The Public Investment Corporation (PIC), representing the Government Employees Pension Fund (GEPF) of South Africa, has made a $40m investment in Africa50 Group, a pan-African infrastructure investor and asset manager, becoming its 36th shareholder.  

Kabelo Rikhotso, PIC’s Chief Investment Officer, said: “We are excited about the investment in Africa50, as it aligns with our rest of Africa 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." 

"This partnership will help address the slow pace of infrastructure development and address the significant infrastructure deficit in Africa. PIC remains committed to the African continent’s growth and looks forward to a strong strategic collaboration with Africa50 and our other partners to drive sustainable infrastructure investment”.

The PIC—one of Africa’s largest asset managers—joining Africa50 as a shareholder is an important milestone and provides a significant boost to Africa50’s mission of mobilizing African institutional investors to drive infrastructure development across the continent.

The PIC is South Africa’s state-owned asset management company with $141.5bn of assets under management (AuM). 

The PIC’s investment is a testament to Africa50 group’s ability to unlock new and deep pools of capital for transformative infrastructure across the region. 

As Africa50’s 36th shareholder, the PIC joins 32 African states, the African Development Bank (AfDB), the Central Bank of West African States (BCEAO), and the Bank Al-Maghrib. The development reinforces Africa50’s position as a pioneering infrastructure investor, asset manager and mobilizer of institutional capital.

Alain Ebobissé, CEO of Africa50, said: "As Africa’s largest asset manager, the Public Investment Corporation of South Africa’s position as a shareholder sends a strong signal to the market about Africa50’s ability to deliver value for investors and economies. We see this development as a strategic partnership, where the PIC will benefit from Africa50’s project development expertise and geographic footprint, as we seek to accelerate infrastructure delivery across Africa, fostering sustainable development and economic growth.”