When南非总统祖马解职财政部长尼内in favor of obscure politician David van Rooyen last December, investors around the world woke up to the country’s political instability, sending the rand into a tailspin and foreign capital running for the door.
没有人觉得像公共投资公司的管理人员一样，这是一个国有实体，一个国有实体代表南非政府雇员养老基金（GEPF）和其他公共机构。行政长官丹尼尔Matjila在5月份在5月份在5月份在5月份举行，PIC的投资组合的价值下降了19亿卢比，或5.5％。当Zuma以4天后抑制压力并用Nene的前任普拉文·戈德邦用Zuma的前任取代了Van Rooyen，但事件强调了基金是如何脆弱的基金是国内政治改变的脆弱。“过去几个月发生了什么是应该在强大的经济中发生的事情，”Matjila告诉亚博赞助欧冠. “这将严重削弱我们的实力，我相信他们现在已经学会了如何把事情做得更好。”
内内被解职的风波或许已经过去，但PIC仍然受到政治影响，这在一定程度上令一些批评人士感到担忧，主要是因为这位前部长。2014年9月，Nene发布了一项指令，将正式的经济发展目标作为其投资范围的一部分。其理由是，该基金的巨额资源可用于推动增长和创造就业机会，并在此过程中为PIC的投资组合创造回报，该投资组合持有约翰内斯堡证券交易所近13%的市值和该国24%的债券市场。
Matjila, who took over as chief executive of the fund in December 2014, fully embraces the development mission. “We need to be able to put money in the right places to grow the economy to create jobs so that we can protect our fragile democracy,” he says.
但这一新战略遭到了南非最大反对党民主联盟（Democratic Alliance）的尖锐批评。它担心，发展议程正在把PIC变成祖马及其执政的非洲国民大会（ANC）的棋子，并牺牲该国领取养老金者的利益。Nene指令“将发展目标置于财政可持续性之上，明确指出最终受益人——在这种情况下主要是养老金领取者——并不是PIC的首要任务，”议会议员和联盟财政事务发言人David Maynier说。
国有的PIC管理23个不同政府机构的资金，但近90％的资产来自GEPF。依法，Pic的客户承担了向受益人支付支出的信托责任。他们为PIC实施的个人投资授权制定;这些通常包括发展目标和社会责任的投资主题，以及财务目标。Nene的指令首次开展了明确的图片目标。
不难看出为什么政府会希望to tap PIC. Once a darling of emerging-markets investors, South Africa’s economy has slowed to a crawl, hampered by low commodity prices, rolling power outages, poor infrastructure and one of the worst droughts in years. Growth has decelerated steadily, from 3.2 percent in 2011 to 1.3 percent last year, and output contracted at a rate of 1.2 percent in the first quarter, putting the economy on the verge of recession. The International Monetary Fund forecasts the country’s GDP will expand by just 0.1 percent this year. Unemployment hit 26.7 percent in the first quarter, public debt has been rising steadily, and the current-account deficit is one of the largest among emerging-markets countries, just over 4 percent of GDP.
“今天的南非与非洲非常相似巴西一到两年前“当时经济增长开始放缓，信用评级被下调的风险最终出现，”爱马仕投资管理公司（hermesinvestmentmanagement）驻伦敦新兴市场投资组合经理埃琳娜•泰德斯科（elenatedesco）表示。今年6月，标准普尔（Standard and Poor's）宣布不会下调南非的BBB信用评级，但南非仍持负面展望，南非勉强避免与巴西加入金砖四国的垃圾场。
约翰内斯堡证券交易所（jonesburg Stock Exchange）今年前5个月有550亿南非兰特的外资逃离其股票市场，250亿南非兰特流入债券市场。“与其他新兴市场相比，我们并不觉得南非受到了不适当的打击，”该交易所负责人表示，尼基·牛顿·金. 凭借其盎格鲁-撒克逊法律体系，南非继续在发展中国家中因其经商的便利性和对投资者权利的保护而得分颇高。但它的基尼系数是新兴国家中最高的，这种过高的收入不平等水平，再加上人们对政府任人唯亲和贪污腐败的愤怒，在8月份地方政府选举前引发了对非国大的抗议。与此同时，PIC已经变成了一个足球：7月份，非国大的支持者南非工会大会（Congress of South African Trade Unions）宣布，计划向该公司施压，要求其投资基础设施和其他项目，以消除贫困。
PIC invests about 90 percent of its assets in South Africa. The firm began investing abroad in 2012, primarily targeting the African continent, but the fund’s development objectives have overshadowed talk of greater international diversification.
