The Public Investment Corporation (PIC) is a state-owned asset management company known for managing the capital of South Africa’s Global Employees’ Pension Fund (GEPF). PIC is Africa’s largest asset manager, and it invests across various sectors, most of it in South Africa and neighboring countries. In 2019, it started being investigated for impropriety and its Board and Executive Teams were replaced. The fund is highly exposed to Utilities company Eskom, responsible for the country’s frequent blackouts.