PIC converts Eduloan debt into 40% equity stake

Image Credit: Solusi University

The Public Investment Corporation, on behalf of South Africa’s Government Employees Pension Fund, has acquired a 40% stake in Eduloan by converting a $9.1 million* loan to equity.  In addition, the PIC is making a $1.28 million* 5-year loan to Eduloan, while the Unemployment Insurance fund and the Compensation Commission are advancing the lender $4.8 million* each. As part of the deal, the PIC takes up two seats on the student loan provider’s board.

Read more at BusinessDay…

 

 

*Exchange rates are calculated at ZAR 1: USD 0.080