Does the Public Investment Commission (PIC) have a mandate from the private workers’ Unemployment Insurance Fund (UIF) to invest or deviate from objective commercial investment decisions to assist the government in funding essential functions? By the close of the previous financial year to March 2023, the UIF was the second largest client of the PIC, after the Government Employees Pension Fund (GEPF), with 5.14% of the portfolio in assets under management, which grew by 13% to R135 billion in the period under review.
In the recent review of its investment portfolio, it was stated that “alongside sustainable financial returns, there are developmental, or impact investments designed to produce socio-economic returns that
