Africa’s biggest fund manager is again tangled up in a governance and management crisis, while its unlisted investments continue to underperform. .By Loni Prinsloo.South Africa’s Finance Minister Enoch Godongwana and the Public Investment Corp.’s board met on Thursday as a public rift over the management of parts of the 3.6 trillion rand ($218 billion) fund expose the latest bout of executive and political infighting. The PIC manages the pension savings of 1.3 million civil servants and has endured serious governance breaches and financial losses due to investment decisions often linked to politically connected individuals. It has invested about 67 billion rand ($4.1 billion) in nearly 150 unlisted entities since its inception in 2005 and at least 78 of these have lost some or all of the money, according to parliament data. The fund manager has suffered significant losses with deals done around cement-maker AfriSam and chicken company Daybreak Farms, among many others, according to the data.Godongwana is said to have been at odds with PIC’s Chairman David Masondo, who is also his deputy in the finance ministry, over the handling of a report commissioned by PIC Chief Executive Officer Patrick Dlamini and a subsequent whistleblower tip-off, according to people familiar with the matter who asked not to be identified because they aren’t authorized to speak publicly.An investigation by Price Waterhouse Coopers was ordered by Dlamini into valuations relating to a Black economic empowerment deal linked to an investment in Lanseria airport outside Johannesburg. The report exposed alleged wrongdoing and named PIC staff. A whistleblower report later accused Dlamini of over-stepping his mandate and breaching governance limits by issuing the investigation. “The meeting today resolved that the response by Mr. Patrick Dlamini, the PIC CEO, to allegations in a whistle blower report, submitted the board last week, will be dealt with according to the PIC policies and applicable legislation under the oversight of the board,” the PIC said in a statement. “Today’s meeting agreed to develop a program to address public and client concerns about legacy investments in the PIC’s unlisted portfolio.”The latest battle follows the suspension of former Chief Investment Officer Kabelo Rikhotso last year, along with unlisted portfolio head Thabiso Moshikara.The country’s second-largest political party, the Democratic Alliance, on Wednesday said it had submitted parliamentary questions regarding “reckless” investments, and demanded reform to “the process by which the board and chairperson are selected.”.Read more:.South Africa’s growing investment crisis threatens growth and infrastructure: Katzenellenbogen.South Africa’s Finance Minister had confidence in the current PIC board and management team, according to the statement from the fund manager..© 2026 Bloomberg L.P..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox every morning on weekdays. Register here.Support South Africa's bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here.