GIPF commits N$2.6 billion to private equity
The Chief Executive Officer of the Government Institutions Pension Fund, Mr David Nuyoma (left) announced this week the fund will participate in a property project at Osona Village taking up nearly N$6 billion of the fund’s assets, for the first two phases only. The CEO was assisted by the fund’s Chairman, Mr Goms Mr Goms Menetté.
“As an institution of strategic significance in our economy, the GIPF remains of the view that the challenge of homelessness is not insurmountable given our population density and the presence of financial institutions. While the GIPF has pledged support to the Harambee Prosperity Plan, we see an urgent need for the whole financial services industry to adopt the concept of mobilizing national savings for domestic investments to fast track the implementation of this prosperity plan in totality” said the Chairman of the Government Institutions Pension Fund, Mr Goms Menetté, when he launched the Osona Village Project earlier this week.
The project is located about 10km south of Okahandja, across the B1 road from the Osona military base.
“Since the commencement of our Unlisted Investment Portfolio the Fund has invested into residential land delivery, housing and sanitation in a number of regions and we have confidence in the model we are utilizing in this space” said Menetté.
He continued “While we believe that national savings should be used for local development, our investment into these projects should also be regarded as part of the overall strategy to diversify our portfolio and inoculate the Fund against volatile international markets.
GIPF Chief Executive Officer, Mr David Nuyoma said “The Government Institutions Pension Fund has pledged to deliver on pillar three of the Harambee Prosperity Plan which deals with Social Progression. The GIPF has committed itself to join the government to provide serviced land, housing and sanitation to the people of Namibia.”
Nuyoma sketched the project’s background saying “In 2008 the GIPF introduced an Unlisted Investment Programme focused on investing strictly in Namibian businesses or entities to stimulate economic activities in the country.”
“The GIPF strategy is to use Special Purpose Vehicles managed by fund managers to carry out these investments on its behalf and ensure that execution and implementation are delivered in a professional manner” stated Nuyoma.