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Mauritius Investment Corporation Ltd (MIC)

Mauritius · Africa · Founded 2020 · Strategic development fund · Not an IFSWF member

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Focus

MIC: what it invests in

Tourism and hospitalityTransport and logisticsIndustrials and manufacturingReal estateAgriculture and food securitySports
Strategic state holdingsPrivate creditReal estatePrivate equity

Geography Mainly domestic

Scale

MIC: how big it is, and on what basis

MUR 57.5B
Committed or authorised capitalAs of

In US dollars: about USD 1.27B. MUR 57.5 billion at 45.15 rupees per US dollar on 30 June 2025.

Transparency

MIC: what it publishes

7.5 of 10 Band 4 of 5

Published 6 · Partly 3 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Investments at costS1
MUR 57.5B (30 June 2025)
As of
In US dollarsS3
About USD 1.27B
As of
Airport Holdings stakeS1
MUR 25B (About 43% of investments)
As of
Bond and note investeesS1
55
As of
Early repaymentsS1
MUR 3.1B (By November 2025)
As of
Transparency scoreS1
7.5 of 10
As of

At a glance. The Mauritius Investment Corporation is an investment company owned by the Bank of Mauritius, created in June 2020 to support local firms through the pandemic. It held MUR 57.5 billion of investments at cost (about USD 1.27 billion) at 30 June 2025, in equity, bonds and notes of about 60 companies, and land. New disbursements are now limited to a state entity and private equity funds. S1 S2 S3

Key points

  • Investments at cost MUR 57.5 billion at 30 June 2025. S1
  • Equity is about 43 percent, bonds and notes 38 percent and land 14 percent of investments. S1
  • Largest holding: MUR 25 billion of equity in Airport Holdings Limited. S1
  • Bonds and notes span 55 investee companies. S1
  • Thirteen investees had repaid MUR 3.1 billion early by November 2025, with MUR 3.8 billion more committed. S1
  • Disbursed MUR 1.3 billion in fiscal 2025. S1

Interesting facts

  • MUR 56.8 billion had been disbursed to 60 entities by September 2024. S2
  • Accommodation and food service heads its list of investment sectors. S2
  • The board has acted as top decision-maker since November 2024, with an Officer-in-Charge. S1

Mandate and goals

MIC supports the Bank of Mauritius goals of orderly, balanced economic development and financial stability, first by backing companies in sectors hit by COVID-19. S1 S2

  • Support domestic companies of systemic or strategic importance. S1 S2
  • Preserve capital, with new disbursements limited to a state entity and private equity funds. S1
  • Recover funds through repayments and early redemptions. S1

How it invests

IndustriesTourism and hospitality, Transport and logistics, Industrials and manufacturing, Real estate, Agriculture and food security, Sports, entertainment and gaming S2
Asset classesStrategic state holdings, Private credit, Real estate, Private equity S1
StagesGrowth, Credit, Real estate S1
GeographyMainly domestic S2
Direct / through funds / co-investYes / Yes / Not published S1
Ticket sizeNo formal range; about MUR 0.95 billion per entity on average across 60 entities S1 S2
Deal sizes seenUp to MUR 25B (Airport Holdings)
External managersPrivate equity fund commitments of about MUR 0.2 billion S1
Co-investment programmeNo co-investors named S1

Asset mix: Equity incl. PE funds 43%, Bonds and notes 38%, Land 14% (as of 2025-06-30) S1

Published criteria

  • Domestic companies in sectors hit by the pandemic or of strategic importance. S1 S2

Past investments

YearInvestmentTypeSectorStageAmount
Not publishedAirport Holdings Limited. Equity in an entity of strategic importance; about 43 percent of investments at cost. S1Direct investmentTransport and logisticsGrowthMUR 25B
Not publishedBonds and notes programme. Bonds and notes issued by 55 investee companies. S1Direct investmentTourism and hospitalityCreditAbout 38% of investments
Not publishedLand holdings. Land held at cost. S1Direct investmentReal estateReal estateAbout 14% of investments
2025Private equity funds. Fund commitments, one of the two disbursement types still allowed. S1Fund commitmentMulti-sectorGrowthAbout MUR 0.2B
2025Early redemptions by investees. Thirteen investees repaid early by November 2025 and eight more committed to do so. S1Sale or exitTourism and hospitalityCreditMUR 3.1B repaid; MUR 3.8B committed

Case studies

Pandemic support for Mauritian firms S1 S2

  • What: MIC was set up to put equity, bonds and notes into companies hit by COVID-19, many in hotels, manufacturing and leisure.
  • When: 2020 to 2024
  • Size: MUR 56.8B to 60 entities
  • Why: Support economic development and financial stability during the pandemic.
  • Outcome: Investees have begun to repay early: MUR 3.1B returned by November 2025, with MUR 3.8B more committed.

Investment process

The board, chaired by Rajeev Hasnah, is the top decision-maker; an Officer-in-Charge appointed on 21 November 2024 reports to it. An Audit and Risk Committee met three times in 2024 to 2025. S1

CommitteeRole
Board of DirectorsApex decision-maker S1
Audit and Risk CommitteeAudit and risk oversight S1

How to approach: New disbursements are limited to a state entity and private equity funds; no application route is published. S2

Size and returns

  • Headline size: MUR 57.5B (Committed or authorised capital, as of 2025-06-30) S1 S3
  • In US dollars: about USD 1.27B. MUR 57.5 billion at 45.15 rupees per US dollar on 30 June 2025.
  • Disbursed to 60 entities (Sept 2024): MUR 56.8B (Committed or authorised capital) S2
  • Returns: the fund does not publish a return figure.

Leadership

NameTitle
Rajeev HasnahChairperson S1
Andre Chung ShuiBoard member S1
Bhavna RamsurunBoard member S1
Rehana KasenallyBoard member S1
Vedna MullooBoard member S1
Verena Tandrayen-RagooburBoard member S1

Governance and transparency

  • Legal basis: Private company limited by shares under Mauritian company law S1
  • Oversight: Board of Directors; Bank of Mauritius as sole shareholder S1
  • Publishes a corporate governance report each year. S1
  • Reports from 2021 to 2025 are online. S4

Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

  • Published: annual return, asset allocation, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S4
  • Partly published: total assets, geographic or sector split, holdings or deal list. S1 S2
  • Not published: long-term returns. S1

History

DateEvent
2020-06MIC established by the Bank of Mauritius. S1
2024-09-30MUR 56.8B disbursed to 60 entities. S2
2024-11-21Officer-in-Charge appointed. S1
2025-11-28Annual report for fiscal 2025 issued. S1

For family offices

MIC is not raising or co-investing private capital; new disbursements are limited to a state entity and private equity funds. S1

Reports

Common questions

Who owns the MIC?

The Bank of Mauritius, its sole shareholder. S1

How big is it?

MUR 57.5 billion of investments at cost at 30 June 2025, about USD 1.27 billion. S1

Who chairs it?

Rajeev Hasnah. S1

All sovereign wealth funds in Africa · All strategic development funds · All funds in Mauritius

Sources

  1. S1MIC, Annual Report 2025 (year to 30 June 2025)
  2. S2MIC, home page
  3. S3Currency API (fawazahmed0), USD/MUR on 30 June 2025
  4. S4MIC, annual reports page

Disclaimer

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