The Public Investment Corporation (PIC) Assets under Management (AuM) should exceed R4 trillion at the end of March 2026.
The PIC has grown its AuM from R2.34 trillion in the year ending March 2021 to R3.049 trillion in the year ending March 2025. The R4 trillion target should be achieved due to 37.7% gain in the domestic share market in 2025. This was its best annual performance since 2005. If the PIC matches this growth, then AuM will have grown to R4.198 trillion.
The PIC manages savings on behalf of more than 1.2 million government employees. Around 560 000 South Africans rely on it for pension payouts.
The PIC has a dual mandate. Firstly, it needs to deliver sound financial returns for its clients. Secondly, it needs to make investments that have a positive developmental outcome.
To fulfill its aim of creating sustainable value for the future, the PIC invests in a variety of listed equities, non-listed companies, real estate and bonds.
PIC scandals
The PIC has unfortunately had its share of scandals. This is worrying given it has AuM of R4 trillion.
These started with the VBS Mutual Bank scandal. This was detailed in the 2018 “The Great Bank Heist” report. It fingered Paul Magula, a former PIC executive, who was supposed to look after the interests of the PIC.
This in turn led to the Mpati Commission. This exposed conflicts of interest and risky investments at the PIC. The commission probed about 14 transactions that mostly date back to 2017.
The commission heard testimonies from 77 witnesses over eight months ending August 2019. The report was published in 2020. As of March 2026, not all the recommendations have been implemented.
The PIC’s chief operating officer Vuyani Hako was placed under precautionary suspension in June 2022. This came after whistle-blower allegations of misconduct were made against him.
Waterfall precinct
One of the PIC’s investments is the Waterfall precinct north of Johannesburg. It has invested some R2.7 billion in this mixed-use development. The precinct supports around 23 000 jobs. The development features more than 500 retail outlets, around 70 restaurants, as well as major commercial and logistics operations.
PIC Chairperson, Dr David Masondo, said developments of this scale play a critical role in strengthening the country’s economic infrastructure. It does this by attracting investment, and creating vibrant spaces where businesses and communities can thrive.
“Waterfall City reflects the kind of scale, vision and execution that South Africa needs as we build modern, sustainable and competitive cities,” he said.
Masondo described the Waterfall precinct as a strong post-1994 example of long-term, high-quality investment in the country’s urban future.
