The Public Investment Corporation, or PIC, is the asset management company for the Government Employee Pension Fund (GEPF) and invests funds on its behalf.

The tri-partite agreement between Just Veggies, the PIC and the community aims to empower the local farmers of the area with the skills and best farming practices needed to manage workable and profitable farming businesses through the transfer of long term skills, good farming practices and sound financial know how. TheAba-Qulusi farmers as partners have agreed to provide the land; labour and produce for guaranteed 100% use byJust Veggies. The joint venture will create 1 000 jobs for the Aba-Qulusi area with the factory employing a further 70 people full-time, and approximately 100 to 300 part-time.


“The PIC is delighted to have funded this transaction which will create approximately a thousand much needed jobs in Kwa-Zulu Natal. Our business is to ensure that we invest for development and to change the lives of ordinary people. This transaction will see ordinary community growers play a significant part in the business as they will supply all the raw material needed for the success of the business. The community owns a significant 15% equity in the business.  This transaction also contributes immensely towards food security and the eradication of poverty. These together with job creation are part of Government’s programme. We are therefore delighted to contribute towards Government’s greater plan of job creation and the eradication of poverty,” said the PIC’s CIO Daniel Matjila.


About GEPF

gepfThe Government Employees Pension Fund (GEPF) is Africa’s largest pension fund. We have more than 1.2 million active members, in excess of 300 000 pensioners and beneficiaries, and assets worth more than R1 trillion.

GEPF is a defined benefit pension fund that was established in May 1996 when various public sector funds were consolidated. Our core business, which is governed by the Government Employees Pension Law (or GEP Law), as amended,  is to manage and administer pensions and other benefits for government employees in South Africa.

Our job is to give members and pensioners peace of mind about their financial security after retirement. We do this by making sure that all funds in our safekeeping are responsibly invested and accounted for, and that benefits are paid out efficiently, accurately and on time.

We have a solid track record in protecting our pensioners against inflation and in safeguarding the value of active members’ retirement savings. Every April, GEPF pays pension increases that largely compensate our pensioners for inflation and, where necessary, we pay catch-up increases.

Actuarial valuations of the Fund are conducted at least every three years. According to the latest valuation, undertaken as at 31 March 2008, GEPF is 100% funded.

Link: http://www.gepf.gov.za/


About PIC

public_investment_corporation-300x236The PIC is wholly owned by the South African Government, with the Minister of Finance as shareholder representative. The PIC was corporatised on 1 April 2005 in accordance with the Public Investment Corporation Act, 2004.

Corporatisation has positioned PIC to structure its investment activities and operations in a manner comparable to that of private sector investment managers. Apart from pursuing Financial Services Board (FSB)-compliant mandates, we benchmark our investment performance against market-driven indices, enabling our clients and shareholders to compare PIC’s returns to other local market leaders.

The funds invested in are primarily pension; provident; social security and guardian funds, and investments are diversified across the following broad asset classes: Listed Equities,
Capital Markets, Money Markets, Property and Isibiya Fund.

Isibaya Fundpromotes investments that have a social impact and contribute to South Africa’s development goals.

Link: http://www.pic.gov.za/