Public Investment Corp., which manages the assets of Government Employees Pension Fund, Pretoria, South Africa, and GIC Private, the sovereign wealth fund of Singapore, agreed to purchase up to 2.1 billion rand ($159 million) in shares in African Rainbow Capital Investments, according to a statement posted Thursday by ARC Investments.
ARC Investments said in the announcement it will list on the Johannesburg Stock Exchange in September, looking to raise a total of 4 billion rand.
ARC Investments is a financial services and investment group with a diversified portfolio of high-quality investments valued at 4.5 billion rand.
The Government Employees Pension Fund has 1.6 trillion rand in assets, while GIC Private has more than $100 billion in assets. Spokesmen for the GEPF and GIC could not be reached by press time.