The Public Investment Corporation (PIC) on behalf of the Government Employees Pension Fund (GEPF) has invested $149m for a minority stake in Bayport Management (BML).

Based in Mauritius, Bayport Management is an emerging market provider of innovative, relevant and uplifting financial solutions to a broad economically active population, which operates in nine countries across Africa and Latin America.

Daniel Matjila, CEO of the PIC, said Bayport Management is an attractive partner given its unique pan African and Latin American footprint, covering countries such as South Africa, Botswana, Ghana, Mozambique, Tanzania, Uganda, Zambia, Colombia, and most recently Mexico.

"The PIC is excited about partnering with BML because this partnership enables us to deliver on our investment mandate for the rest of the African continent and other emerging markets. Moreover, the partnership with BML will enable the PIC to actively participate in bringing financial services to historically-underserviced markets, effecting socio-economic upliftment of African nationals and those in other emerging markets," he said.

The PIC has a significant emerging market footprint and, as a strategic investor is expected to add significant value to the Group.

Co-founders and joint CEOs of Bayport Management, Grant Kurland and Stuart Stone, said this landmark transaction adds to the Group's investor base Africa's largest investment partner, holding assets under management of approximately $150bn.

"Partnering with a powerhouse African investor will enable BML to access previously untapped growth opportunities and to further expand our product offering in our combined markets", said Kurland and Stone.

The partnership offers significant scope for growth.

Dr Matjila said: "We are investing in a proven management team with vast knowledge and experience, as reflected in a successful track record of operating across multi-country jurisdictions."

BML's other major shareholders include the group's founders; Investment AB Kinnevik, the Swedish listed entrepreneurial investment group with a market capitalisation of $9bn; and Helios Investment Partners, an Africa focused private investment firm managing funds totalling over $3bn.

The transaction remains subject to certain conditions and is expected to complete in May 2015.

Capitelle Limited acted as corporate advisor to BML in this transaction.

The Public Investment Corporation (PIC) is a public asset management firm wholly owned by the South African government, with the Minister of Finance as the sole shareholder representative of the government.

PIC's clients are mostly public sector entities including the Government Employees Pension Fund, which contribute 90% of the funds that PIC manages.