• PIC raises its commitment to Enko Impact Credit Fund, reaching 86.7% of its target.
• The fund provides dollar-denominated private credit to mid-sized African companies.
• Agriculture, telecoms, manufacturing, renewables, and finance remain key focus sectors.

South Africa’s Public Investment Corporation has announced a $30 million investment in Enko Capital, an African asset manager. This brings the fund’s initial target to 86.7% with less than seven months remaining, and it could reach its authorized ceiling of $200 million.

The vehicle, Enko Impact Credit Fund, finances mid-sized African SMEs facing a financing gap of an estimated $330 billion, the PIC said. It plans to provide these medium-sized companies with dollar-denominated private credit and maturities tailored to their needs.

Target sectors include agriculture, telecommunications, manufacturing, renewable energy, and financial services, which account for a large share of financing demand and a significant number of growth-stage companies.

PIC CEO Patrick Dlamini said demand for private credit is increasing in Africa, as many companies seek alternatives to traditional bank loans. The partnership between PIC and Enko Capital is expected to expand SME access to capital suited to their projects.

PIC joins a consortium of impact and commercial investors already committed to Enko Capital’s private credit fund. The group mobilized $100 million at the end of October 2025. Investors include British International Investment, the International Finance Corporation, SICOM Global Fund Limited, as well as African pension funds and family offices.

Fully owned by the South African state, the PIC is one of the continent’s largest asset managers and oversees the resources of the Government Employees Pension Fund, the country’s biggest pension fund. It has supported Enko Capital since 2016 across several investment initiatives targeting African companies.