The Public Investment Corporation (PIC) says its critics are focusing on a few underperforming investments, instead of highlighting the returns it has generated for clients. The PIC, Africa’s largest asset manager, has funds under management of about R2.1-trillion, which it invests on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund and the Compensation Fund. The corporation came under fire recently for the investment it was about to make in Iqbal Surve’s Sagarmatha Technologies, which it aborted at the 11th hour, as well as the investments it has made over a number of years in Ayo Technology Solutions (29% for R4bn). It is also invested in VBS Mutual Bank, which is now under curatorship, to the tune of R108m in equity plus a R350m revolving credit facility; $270m in the now bankrupt Nigerian oil and gas company Erin Energy (30%); R16bn in troubled global retailer Steinhoff (8.1%); Independent Media SA (R1.3bn in loans and preference shares) an...

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