Namibia placed a bet on its own people. • 1994: only 10% of pension capital had to stay home • 1995: raised to 35% • 2018: raised again, first to 40%, then 42.5% • 2019: raised to 45%, still the rule today In 2013, a slice was also required to go into local private equity, run by local managers who put their own cash in beside it. Between 1995 and 2001 local returns lagged offshore, 11.1% against 23.7%. In 2025 GIPF lost nearly N$1 billion, offshore. Betting on your own people comes at a cost, but in the long run, it has paid off. What other sector needs to make this bet? #Namibia #GIPF #PensionFunds #Africa #GlobalArbitrage