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The Impumelelo Economic Growth Lab is a unit at the BER that focuses on generating policy-relevant work and building capacity to achieve economic success in South Africa. Impumelelo means success.
South Africa's Public Investment Corporation (PIC) remains a financial heavyweight, managing more than R3+ trillion on behalf of public-sector clients. Most of that money is invested in local equities and bonds, while the GEPF, its dominant client, remains well funded despite some benchmark underperformance. The sharper risk now lies in governance, as leadership disputes and renewed regulatory scrutiny test the Mpati Commission pressures. In this research note, we unpack where the PIC's trillions are invested, how the portfolio has performed, and why governance remains central to protecting long-term retirement savings.
