.
However, the PIC must also address its shortcomings. During a recent financial audit, the Auditor-General found that some employees engaged in investment activities without completing mandatory conflict of interest declarations. Additionally, due diligence processes did not always adhere to investment policies, and unauthorized engagements were executed. The PIC has taken steps to rectify these issues, enforcing mandatory conflict of interest declarations and strengthening policy compliance.
Written by urgent.news from Daily Maverick's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
