PIC head of impact investing resigns after suspension is lifted
Roy Rajdhar had been suspended for 14 months, with staff voicing concern over the PIC's Isibaya Fund
Roy Rajdhar, the executive head of impact investing at the Public Investment Corporation (PIC) has quit. Rajdhar’s departure comes after the PIC told staff on May 6 that his 14-month suspension had been lifted.
On Thursday, Rajdhar confirmed his departure, but declined to comment further.
Rajdhar’s exit comes after employees of the Isibaya Fund, which includes the department Rajdhar ran, accused some of the PIC’s senior leaders of causing an “existential crisis” by allowing a mandate with its biggest client to expire.
The 2016 agreement with the Government Employees Pension Fund (GEPF) enabled Isibaya to make unlisted investments. The employees wrote a nine-page letter to the company’s investment committee detailing their complaints, which included allegations of poor management. Rajdhar was not a subject of the complaints.
A judicial inquiry in 2020 found that the PIC’s management flouted internal procedures and made questionable investment decisions over many years. The PIC oversees R1.9-trillion of assets, which mainly comprises the GEPF.
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