South African pension funds will invest $100 million to domestic infrastructure and industrial development through a commitment to the Africa Finance Corp.
The capital has been committed to the AFC by South African government-owned money manager Public Investment Corp., said a news release provided by a spokeswoman for the manager. PIC has more than $150 billion in assets under management.
PIC has made a formal notification to make the $100 million investment and joins 32 other equity investors, the news release said.
AFC was established in 2007 to promote private sector-led infrastructure reinvestment across Africa. Through the investment, PIC will also benefit from co-investment opportunities and access to projects across the continent, focusing on the power, transport and logistics, natural resources, telecommunications, and heavy industrials sectors. AFC invests across 35 countries in Africa.
"The PIC is delighted to partner with the AFC in the development, industrialization and growth of the African continent," said Kabelo Rikhotso, CIO at PIC, in the release. "Our clients' investment mandates allow us to invest in the rest of the African continent. We believe that this partnership will assist us to deliver on that mandate and to diversify our growing portfolio. We are confident of the future prospect of this investment and its potential positive societal benefits.
Further details were not immediately available.
