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Mauritius Investment Corporation
The Mauritius Investment Corporation (MIC) was formed in June 2020 by the Bank of Mauritius as a wholly owned subsidiary designed to cushion the domestic...
Mauritius Investment Corporation
The Mauritius Investment Corporation (MIC) was formed in June 2020 by the Bank of Mauritius as a wholly owned subsidiary designed to cushion the domestic economy against COVID-19 disruption. Its founding mandate was simple: deploy central bank capital into key economic sectors to preserve financial stability and support companies vital to the island’s output. MIC’s investment activity spans real estate, accommodation and food services, agriculture, construction, manufacturing, and arts and recreation. The firm’s most significant disclosed position is a MUR 25 billion equity investment into an entity of strategic importance. Its land and development footprint includes the Medine Land Acquisition in Moka and Black River, the Mon Trésor Smart City mixed-use project in Plaine Magnien, and a portfolio of Apavou Group land assets. MIC also maintains an Infrastructure Portfolio and a Future Generations Portfolio, both dedicated to domestic projects. The firm is chaired by Mark Florman and run day to day by CEO Jitendra Bissessur, operating from Port Louis with no disclosed additional offices or professional headcount. MIC’s governance architecture is anchored to its parent — the Bank of Mauritius — and it has joined international sovereign-wealth peer networks as a full member of the International Forum of Sovereign Wealth Funds (IFSWF), a participant in the Africa Sovereign Investors Forum, and a holder of full observer status in the One Planet Sovereign Wealth Fund Network. In 2024, the corporation publicly confirmed it had halted all new disbursements except those previously committed to a government-owned entity and private equity fund positions, citing a shift toward capital safeguarding. MIC’s structural differentiator is its origin as a central-bank crisis-intervention tool rather than a commodity- or surplus-funded savings vehicle. Unlike most sovereign funds that build intergenerational wealth from exports, MIC was injected with domestic liquidity to stabilize a shock-hit economy, and its mandate evolved inside six years from emergency lender to a capital-preservation posture — a trajectory that makes its future role in Mauritian public finance a live constitutional and policy question.
General information
Firm type
Sovereign Wealth Fund
Year founded
2020
Location
Region
Africa
Country
Mauritius
City
Port Louis
Corporate office
Level 5, The Docks 2, United Docks Business Park, Caudan, Port Louis, Mauritius
Principals
Mark Florman
Chairman of the Board of Directors
Jitendra Bissessur
Chief Executive Officer
Sector focus
Frequently asked questions
What was the original mandate of the Mauritius Investment Corporation?
The Bank of Mauritius incorporated MIC in June 2020 as a wholly owned subsidiary, with a mandate to invest in and support domestic companies operating in key economic sectors affected by the COVID-19 pandemic. Its creation was explicitly framed as a financial-stability measure aligned with the central bank’s responsibility to ensure orderly economic development.
How is MIC structured relative to the Bank of Mauritius?
MIC is a private company limited by shares, fully owned by the Bank of Mauritius. Its board and management operate the investment portfolio, but ultimate ownership and capital provisioning trace directly to the central bank, making its governance a hybrid between a sovereign wealth fund and a central-bank special-purpose vehicle.
Why did MIC halt new disbursements?
In its own words, MIC halted all new disbursements 'in the interest of safeguarding capital,' with exceptions only for previously committed amounts to a government-owned entity and private equity fund positions. The corporation has not published a detailed breakdown of the policy decision, but the shift signals a move from crisis deployment to balance-sheet defense.
What are MIC’s most significant known assets?
The single largest disclosed position is a MUR 25 billion equity investment into an entity of strategic importance, whose identity MIC has not publicly named. Its real-asset holdings include the Medine Land Acquisition, the Mon Trésor Smart City mixed-use development, and Apavou Group land, alongside dedicated Infrastructure and Future Generations portfolios.
Does MIC take commitments from or co-invest with external sovereign funds?
There is no public evidence that MIC accepts external capital or co-invests alongside other sovereign wealth funds. It participates in the Africa Sovereign Investors Forum and holds IFSWF membership, but its published activities describe a domestically focused, single-LP structure capitalized entirely by the Bank of Mauritius.
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