Africa’s biggest pension fund said it may take as long as a year to negotiate a new mandate with South Africa’s Public Investment Corporation (PIC) that will allow it to enter into new unlisted investment deals. The PIC oversees a R70-billion unlisted investment fund for the Government Employees Pension Fund (GEPF), but its mandate lapsed in March, said Musa Mabesa, the GEPF’s principal chief executive. While deals initiated before it ended can be completed, new ones can’t be concluded, he said.
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