South Africa’s Public Investment Corp. has made an investment of $40 million into pan-African infrastructure investor and asset manager Africa50, according to a news release.
The PIC is the primary investment manager of the 2.38 trillion rand ($129 billion) Government Employees Pension Fund, Pretoria, the largest pension fund in South Africa. Up to 5% of GEPF’s portfolio is invested in the wider African continent.
As well as PIC, Africa50 has seen direct investment from 32 African nations, the African Development Bank, the Central Bank of West African States and the Bank Al-Maghrib.
“We are excited about the investment in Africa50, as it aligns with our rest of African investment strategy. Africa50’s extensive presence and expertise across the continent provides PIC with a valuable opportunity to achieve both financial and developmental objectives in line with our client mandates,” said Kabelo Rikhotso, PIC’s chief investment officer, in the news release.
The Africa50 Infrastructure Acceleration Fund at first close mobilized $223 million from primarily African institutions. The Alliance for Green Infrastructure for Africa, an initiative sponsored by African Union, African Development Bank and Africa50, has also raised $500 million of blended finance capital for project preparation and project development.
