Chamwe Kaira
The Government Institutions Pension Fund (GIPF) this week presented an overview of its unlisted investment ecosystem to the Namibia Financial Institutions Supervisory Authority (Namfisa) amid growing calls for transparency.
The fund reported that its alternative investments portfolio had reached N$24.9 billion in committed capital and N$22.8 billion invested by 30 June 2025.
The portfolio includes 77 indirect funds, 307 underlying companies and 41 fund managers across private equity, private credit, real estate, venture capital and infrastructure. Undrawn capital stood at N$4.8 billion.
The GIPF has been under pressure after announcing an N$815 million impairment loss from its investment in the South African-based Signal Structured Finance Fund.
The loss came from a tax claim lodged by the South African Revenue Service against the fund, managed by TriAlpha Investments.
The presentation did not refer to the loss but focused on the evolution of the fund’s alternative investments since 1996. This included the early development capital programme, the creation of unlisted investment teams, domestic private equity programmes, infrastructure mandates and offshore allocations.
GIPF says its alternative investments aim to support national development priorities in energy, water, housing, logistics, ICT, health, agriculture and education. It plans to expand infrastructure investments in energy, transportation, and digital services. It also aims to strengthen regional venture capital partnerships; improve impact measurement in line with national plans and the SDGs; increase data transparency; standardise reporting through industry cooperation; and strengthen internal skills in valuation, risk analysis and environmental, social and governance (ESG).
The fund’s portfolio includes the domestic private equity programme valued at N$2 billion, a housing facility valued at N$900 million, an unlisted programme with 11 special purpose vehicles valued at N$2.5 billion, the first pooled housing vehicle in Namibia, and several infrastructure mandates valued at N$3 billion. In South Africa, investments include real estate valued at N$1.4 billion. African investments include private equity allocations to South Suez, Investec Africa and Abraaj Africa. Offshore investments total N$3 billion.
The fund noted challenges such as regulatory complexity, slow deployment of capital, a limited domestic pipeline and fragmented oversight. The fund stated that addressing these issues requires greater collaboration across the industry.
Caption
The GIPF’s alternative investments portfolio had reached N$24.9 billion in committed capital and N$22.8 billion invested by 30 June 2025.
- Photo: Contributed
