Africa’s largest pension fund, Public Investment Corporation, wants to raise its 7 percent stake in Barclays Africa by buying at least an additional 31 percent stake, Reuters reported, according to Business Insider.

U.K.-based Barclays Plc, parent of Barclays Africa, wants to reduce its African assets to focus on the U.S. and Britain. It’s looking to sell down its 50 percent holding to less than 20 percent, which would make give it an equity investment rather than being a subsidiary.

Under the current ownership plan, Barclays has to fully allocate capital to the business but gets less than two thirds of its profits.

PIC manages about $130 billion worth of South African government employee pension assets.

In May Barclays Plc. sold 12 percent of its 62 percent interest in its African unit, leaving it with 50 percent.

Reuters quoted an unnamed source saying PIC was open to teaming up with an international investor to line up cash for Barclays Plc’s remaining 50 percent stake, which is worth around $4 billion at current prices.

Any investor with PIC would have to be prepared to meet South Africa’s government quotas on black ownership.

“PIC has always looked at Barclays Plc’s retreat as an opportunity to create a black-owned bank, but there aren’t many people with deep pockets to make that happen,” an unnamed source said.

PIC needs and has sought approval from the South African Reserve Bank to raise its stake in Barclays Africa.

PIC is not the only investor looking at the Barclay’s sale. Former Barclays Plc CEO Bob Diamond hoped to acquire the remaining 50 percent via his investment vehicle Atlas Merchant Capital.

A partnership with the giant private equity firm Carlyle promised to bring new investment to the endeavor, but the SA Reserve Bank made it clear that it does not want private equity investors controlling one of the big four banks, Financial Mail reported.

PIC wants potential partners in the consortium that can fund their portion of shares, said Deon Botha, head of corporate affairs. PIC does not own its funds, nor are they government assets. They are managed on behalf of the members and pensioners of the Government Employees Pension Fund.

When cash-flush black empowerment companies are discussed, a name that often comes up is investment company African Rainbow Capital, controlled by billionaire Patrice Motsepe.

The PIC announced in May that it was forming a consortium of black investors to acquire a stake in Barclays Africa, Agenceecofin reported. PIC had discussions with African Rainbow Capital.

Other potential buyers, all in the Middle East and East Asia, include Qatar National Bank and the China Construction Bank, according to Financial Mail.