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State Investment Corporation
Incorporated in 1984, State Investment Corporation was designed as the Government of Mauritius's balance-sheet tool for industrial development and economic...
State Investment Corporation
Incorporated in 1984, State Investment Corporation was designed as the Government of Mauritius's balance-sheet tool for industrial development and economic diversification. Three decades later, the firm carries a portfolio exceeding 100 companies, spanning commercial real estate, mixed-use land banks, and regulated gaming licenses on the island. The government retains 99.99% ownership, with the Development Bank of Mauritius holding a symbolic 0.01% interest. SIC functions as a hybrid development bank and direct investor. It extends credit to high-growth ventures through SME schemes co-run with the Development Bank of Mauritius, while maintaining a significant listed-equity presence on the Stock Exchange of Mauritius. The real-asset book includes the SIC Property Cluster Land Bank and a portfolio of commercial and industrial properties on the island. On the infrastructure side, it taps a USD 500 million line of credit from EXIM Bank of India — a facility aimed at upgrading Mauritian transport and energy networks. Geographic coverage concentrates on Mauritius, Rodrigues, and the Indian Ocean rim. Team leadership was reset in 2025 when Rajiv Kumar Beeharry became Chairman and Premsagar Bholah was named Managing Director. Adjacent activities include direct philanthropy — listed as "SIC Philanthropic Contributions" — though no separate foundation entity is publicly identified. The firm disclosed no professional headcount or consolidated assets under management. The structural differentiator is SIC's twin posture: it is both the state's equity holding company and a direct lender to private-sector ventures. That dual mandate — capital preservation alongside catalytic development — puts it in the rare position of owning regulated casino licenses while also underwriting SME credit programs, all on a single government balance sheet.
General information
Firm type
Government / Public Body
Year founded
1984
AUM
Undisclosed
Location
Region
Africa
Country
Mauritius
City
Bloomington
Corporate office
Port-Louis, Mauritius
Principals
Rajiv Kumar Beeharry
Chairman of the Board (appointed 2025)
Premsagar Bholah
Managing Director (appointed 2025)
Sector focus
Frequently asked questions
Who runs investment decisions at State Investment Corporation?
Day-to-day investment execution falls to Managing Director Premsagar Bholah, appointed in 2025. The board is chaired by Rajiv Kumar Beeharry, who was appointed in the same year. The firm is wholly owned by the Government of Mauritius, so ultimate investment direction and major commitments are aligned with state economic policy.
How is State Investment Corporation funded if it doesn't disclose AUM?
SIC does not publish an AUM figure. It is carried on the Government of Mauritius's books and was seeded with state capital at incorporation in 1984. Balance-sheet capacity is supplemented by bilateral credit lines — most visibly a USD 500 million facility from EXIM Bank of India dedicated to infrastructure projects.
Does SIC participate in fund commitments or only direct deals?
SIC operates primarily through direct equity stakes and direct lending, though it co-invests alongside the Development Bank of Mauritius in SME credit schemes. There is no public record of the firm committing capital to third-party-managed funds.
What investment stages does State Investment Corporation typically target?
SIC's mandate cuts across stages. It provides growth capital to entrepreneurial ventures, senior credit lines for SME expansion, and balance-sheet financing for infrastructure assets. The portfolio also includes mature listed companies traded on the Stock Exchange of Mauritius.
Which sectors does State Investment Corporation explicitly avoid?
SIC has not published an exclusion list. The known portfolio is broad — real estate development, hospitality through regulated casino interests, infrastructure, and SME finance — and the firm does not publicly advertise ESG or sector-exclusion screens.
Where does the underlying capital come from?
All capital traces to the Government of Mauritius, which owns 99.99% of SIC. The remaining 0.01% is held by the Development Bank of Mauritius. The government uses SIC as both a commercial-returns vehicle and a policy tool for economic development on the island and in the Indian Ocean region.
Does SIC maintain philanthropic structures, and how are they separated?
SIC lists "SIC Philanthropic Contributions" as an activity, but no separate foundation or legal entity has been publicly identified. The firm has not disclosed a governance wall between its investment operations and its charitable giving.
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