A lack of policy certainty and professionalism in the public service is deterring socially critical investment in the unlisted space by the private equity industry, says former Public Investment Corporation (PIC) boss Elias Masilela. "It is not happening to the extent one would expect." Masilela, a commissioner in the Public Service Commission and executive chair of DNA Economics, spoke at the launch of Southern Africa Venture Capital's 2018 private equity survey recently. He stressed that private equity investment is key to solving the country's social problems and tackling inequality. The survey shows a steep curve over the past five years in private equity investment, which reached a record R31.1-billion for the region last year. But this is a fraction of the money available, he says. "As a proportion of GDP, private equity investment is not having the kind of impact we need it to have." Improving professionalism in the public service is critical. Part of this is teaching public ...

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