The Public Investment Corporation (PIC) has invested $40 million (arounf R740m) into Africa50 Group, the pan-African infrastructure investor and asset manager, marking a significant step towards harnessing African capital for the continent's infrastructure needs.
The PIC, representing the Government Employees Pension Fund (GEPF) and one of Africa’s largest asset managers managing assets worth $141.5 billion, has become Africa50's 36th shareholder.
The PIC’s investment is seen as a testament to Africa50 group’s ability to unlock new and deep pools of capital for transformative infrastructure across the region.
The asset manager joins 32 African states, the African Development Bank (AfDB), the Central Bank of West African States (BCEAO), and the Bank Al-Maghrib. The development reinforces Africa50’s position as a pioneering infrastructure investor, asset manager and mobilizer of institutional capital.
Kabelo Rikhotso, the PICs chief investment officer, said they were excited about the investment in Africa50 as it aligned with their rest of Africa investment strategy.
"Africa50’s extensive presence and expertise across the continent provides PIC with a valuable opportunity to achieve both financial and developmental objectives in line with our client mandates," Rikhotso said.
"This partnership will help address the slow pace of infrastructure development and address the significant infrastructure deficit in Africa. PIC remains committed to the African continent’s growth and looks forward to a strong strategic collaboration with Africa50 and our other partners to drive sustainable infrastructure investment."
The injection of capital from PIC is expected to catalyse several initiatives focused on innovative financing solutions to drive infrastructure improvements.
These include the Africa50 Infrastructure Acceleration Fund (IAF), the DRE Nigeria Fund, and the Alliance for Green Infrastructure for Africa (AGIA).
This new partnership reinforces Africa50’s position as a pioneering investor and asset manager, focusing on mobilising institutional capital to bring a wave of transformative infrastructure projects to fruition. It embodies a vision of collective action by African institutions to foster sustainable development and economic growth on the continent.
Alain Ebobissé, CEO of Africa50, said the PIC's investment sent a strong signal to the market about Africa50’s ability to deliver value for investors and economies.
"We see this development as a strategic partnership, where the PIC will benefit from Africa50’s project development expertise and geographic footprint," he said.
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