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South Africa’s PIC faces major overhaul

Thursday, July 11, 2019


The PIC oversees approximately 142 billion dollars, mostly on behalf of the Government Employees Pension Fund (GEPF). While the GEPF’s assets are still comfortably greater than its liabilities, its surplus has been falling in recent years, with several questionable investments coming to light.


  • Inquiry revelations could weaken support for government economic policies, such as prescribed assets, from traditional allies.
  • The GEPF’s push to invest more funds overseas could have major implications for how much money the PIC manages and its future investments.
  • The Commission's major long-term impacts could include a serious rethink of the ANC's black economic empowerment (BEE) economic policies.

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