South Africa's PIC backs Enko Capital's private credit impact fund

South Africa’s Public Investment Corporation (PIC) has invested $30m (£22.9m) in Enko Capital’s private credit fund.

Enko Capital, the African alternatives manager with $1.4bn in assets under management, is aiming for a final close of $150m in the second half of 2026, with a hard cap of $200m on the fund.

“Driving economic and financial inclusion is one of the pillars of our intermediaries mandate,” said Patrick Dlamini, chief executive of the PIC, the $204bn asset manager wholly owned by the South African government. “Enko Capital provides the vehicle to deliver on this strategy and the broader mandate of generating returns for our clients. There is growing demand for private credit on the continent as businesses look to widen their funding options.”

The private credit fund aims to help fill the funding gap of $330bn facing African mid-market small and medium-sized enterprises.

British International Investment (BII), the UK’s development finance institution, has also partnered with the PIC and Enko for the impact-focused private credit strategy.

“We are delighted to welcome the PIC as a partner in supporting Enko Capital’s private credit fund,” said Leslie Maasdorp, BII’s chief executive. “This is the first investment under our landmark partnership signed in South Africa earlier this year. It reflects our shared commitment to accelerate collaboration and unlock more opportunities for transformative investment and sustainable economic growth across Africa.”