The Public Investment Corporation (PIC) has disclosed the performance of its unlisted investment portfolio, which is estimated to have a value of about R140bn. For a number of years the corporation has provided details of its unlisted investments, which it holds in the Isibaye Fund, though has not indicated how they have performed. This has led to suspicions that these investments were made primarily for transformation and developmental purposes, rather than on the basis of the soundness of their businesses. However, PIC spokesman Sekgoela Sekgoela said in response to a query that impact investments in the unlisted portfolio that were less than five years old as at December 2017, achieved an internal rate of return of 9.73%, while those older than five years achieved an internal rate of return of 7.77%.
"Private equity investments that were less than five years, as at December 2017 achieved 6.59% internal rate of return whilst those that were more than five years achieved 8.1%...
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