The Government Institutions Pension Fund (GIPF) says its total asset base has surged to N$221.1 billion as of May 2026.
According to Chairperson of the GIPF Investment Committee, Petrus Nevonga, the fund has experienced remarkable long-term growth, increasing from just N$4.4 billion in 1996 to its current value. GIPF now serves 151,000 members and beneficiaries across the country.
“As a result of this investment strategy, today we are reporting a fully funded defined benefit fund serving 151,000 members and beneficiaries, with a value of N$221.1 billion as of May 2026. We keep our promises. We do not chase the market; we fund liabilities. As a defined benefit fund, our investment strategy is built backwards from cash flows. We owe members for decades to come. We protect our promise,” he said.
Nevonga explained that the fund remains a major anchor of the domestic financial sector, with 47% of its total assets, amounting to approximately N$100 billion, invested directly in the Namibian market. The remainder is diversified across South Africa, the rest of Africa, China and other international markets.
By asset class, listed equities account for 43% of the portfolio, followed by bills, bonds and other fixed-income securities at 29%, while 12.5% is allocated to unlisted investments.
Nevonga said GIPF currently has a funding level of 119%, comfortably above both the global industry benchmark of 100% and the fund’s internal target of 105%.
“I think it is one of the few funds in Africa with a current funding level of 119%, meaning it can cover all its obligations. The industry target is around 100%. Our funding level target as GIPF is 105%. Our actual performance is 119%. Therefore, we are 19 percentage points above the market standard and 14 percentage points above our internal funding target. This was achieved through our investment managers and professionals, which is why I agree that this is indeed their event,” he said.
The fund’s recent financial performance reflects this strong trajectory. Against a long-term target of the Consumer Price Index (CPI) plus 5% per annum, GIPF achieved a return of 16.1% over the past 12 months, outperforming its target by approximately nine percentage points.
This follows a strong three-year strategic cycle during which the fund grew by N$68.1 billion, representing total growth of 44.5% and an average annual return of 15%.
“Assets are matched to long-dated liabilities through liability-driven investing (LDI), while remaining highly disciplined on risk, liquidity and regulatory compliance at all times. We grow real value, which is the value we earn after costs. We have set our target to deliver a long-term return of CPI plus 5% per annum to preserve members’ purchasing power,” Nevonga said.
Since 2016, the fund’s targeted local investments have also delivered measurable developmental benefits across all 14 regions of Namibia.
In the housing sector, GIPF has invested N$1.54 billion, contributing to the delivery of 7,840 homes and the servicing of 5,884 residential plots.
The fund has also invested N$400 million in student accommodation and N$100 million in healthcare infrastructure, including a 285-bed hospital.
Furthermore, GIPF’s infrastructure and private equity investments supported 10,000 jobs in 2025 alone across 314 portfolio companies.
