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PIC spills all on unlisted Isibaya investment portfolio

The PIC disclosed the information when it appeared before Parliament’s Standing Committee on Finance.

Picture: EWN

JOHANNESBURG - The Public Investment Corporation (PIC) has for the first time revealed in Parliament detailed information about its unlisted investment portfolio.

Commonly known as Isibaya, the portfolio accounts for investments valued at nearly R45 billion.

The PIC disclosed the information when it appeared before Parliament's Standing Committee on Finance earlier today.

In March, the 250 Isibaya investments were worth R44,6 billion, just under three percent of the PIC's total portfolio of more than R1,8 trillion.

The PIC, which invests funds for state entities, including the Government Employees' Pension Fund, has been under pressure from the Democratic Alliance for some time to reveal details about its unlisted portfolio.

The party's David Maynier has welcomed the disclosure, saying scrutiny will discourage rent-seekers with political influence from trying to raid the PIC's coffers.

The PIC says it revealed the information to show its commitment to transparency as a public body and with the understanding that committee members will observe the legal requirements for client confidentiality.