The Public Investment Corporation, or PIC, is the asset management company for the GEPF and invests funds onbehalf of the fund. The PIC is wholly owned by the South African government and is the only asset manager that serves South Africa’s public sector. It takes care of the investment needs of about 35 public sector pension, provident, social security, development and guardian funds.
The GEPF is the PIC’s largest client. The corporation manages about R2-trillion worth of state workers’ pension funds on behalf of the GEPF. The PIC is registered with the Financial Services Board (FSB) as a financial services provider and is required to follow FSB-approved client investment mandates when investing funds. The corporation’s annual financial statements are audited by the Auditor-General of South Africa.