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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.
The GEPF’s Isibaya allocation, managed by the Public Investment Corporation (PIC), delivered a long-run financial return of 4.25%. This note compares that outcome with a listed-bond alternative and examines the investment patterns, financing structures and developmental objectives behind the portfolio’s performance.
