The Public Investment Corporation (PIC), acting on behalf of the Government Employees Pension Fund (GEPF), has invested approximately R2.7bn in the Waterfall mixed-use precinct, underscoring its commitment to infrastructure-led growth and long-term value creation.
The development supports around 23,000 jobs and includes more than 500 retail outlets, about 70 restaurants, and extensive commercial and logistics operations, positioning Waterfall City as a significant hub for economic activity, employment, and integrated urban development in South Africa.
PIC chairperson, David Masondo, said developments of this scale play a critical role in strengthening the country’s economic infrastructure, attracting investment, and creating vibrant spaces where businesses and communities can thrive.
“Waterfall City reflects the kind of scale, vision and execution that South Africa needs as we build modern, sustainable and competitive cities,” he said.
Masondo, who also serves as the Deputy Minister of Finance, conducted a site visit to Waterfall City on Tuesday, 7 April 2026 describing it as a strong post-1994 example of long-term, high-quality investment in the country’s urban future.
The visit forms part of a broader national oversight programme scheduled over the next three months, aimed at showcasing how pension-fund capital is being deployed into infrastructure and other productive assets.
