When making investments for the GEPF, PIC invests in four main asset classes, namely:

• Equities,
• Fixed income,
• Properties and
• Isibaya Fund. 

Equities are shares of companies listed on the Johannesburg Stock Exchange (JSE). This is the largest asset class within PIC.  

Fixed income means investments in the domestic capital (bond) and money markets. In the money markets, PIC only invests with domestic banks that have credit ratings of A2 and above. We also deal only in bonds traded through the Bond Exchange of South Africa or issued by government, parastatals and companies listed on the JSE Limited.  

PIC Properties invests in retail, corporate, industrial, specialised and residential properties across South Africa. We also have strategic investments such as the 20% share in the Airports Company of South Africa.  

The Isibaya Fund invests in black economic empowerment and infrastructure development projects that help to create jobs, relieve poverty and transform the economy.