A further R100m has been committed to the successful Midi Television bid for a private television licence to be issued by the Independent Broadcasting Authority. The objectives of the Isibaya Fund are to diversify the portfolio of the PIC, which manages and administers retirement money of the public sector, and contribute to economic transformation and infrastructure development while earning market related returns. The Isibaya Fund is a minute portion of the PIC's R150bn portfolio in 130 different portfolios. Its cash flow is enormous. Monthly, it receives an average R260m from clients for new investments and R1bn in interest and dividends which it reinvests.
Smaller investments are in municipal stock, guaranteed investments and cash.
One fund is listed on the JSE's redevelopment sector. The SA Empowerment Fund, created by African Harvest and managed by Coronation managers with assets now worth R290m, listed on the JSE's redevelopment sector in November. It aims to negotiate investment opportunities that arise out of corporate restructuring. In addition to the CGF and its sister CIF, there are two other unit trusts on the list. The fund is a joint venture between Real Africa Asset Management and Sanlam Unit Trusts.