RETURN ON INVESTMENT: Public servants’ pension money — the R88bn question behind the PIC’s Isibaya portfolio
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The Public Investment Corporation's Isibaya portfolio has generated a 4.25% internal rate of return since 2006, raising questions about its effectiveness in delivering value for public servants' pension funds. While some investments have performed well, others have resulted in significant losses, leading to concerns about the overall impact on retirement savings. The portfolio aims to support developmental projects, but the financial returns have prompted scrutiny regarding the balance between social impact and investment performance.
- ▪The Isibaya portfolio has delivered an internal rate of return of 4.25% since March 2006.
- ▪The total invested capital in the portfolio is approximately R88 billion, with a current value of about R98.8 billion.
- ▪Siyanda Resources is a standout investment, yielding a money multiple of 11.6 times the initial investment.
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RETURN ON INVESTMENT Public servants’ pension money — the R88bn question behind the PIC’s Isibaya portfolio The Public Investment Corporation’s Isibaya portfolio was meant to do more than make money. It was supposed to help build the country by funding infrastructure, supporting empowerment deals, creating jobs and backing investments that could deliver both social impact and financial returns. But after nearly two decades, the portfolio’s disclosed return raises a blunt question: was the risk worth it? By Neesa Moodley 3 Jun 2026 BM PIC results Main option Dive Deeper Speed Read Summary Listen Dive Deeper The Public Investment Corporation’s Isibaya portfolio, which invests money on behalf of the Government Employees Pension Fund (GEPF), has delivered an internal rate of return of 4.25%…
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