PIC invests US$26.4 million (€19.25 million) in the West Africa Emerging Markets Growth Fund (WAEMGF)

Lagos (Nigeria), march 31st 2014 – South Africa’s Public Investment Corporation (PIC), the largest asset manager on the continent with assets under management of approx. US$150 billion (€109 billion), has concluded an important strategic alliance with Cote d’Ivoire based financial services group Phoenix Capital Management (PCM) S.A. Per the terms of the partnership between the two groups, PIC will, on behalf of the Government Employees Pension Fund (GEPF), invest an initial amount of US$26.4 million (€19.25 million) in the West Africa Emerging Markets Growth Fund (WAEMGF), the Private Equity (PE) fund sponsored by PCM. In addition PIC will take a 30% shareholding in PCM Capital Partners (PCP), the Fund Manager. This dual investment reflects the group’s developmental strategy for sub-Saharan Africa, which revolves around investing some 5% of its assets under management (approx. FCFA 3,500 billion) on the continent. The partnership envisages potential co-investment opportunities between the two groups and will give PIC a solid channel for any investments in the ECOWAS region. C