The Government Employees Pension Fund in South Africa is looking to invest ZAR25 billion ($1.6 billion) in private firms, according to a report from Bloomberg.

A joint statement from GEPF and the Public Investment Corp (ZAR2.1 trillion AuM) reveals that all investment decisions will be made by the PIC.

The initial planned allocation was ZAR70 billion (~ $4.4 billion), however, after a judicial enquiry was launched against the PIC, the size of the allocation was reduced.

Read more: Private Equity Wire