Public Investment Corp. committed $100 million to AP Ventures Capital Funds on behalf of the Government Employees Pension Fund, Pretoria, South Africa.
PIC manages the assets of the 2 trillion South African rand ($148 billion) GEPF; a PIC spokesman said the full commitment was on behalf of the pension fund.
The fund co-invested alongside Anglo Platinum Marketing, a producer of platinum group metals, which also committed $100 million.
AP Ventures, a newly established firm, invests in advanced technology companies that use platinum group metals, said a news release by PIC. The investment will help to scale its first fund, said the release.
The fund will invest in sectors that are aligned to PIC's investment strategies for alpha generation, including hydrogen and fuel cell value chain, energy storage and logistics, power generation and management, water, health care and food preservation, the news release said.
"Through our investment in the independent AP Ventures Fund, the PIC is funding technology innovation and furthering demand for (platinum group metals), which will ensure the industry has a sustainable future," said Daniel Matjila, CEO at PIC, in the release. "As a leading global institutional investor this investment further demonstrates our support of the United Nations sustainable development goals."
A spokesman for GEPF could not immediately be reached for comment.