尽管前部长内内在近两年前的一份战略意向声明中阐明了这些目标，但财政部直到今年6月才发布该文件，此前该联盟的梅尼尔施压。声明，由二,outlines 11 principles that PIC should apply to its investments. The first one directs the firm to “contribute to the development and transformation of the South African economy and the financial services and asset management sectors in particular within the prescripts of client mandates.” Another principle calls on management to “ensure that PIC remains financially sustainable over the long term.”
太平洋公司约20%的投资组合专门用于未上市的本地投资，特别侧重于开发项目。在截至2015年3月31日的财政年度（有最新数据可用），太平洋公司宣布了创纪录的26笔未上市交易，总额为131亿南非兰特，其中80%承诺用于南非发展项目。
Matjila, who took over as PIC’s chief executive in December 2014 after more than nine years as CIO, says his approach differs from the firm’s previous development efforts by making economic impact the primary goal. One of his first moves was to launch an initiative dubbed Developmental Investing for Radical Economic Transformation, or DIRECT. (“Politicians love the word ‘radical,’” he explains.) The firm has invested about $2 billion under the program and made a return of about 10 percent, he says.
PIC aims to invest $2 billion to $3 billion a year over the next three to five years through DIRECT, targeting strategic sectors like agriculture, mining, manufacturing, health care, education and infrastructure, Matjila says. Such efforts will boost financial returns by stimulating the economy, he insists.
“一旦你创造就业机会和南非人正在工作，它就会改变这个国家的经济状况非常明显，”Matjila断言。PIC争夺其在2015财年的投资创造或保存了超过80,000个就业岗位，这应该缓解该国的失业救济金基金的压力（也由PIC管理）。
根据Elias Masilela，Matjila的前任作为CEO，Pic的主要客户，GEPF，提出了一项有意识的决定，在2010年投资真正的经济，以提高南非竞争力，提高就业和减少不平等;他说，这种面向发展的思维对南非不是独一无二的。例如，在U.，政府正在将其当地政府养老金计划从89个资金巩固到大约八个，以使其规模更大的基础设施投资。
马西莱拉说：“在全世界范围内，长期投资的最大和最可靠的资金来源将是养老基金，这一点已被接受。”。“而养老基金理解其在经济中的作用的方式极为重要。它决定了它们是将对经济产生积极影响，还是影响不大。”
Maynier is determined to shed more light on PIC’s development efforts, particularly its unlisted investments, which the firm does not disclose in detail. “The risk of PIC becoming the ruling party’s piggy bank is high,” he tells二在电子邮件中。“所以，我们破解这张照片是绝对必要的。”
Although Matjila says about 75 percent of new development investments will target listed securities, some of the most critical projects involve private equity and real estate. In the March 2015 financial year, PIC financed nearly 30,000 affordable houses, three new hospitals and 350 small and medium-size businesses, and provided more than 15,000 student loans.
In May, Deputy Finance Minister Mcebisi Jonas, who also chairs PIC, told Parliament the firm would provide a detailed account of its unlisted investments. In June, Matjila wrote to Maynier to say PIC still intends to provide disclosures but has enlisted a lawyer to advise on how to treat certain confidentiality agreements. Maynier isn’t holding his breath. “I have no indication of when we will receive the information but suspect that PIC is going to try and find legal loopholes, including mystery confidentiality agreements, to try and prevent or limit the extent of the disclosure of information to Parliament,” he says.•
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